Mirriad Advertising PLC shares more than doubled on Wednesday, after it said it has worked with Microsoft Corp to build a new application programming interface.

Shares in the London-based in-content advertising company jumped to 2.32 pence each in London on Wednesday morning from 1.01p at Tuesday’s close. Over the past 12 months the stock still is down 90%.

Mirriad says it has worked with Microsoft to build a new application programming interface. This is part of establishing a roadmap for ‘adopting Microsoft Azure and its AI capabilities for various use-cases’.

The company’s new API is a first release within the collaboration with Microsoft.

It explained: ‘The resulting interoperability with Mirriad’s Fusion technology, which enables dynamic insertions by media partners, is able to support high volumes of real-time data exchange. In practical terms, this enhanced connectivity between media partners and the wider adtech ecosystem is designed to increase the potential scale of the programmatic advertising opportunity.’

Mirriad will work with Microsoft on technical briefings and closely align on product roadmaps to exploit the opportunities of the collaboration, the company said.

Mirriad did not disclose any financial details of the collaboration.

‘Microsoft is a leader in cloud technology, cognitive and generative AI, which are key elements to the new marketing frontier that we’re building,’ said Chief Executive Officer Stephan Beringer.

‘The new API is our first release in the collaboration with Microsoft and a main step on our path to scale through automation and integration with the programmatic ecosystem. The wide-ranging agreement with Microsoft can unlock significant benefits and opportunities for both parties as we continue to develop our technical capabilities and scale the creation and delivery of contextually relevant ad experiences in content.’

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