Share price of Aim-listed Forbidden Technologies rises sharply after company announces new Microsoft deal

 
William Turvill
Follow William
Internet Companies Vie For Market Dominance
Under the deal, Microsoft will sell Forbidden Technologies' Forscene on the Azure Marketplace (Source: Getty)

The share price of Forbidden Technologies rose sharply this morning after the company announced a new deal with Microsoft.

The company, which is listed on the London Stock Exchange's alternative investment market (Aim), closed at 9.2p yesterday.

And the price reached peaks of 14.75p - up around 60 per cent - at just after 8am. By 10.30am, they had dipped to 12.25p, which is up around a third on yesterday.

Read more: Microsoft's platform will make blockchain experimenting easy

The new deal will see Microsoft selling Forbidden's cloud video editing platform, Forscene, through its online store, the Azure Marketplace.

Forbidden chief executive Aziz Musa said: “Not only is this agreement a further validation of the efficacy of our technology, it’s an important milestone as we further expand our sales apparatus.

“Whilst we expect to generate some income directly from this agreement in 2016, we anticipate its financial impact being most acutely seen from 2017.”

Nicole Herskowitz, a senior director of product marketing at Microsoft Corp, said: “The addition of Forbidden Technologies to the Microsoft Azure Marketplace will help maximize application performance, and offer customers added choice and flexibility in how they build their cloud strategies over the next several years.”

Related articles