LONDON (Alliance News) - Investment company Tern PLC on Thursday said investee company Cryptosoft Ltd has acquired the entire share capital of California-based authentication software firm Device Authority Inc.
The acquisition will be made via a share-for-share exchange, Tern said, financed by the issue of new shares in Cryptosoft.
In addition Tern said an existing shareholder in Device Authority, Alsop Louie Partners, will invest USD500,000 alongside a GBP1.0 million investment by Tern to fund business development for Device Authority.
Tern said Cryptosoft, which provides authentication and encryption services, and Device Authority have been working together since October 2015.
Following the deal, Cryptosoft will be renamed Device Authority Ltd and its board will be chaired by Al Sisto, a director at Tern.
Tern shares were down 5.8% to 10.95 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Tern (TERN)