Taptica International Ltd (LON:TAP) rallied on Wednesday after it provided background on the lawsuit filed by Uber Technologies Inc. (NYSE:UBER), announced on Tuesday, and said it is considering a further share buy-back programme.
The AIM-listed brand advertising technologies and performance-based mobile marketing group pointed out that, in October 2014, it - alongside a number of other adtech vendors - was retained by Fetch Media Ltd. to promote Uber's mobile app. The company said there was no direct engagement between it or any of its subsidiaries and Uber.
Overall, the firm added, thousands of campaigns ran with Fetch directly liaising with Taptica on a daily basis and, as is standard in its business, at the end of each month, reconciliation reports were sent by Taptica to Fetch and the final invoiced amounts were approved by Fetch.
The group pointed out that the revenue associated with the Uber campaign directly relating to the company does not represent a material portion of Taptica's revenue.
Taptica noted that the relationship between Uber and Fetch has been troubled as evidenced by their litigation history and Fetch has even characterized Uber as a "faithless business partner" in the publicly available court documents.
The company reiterated that it considers the Uber claims to be without merit and, as such, Taptica Ltd. and Taptica, Inc. will aggressively defend against them.
In addition, Taptica revealed that its board is actively considering implementing a further share buy-back programme following the company's Annual General Meeting with the same parameters as the current ongoing programme.
Having retreated on Tuesday following news of the Uber lawsuit, Taptica shares bounced 19% higher to 99p in early morning trade today.