(Alliance News) - Investment firm Tern PLC on Monday said its internet of things investee InVMA Ltd has secured an order worth GBP817,000 to provide a digital asset management product to a "global" supplier to the industrial and construction sectors.
The two-year deal will see InVMA, which Tern has a 50% stake in, will see the investee deploy its AssetMinder solution.
Tern said: "InVMA will enable the Supplier to deliver a condition-monitoring offering for the smart manufacturing and process industries, internet of things sensor, and other asset management that incorporates predictive analytics to maximise uptime and productivity."
InVMA Chair and Tern Director Bruce Leith said: "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. 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 benefitting from the value that this contract should create within this exciting investment," Leith added.
Tern shares were 1.1% lower at 9.00 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Tern (TERN)