(Alliance News) - Mirriad Advertising PLC on Wednesday said it is holding early stage talks about a potential investment or acquisition with a number of parties.
Mirriad Advertising is a London-based advertising technology company. It provides customers with an artificial-intelligence powered platform that inserts products and signage formats after content is produced.
In January, Mirriad said it was considering launching a formal sales process as part of a formal strategic review, viewing itself as "significantly undervalued".
Explaining its strategic review, the company said: "Based on the announcements made by Amazon and NBCU at the US advertising 'upfronts' in May 2022, Mirriad expects that further major companies will enter the in-content arena, and that they will make similar announcements at the US advertising 'upfronts' in 2023. The company believes that ultimately this will lead to an industry-wide development and adoption of in-content advertising as a new advertising format."
Mirriad has been developing the market for in-content advertising in the US since 2020.
On Wednesday, Mirriad said that since the launch of its strategic review, a "number" of interested parties have entered into early-stage discussions regarding a potential investment into, or a potential acquisition of the company.
These parties have been invited to put forward non-binding indicative proposals by early April. Mirriad then will review the proposals and invite selected parties to participate further in the process.
"Current discussions may be altered or terminated at any time and, accordingly, there can be no certainty that an offer will be made for the company, nor as to the terms on which any offer may be made," Mirriad added.
Shares in Mirriad were down 7.4% to 1.62 pence each in London on Wednesday morning.
By Sophie Rose, Alliance News reporter
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Mirriad Advertising (MIRI)