Shares in digital advertising technology company Facilitate Digital (ASX:FAC) soared more than 35% on Tuesday after the company announced a contract to provide its Symphony platform to ad agency Mediabrands.
Mediabrands intends to roll out the Symphony platform, which is a workflow and buying solution for digital media – across their agency brands including Universal McCann and Initiative.
Facilitate Digital CEO Ian Lowe said Symphony has been developed to be scalable and to provide centralised workflow automation across multiple markets, clients, currencies and technologies. “Symphony is the only international platform and a market leader,” he said.
Financial terms of the deal were not disclosed, but McCann said the deal is expected to benefit Facilitate Digital Earnings starting in FY12.
As well as Mediabrands, Facilitate remains in discussions with a number of other potential clients, he added.
FAC shares climbed 35.71% during Tuesday's trading to $0.095 on the strength of the announcement.
But the shares are still down from a six-month high of $0.120 from late January.