Mirriad Advertising PLC on Friday withdrew its formal sales process and announced it is partnering with US technology company Harmonic Inc.

Mirriad Advertising shares plunged 38% to 0.90 pence each on Friday morning in London.

Mirriad, a London-based in-content advertising company, said it is no longer in an offer period as there is no prospect of the company receiving a takeover offer by early April. It added that its current cash position as at March 31 was £7.5 million, down from £17.7 million as at June 30.

The company said it is continuing to assess all strategic options, including seeking additional funding, with no certainty that ‘any investment received will be suitable’.

Meanwhile, Mirriad said it is partnering with San Jose, California-based based Harmonic Inc, a technology company focused on virtualised broadband video delivery solutions.

Through the partnership, Mirriad’s virtual product placement insertion technology will be integrated with Harmonic’s VOS360 software-as-a-service solution, which aims to improve viewing experiences.

Gil Rudge, senior vice president, video products and solutions at Harmonic said: ‘Our partnership with Mirriad enables media companies to monetise their content more effectively, without increasing the frequency of ads shown per hour. This game-changing partnership expands revenue potential for content owners, delivering a truly winning solution at scale.’

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