Vringo Inc. (AMEX: VRNG), a provider of software platforms for mobile social and video applications, has seen a sharp rise in its shares in trading today as investors reacted positively to the company’s agreement with du.
du is United Arab Emirates’ integrated telecom service provider. Vringo and du signed an agreement under which VRNG will provide its award-winning video service to du’s customer base in the UAE. Following the agreement, VRNG’s potential customer base in UAE has now increased to nearly 13 million subscribers across two mobile operators.
Andrew Perlman, President and CEO of Vringo, is pleased with the agreement and said that in the pas few years, du has realized substantial gains in market share and is growing further still. Perlman said that as du makes a concerted effort to increase its data and value-added service, VRNG’s innovative technology will enable the mobile operator to offer an exciting new mobile video service to its growing subscriber base.
Farid Faraidooni, du’s Chief Commercial Officer, said that by partnering with Vringo, du is bringing in a fresh, dynamic dimension to its customers’ experience.
VRNG shares rose to an intra-day high of $3.67. At last check, the stock was trading 2.69% higher at $3.43.
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