LONDON (Alliance News) - Toumaz Ltd Wednesday said it has inked a co-development deal with US technology giant Google Inc that will benefit the AIM-listed company's connected audio business.
Toumaz, a UK semiconductor company focused on wireless healthcare, digital radio and connected audio, said the agreement will see the inclusion of Google's cast-for-audio technology in its own proposition, described by the AIM-listed company as a "turnkey technology solution which allows consumer audio brands to build connected audio devices, such as Wi-Fi speakers and soundbars, quickly and easily".
Google's cast-for-audio system enables music to be sent from mobile devices, such as smart phones and tablets, to speakers.
"Our co-development agreement with Google will provide a major boost to our connected audio business in 2016 and beyond," Anthony Sethill, Toumaz's chief executive, said in a statement.
"In recent months, we have benefited from strong market growth and achieved a number of important design wins for our existing connected audio platform - driving 60% growth in year to date sales. With the addition of Cast-for-Audio, we expect to drive this growth further," Sethill said.
Toumaz shares were up 27% at 4.75 pence shortly after the market open in London, having already risen as high as 5.75p.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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