RCS - Tern PLC - Konektio Secondment

TernAnnouncement

22/12/2022 07:00

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RNS Number : 5240K  Tern PLC  22 December 2022

 

REACH

 

22 December 2022

 

Tern Plc

("Tern" or the "Company")

 

Konektio Secondment

 

Tern Plc (AIM:TERN), the company focused on value creation from Internet of
Things ("IoT") technology businesses, announces that it has agreed with the
board of InVMA Limited, trading as Konektio ("Konektio"), of which Tern
currently owns 36.8% of the equity, and Konektio's other investors, that
Mathew Scherba, a director of Tern, will join the Konektio executive team for
an initial two month period, with an option, on the mutual agreement of both
parties, to further extend the secondment, to assist with the development of
the Konektio business.

 

Mathew Scherba, will remain a director of Tern, fulfilling his duties and
responsibilities at Tern, but will devote the majority of his time to
assisting Konektio as it executes its growth plans, in particular the
completion of the productisation of the next release of AssetMinder®, its
modular, industry 4.0, IoT (software as a service) SaaS platform.  The
agreement for Mr Scherba's services will see Tern receive payments from
Konektio, equal to the basic salary he is paid by Tern for the time he commits
to Konektio.

 

Commenting Al Sisto, CEO of Tern, said:

 

"Tern's hands-on approach with its portfolio companies is key to creating
further value so that Tern shareholders can ultimately benefit from this
value.  We are therefore pleased, with the agreement and support of
Konektio's other investors, to be able to provide Konektio with the benefit of
Mathew Scherba's skills and experience to help drive the completion of the
productisation of their next exciting release of AssetMinder® and further
expand their routes to market.

 

"All of the team at Tern continue to focus, in a hands-on manner, on
maximising the investment value for Tern shareholders from our portfolio
companies and I look forward to making further announcements on their progress
in due course."

 

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

 

About Konektio

Konektio's AssetMinder® is a modular, industry 4.0, IoT (software as a
service) SaaS platform, using a wide range of analytical tools and algorithms
to connect up whole factory floors and processes, as well as managing
resources into and out of the factory. AssetMinder® assesses the
effectiveness and efficiencies of entire operations, putting customers in
control of their assets and therefore directly impacting productivity,
efficiency and business outcomes.

AssetMinder® captures usage and performance data from smart sensors,
providing advanced insights to unlock data-driven intelligence that optimises
processes, condition monitoring, machine uptime and profitability across a
range of industries including manufacturing, transportation, utilities, smart
infrastructure, and food processing. AssetMinder's technology is already
deployed across thousands of assets, providing valuable insights and
recommendations to people maintaining and managing critical devices and
infrastructure.

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