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Marin Software renews revenue share agreement with Google

Marin Software renews revenue share agreement with Google
Marin Software renews revenue share agreement with Google

In afternoon trading Wednesday, shares of Marin Software Inc. MRIN, +61.86 percent were the largest gainers and most active on major U.S. exchanges, after the digital advertising company announced that it has extended a revenue share deal with Alphabet Inc.'s GOOGL, +0.90 percent Google LLC. On volume of 114.6 million shares, the stock soared 58.7%, compared to the full-day average of around 4.6 million shares. The deal with Google, which calls for Marin to build its business technology platform and software solutions, goes into force on October 1st, according to the firm. The existing revenue share agreement, which began in December 2018 and ends on September 30, will be replaced by this one. Marin stated that it will get revenue payments from Google depending on revenue created on its platform, as well as income earned on its platform based on how much its customers spend on search advertising showing on other search engines. After the business announced a connection with Instacart Ads, the stock soared 14-fold in eight sessions, from June 24 to a 5 1/2-year closing high of $24.14 on July 6. Since then, the price has dropped significantly, closing Tuesday at $5.69. With Wednesday's rise, the stock has gained 437.5 percent in the last three months, compared to 17.1 percent for the S&P 500 SPX, +0.95 percent.