Shares of Marin Software Inc. (MRIN) are currently surging nearly 60% on Wednesday morning after the company announced it has entered a revenue sharing deal with Google LLC (GOOG) to develop its enterprise tech platform and software products.
MRIN is currently trading at $8.98, up $3.29 or 57.73%, on the Nasdaq, on a volume of 43.9 million share, above average volume of 27.1 million shares. The stock has traded between $1.18 and $27.26 in the 52 week period.
Marin Software provides enterprise marketing software for advertisers and agencies.
The company in an SEC filing announced that "on September 17, 2021, Marin Software entered into a revenue share agreement with Google LLC for the company to develop its enterprise tech platform and software products. The agreement is effective as of October 1, 2021."
Marin Software will receive revenue payments from Google based on revenue generated on its tech platform in connection with the company's clients' spend on Search Ads appearing on Google Search only. It will also receive revenue generated on company's tech platform in connection with its clients' spend on Search Ads appearing on the Eligible Search Engines excluding Google Search, during the relevant contract period.
For comments and feedback: editorial@rttnews.com