LONDON (Alliance News) - Tern PLC on Monday said US affiliate Device Authority Ltd is continuing to "expand its relevance" in its key markets and has recently secured "important international industry recognition".
Tern shares were trading down 12% to 11.16 pence per share on Monday, amid a post-Brexit down market.
The investment firm specialises in the cloud and mobile sectors and its investee company, Cryptosoft Ltd, acquired California-based authentication software firm Device Authority in April through a share-for-share exchange financed by the issue of new shares in Cryptosoft.
"Device Authority continues to significantly expand its relevance in the Internet-of-Things (IoT) and
Machine-to-Machine marketplace," Tern said on Monday.
"Gartner has named the company a 2016 "Cool Vendor" and at InfoSecurity Europe 2016, Device Authority was named the UK's Most Innovative Small Cyber Security Company by a panel that included judges from Cisco, IBM and Microsoft," Tern added.
Tern said Device Authority is increasing the rate at which it is securing new contracts and believes the existing contracts have the potential for over 70,000 devices. Contracts are generally sold on a
subscription model, so for every new client customer, there is a payment per device or instance of deployment, and as more devices are added revenues increase.
"The customers are in different industries providing a base of case studies for new opportunities. One such example is an industrial company which uses the Device Authority platform integrated into Device Authority partner, inVMA Ltd's, managed service to monitor and manage remote
plant and equipment," said Tern.
Device Authority's products include a security platform that ensures only authorised devices gain access to applications and data using session-specific, one-time use identification and encryption keys. It also has the IoT Ecosystem Security product which provides advanced security for IoT ecosystem partners and device and gateway technology platforms.
In addition, Tern said Device Authority has been selected to become part of multinational computer giant Dell's IoT Solution Partner Programme, a multi-tiered ecosystem of domain experts to enable distributed IoT solutions for commercial and industrial use.
"The programme enables independent software vendors, service providers, original equipment manufacturers and end customers to select the right partners to deploy stable, differentiated solutions on top of Dell's broad portfolio of IoT-enabling technologies. Device Authority will be an Associate Partner and currently is the only pure play security platform in their programme," said Tern.
"Device Authority is also to become a member of the Intel Strategic Alliance programme. Close collaboration with Intel enables the company and other ISA members, such as Dell, to innovate with the latest IoT technologies, helping developers deliver first-in-market solutions," Tern added.
Tern said George Apostol has also been appointed as a board advisor in order for Device Authority to capitalise on his role as vice president of the Data Centre Initiative in the Samsung Strategy & Innovation Centre, part of Samsung Electronics.
Lastly, Device Authority's Version 4.3 has been launched, extending its policy-based authentication and data protection technology to support the granular encryption of individual data elements within IoT payload, Tern said.
"The new version provides simple business policies to determine which data elements with multiple destinations needing specific security which can now be implemented by using separate keys allowing for selective decryption of the data by multiple downstream applications or users," said Tern.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Tern (TERN)