Tern Share News (TERN)

(Sharecast News) - Internet of things-focussed investment company Tern announced on Monday that its portfolio company, InVMA, has secured an initial order commitment worth £0.82m over a two-year period to provide its 'AssetMinder' solution to an unnamed global, multi-billion euro revenue supplier to the industrial and construction sectors.
The AIM-traded firm said it represented the start of a global partnership between the supplier and InVMA, which would see AssetMinder deployed into the industrial internet of things (IIoT) sector.

InVMA would enable the supplier to deliver a condition-monitoring offering for the smart manufacturing and process industries, IIoT sensor, and other asset management that would incorporate predictive analytics to maximise uptime and productivity, it explained.

"We believe that InVMA is a pioneer in the digital transformation arena and this order commitment highlights the level of acceptance that its AssetMinder solution has gained within the industry," said InVMA chairman and Tern director Bruce Leith.

"This is a significant strategic relationship and provides a foundation to expand the capabilities of the supplier's IIoT product portfolio.

"As a major shareholder in InVMA, we look forward to benefiting from the value that this contract should create within this exciting investment."

Tern has a 50% equity ownership of InVMA, with its investment in InVMA valued at £1m in its unaudited interim results for the six months ended 30 June.

At 1322 GMT, shares in Tern were down 4.34% at 8.7p.