Shares in smart hearing technology company Nuheara rallied over 5% in early trading following revelations the company has entered an initial three-year deal that will see the company’s manufactured and branded products delivered to Sonova and its affiliates.
Nuheara has developed multi-functional, personalised intelligent hearing devices that augment the wearer’s hearing.
While there are no initial volume commitments or minimum contract value terms for the deal under the agreement, Nuheara will initially supply its products to Sonova entities in the USA and Australia, with further regions to follow thereafter.
Under the terms of the agreement, the deal may only be cancelled via breach of performance or change of control.
“The agreement reflects our many years of hard work developing innovative hearing products as well as Nuheara’s reputation for quality in the global market,” Nuheara co-founder & CEO Justin Miller said.
Sonova reaches its customers through multiple channels, including online and via 3200 clinics in over 100 countries globally, including around 140 points of sale in Australia.
The company’s core hearing aid brands include AudioNova, Geers, Boots Hearing Care, Lapperre, World of Hearing, and Connect Hearing.
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