It will see Infront, a WandaSports company, taking on shared responsibility for developing sponsorship opportunities and digital strategies for the ITU's flagship World Triathlon Series.

Also included as part of the deal is the newly formed ITU World Triathlon Mixed Relay Series, which will launch this year.

Infront is now set to sell international media rights and offer broadcasting services for both events.

"The announcement will allow for further growth of the Series, with new digital developments helping to engage an even wider fan base," an ITU statement said.

Marisol Casado, the ITU President and a member of the International Olympic Committee, added: "We are delighted to have on board a company with the expertise and deep knowledge of the sports market as Infront.

"Under this new agreement, we expect to grow together and expand our beloved sport even further. 

"Especially taking into account that this year is the beginning, for all our athletes, of the road to the Tokyo 2020 Olympic Games. 

"We want to show all the amazing performances to the entire world, which I'm sure will be possible with the help of Infront."

Infront is no stranger to working with sporting governing bodies.

"We are delighted to be working directly with the ITU in order to jointly develop the media rights as well as other potential revenue streams," said the company's executive director for summer sports Stephan Herth.

"Infront has a history of providing a high-quality service for our endurance sport partners. 

"I'm confident our strong track record will continue with this latest collaboration."