(StreetInsider) The shares of Marin Software Inc. almost doubled in premarket trading after the company announced a revenue share agreement with search giant Google.
Marin will develop Google’s enterprise tech platform and software products as per the agreement, which comes into effect on October 1, 2021.
The company will get revenue payments from Google depending on the revenue earned on the tech platform.
The payment will comprise a baseline amount and a potential increment. Marin will reinvest a fixed amount of the baseline revenue to drive tech platform innovation and a fixed amount of the incremental revenue to expand the company’s enterprise tech business.
The deal ends on September 30, 2024, with an option to extend or renew it for at least three months to the expiration date.
MRIN: NASDAQ is up +83.83% on premarket, GOOGL: NASDAQ is down -0.24% on premarket.
