Mirriad Advertising (MIRI) , the established computer vision and AI platform company, told investors on Friday it signed a new two-year agreement with Tencent, one of the largest online video platforms in China.
The AIM listed company saw their market cap more than double to £11.5 million as trading began on Friday morning after the announcement.
Mirriad said that it has been working with Tencent to develop new technology which integrates its in-video advertising technology more closely with Tencent's video platforms.
It said that the key innovation allows only the new programme segments containing advertising to be delivered to Tencent and integrated at the point Tencent releases content to its digital video platforms.
Stephan Beringer, CEO of Mirriad, said: "This substantial new contract with Tencent provides a clear vote of confidence in Mirriad's updated strategy and our refocused efforts in China.”
“We are delighted to be working with such a key player in the Chinese market and we are excited about the results we can achieve with Tencent.”
Shares in Mirriad Advertising were trading 100% higher at 11p each following the news
The contract provides exclusivity to Tencent for Mirriad's technology and services in the People's Republic of China.
Under the contract Tencent is to pay a fixed monthly licence fee and Mirriad will provide a minimum volume of advertising and promotional work for use with Tencent advertising clients, with any additional work being charged incrementally.
This is the first contract of its type for the AIM minnow. Mirriad said it expects the contract to immediately enhance 2019 revenues and at a minimum the contract “will generate multiple millions of pounds of revenue” for the company.
Stephan Beringer, CEO of Mirriad, added: "Mirriad's ambition is to partner with the biggest broadcasters, digital platforms and advertisers around the world to deliver untapped revenue streams by seamlessly inserting brand advertising into content.”
“Hard work on the development of our core technology has made this particular partnership possible and we look forward to more deals of this type in the near future."
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