Mirriad Advertising secures commercial agreement with tier 1 global partner

Francesca Morgan
RNS Newswire
12:43, 28th October 2020

Mirriad Advertising (LON:MIRI FOLLOW) said it has signed a new two-year commercial agreement with one of the largest and best-known North American-based content producers and distributors.

The computer vision, technology and AI platform firm said the deal with the unnamed US firm will set a commercial framework for Mirriad to start working alongside a new global partner. 

The agreement will enable Mirriad to develop its in-video advertising on several popular entertainment series and to expand its in-video advertising into additional content over time.

Stephan Beringer, CEO of Mirriad said the “breakthrough” commercial agreement is with a tier one partner and is “yet another indicator of how our technology is increasingly recognised as a major game-changer by the biggest global players in the world of media and entertainment.”

He said the group’s ability to finalise the agreement amid a pandemic reflects the compelling proposition of the technology which he said the Mirriad team continues to deliver effectively.

Shares in Mirriad advertising have increased by over 90% in the past three months to open 18.18% higher to 39p this morning following the announcement.

MIRI price chart

"This agreement is a decisive step forward in expanding Mirriad's US and global footprint, opening up some of the most exciting content imaginable in the world's biggest advertising market to our patented in-video advertising technology,” he told investors this morning.

He added, “Following the positive recent agreements with the likes of Tastemade, Fuse media and Meredith, this significant milestone for such a household name builds on the fantastic momentum the company is seeing under our ambitious new strategy."

While there is no immediate income linked to the signed agreement, terms and conditions for doing business have been laid out. It covers both network syndication and streaming, allowing the unnamed partner to expand the use of Mirriad's technology to any of its US platforms.

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