RCS - Tern PLC - Device Authority Contract Wins

TernAnnouncement

02/12/2022 07:00

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RNS Number : 3541I  Tern PLC  02 December 2022

REACH

 

2 December 2022

 

Tern Plc

 

("Tern" or the "Company")

 

Device Authority Contract Wins

 

Tern Plc (AIM:TERN), the company focused on value creation from Internet of
Things ("IoT") technology businesses, is pleased to note that Device Authority
Limited ("Device Authority") has expanded its business and technology
relationship with an existing tier one automotive supply chain customer via a
new contract win valued at over US$1.2 million over five years, for expanded
deployment of Device Authority's KeyScaler® technology.  Tern holds 53.8% of
Device Authority's equity.

 

This broader adoption of Device Authority's KeyScaler® platform will enable
this automotive supply chain customer to transform their long-term usage of
the platform to develop a 'secure identities' manufacturing model for use
across its global factories, positioning Device Authority as a key strategic
partner for the customer, working collaboratively over the longer term.

 

Device Authority's agreement with the global automotive supplier follows a
contract secured by Device Authority in November 2022, in partnership with key
strategic channel partners, with one of Europe's main energy providers.  This
agreement will see Device Authority's KeyScaler® platform integrated with
existing and new services, providing identity management services for existing
and next generation connected infrastructure.  The contract has a projected
value for Device Authority of approximately US$500,000 over the next three
years, with the objective of protecting the energy company's customers from
cyber and ransomware attacks by providing trust for their IoT devices.

 

Commenting Al Sisto, CEO of Tern, said:

 

"We are delighted with the rapid progress that Device Authority is making in
growing its revenue base, particularly via long term contracts with industry
leaders.  The previous hard-fought wins with these leading companies are now
being transformed into multi-year agreements.  Device Authority is validating
the industry recognition it has already received from groups such as ABI
Research* with these significant new contract wins, which will help them
remain an industry leader in IoT device identity lifecycle management.

 

"2022 is proving to be a pivotal year for Device Authority following the
strategic investment from Venafi in December 2021.  Tern and its co-investors
are very pleased to see Device Authority enter into expanded multi-year
agreements with some of the world's leading IoT technology companies who are
taking advantage of the features in Device Authority's KeyScaler® platform to
help provide significant long-term benefits to their customers."

 

Note:

*https://www.abiresearch.com/market-research/product/7779608-iot-device-identity-lifecycle-management/
(https://www.abiresearch.com/market-research/product/7779608-iot-device-identity-lifecycle-management/)

 

Enquiries

 

 Tern Plc                                                     via IFC Advisory

 Al Sisto (CEO)

 Sarah Payne (CFO)

 Allenby Capital Limited                                      Tel: 0203 328 5656

 (Nominated Adviser and Broker)

 David Worlidge / Alex Brearley (Corporate Finance)

 Matt Butlin / Kelly Gardiner (Sales and Corporate Broking)

 IFC Advisory                                                 Tel: 0203 934 6630

 (Financial PR and IR)                                        tern@investor-focus.co.uk (mailto:tern@investor-focus.co.uk)

 Tim Metcalfe

 Graham Herring

 Florence Chandler

 

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