Roche DA customer2 Jul 2019 06:48
Allenby Capital TMT Update 01.07.19 (TERN.L, ZOO.L, ACC.L)
Tern plc* (TERN.L, 11.25p/£26.6m)
Capital Markets Event: Exposure to global IoT market (24.06.19)
Capital markets event for the investment company focused on high growth IoT businesses with presentations from Device Authority (application and device security platform) and FundamentalVR (VR haptic surgical simulators), Tern's largest two investments.
Device Authority (56.8% - NAV £11.7m) is focused on device centric IoT identity and access management (IAM) with its KeyScaler platform that automates the provisioning of device security - authentication, policy management, certificate and key management, monitoring etc. The traditional manual approach for provisioning and managing is unable to cope with the sheer volume of IoT devices that are being deployed. Initial customers include Roche, 3D Systems, Scania, Stryker, WaveLight, Alcon and GCEHealthcare.
Fundamental VR (34.7% - NAV £1.9m) has developed Fundamental Surgery a VR simulator for surgeons that includes haptic feedback and collects performance data. Partners include the Mayo Clinic, the Royal College of Surgeon, Sana, Harvard Medical School, Cleveland Clinic and the NHS. It is also targeting medical device companies and customers include Baxter, Novartis, Allergan, Orbis and Medtronic.
Separately, Device Authority announced a partnership with Tech Mahindra, the global IT services business, whereby it will targeting customers in the telecoms, industrial and healthcare sectors. This follows April's partnership with Wipro.
Wyld Networks, where Tern has a 100% holding, has been awarded a £121k grant from Innovate UK to collaborate on a new mass production manufacturing platform, SmartDrop, for Archipelago Technology Group. Wyld will embed its communications technology that has long range and mesh capabilities into the platform. Alastair Williamson, formerly of Ranplan Group AB, Krone and Lucent, has also been appointed as CEO.
Allenby Capital comment: Tern provides AIM-listed exposure to the rapid growth of the IoT market, the US West Coast ecosystem and the associated potential valuation levels. Tern has focused on the Medical and Manufacturing sectors that offers long term structural growth potential with an emphasis on security, applications enablement and data analytics. It looks to invest in proven UK software companies where it can take a meaningful stake, exert influence and create value through Tern's management involvement.
Sign In
Follow the stocks
