g rees you omitted this.21 May 2021 21:21
Portfolio Highlights
Most of our companies spent much of the first half of 2020 focused on re-engineering how they do business, so it is pleasing to see just how fully they recovered by the end of the year. In our portfolio update announcements, we have highlighted the recent performance of Tern's portfolio companies. We believe that as a result of our early work to create cohesion between our CEOs to manage the turbulence created by the COVID-19 pandemic and the emphasis we placed on our portfolio company leadership to create a solidarity with their customers and ecosystems partners, our aggregate portfolio sales momentum that began during Q3 2020 only strengthened in Q4.
For the fourth quarter most of our portfolio companies exceeded their quarterly targets, reflecting both their accelerating development and signalling that enterprise customers are back in buying mode.
Device Authority
At Device Authority we saw the further expansion and development of its relationship with Microsoft. Adding some key integration and complimentary value to the Microsoft Azure platform in the Azure Marketplace has resulted in securing joint customers using these new capabilities.
Device Authority showed year-over-year turnover growth with some key sales wins in the healthcare, industrial and automotive markets, working with Microsoft Azure, Wipro and nCipher (now EnTrust) as key technology partners.
Device Authority also continued to build its brand and platform recognition, via commentary in a number of important analyst and industry reports from firms like Forrester and the SPARK matrix report from Quadrant.
We expect Device Authority to continue to accelerate its annual recurring revenue growth with its subscription base and its new modularized license platform, KeyScaler. As we return to the 'new normal', Device Authority plans to expand and grow its resources in North America and the EMEA markets during 2021. Healthcare and industrial, with a focus on automotive, continue to be the primary areas for investment and growth, whilst continuing to build and expand its Microsoft Azure partnership and providing additional value to its customers with new KeyScaler Azure innovations during the year.
InVMA
InVMA strengthened its senior management team in mid-2020 with the addition of Peter Stephens, an experienced leader of applications software companies, as CEO. We believe Peter is the right person to lead InVMA's evolution to a product centric business. During 2020, InVMA began to scale up its Industrial IoT connected asset SaaS product, AssetMinder®, from several initial pilot customers to create product adoption momentum moving into 2021. InVMA is now experiencing expanded interest from much larger industrial customers who are looking to connect large numbers of assets to AssetMinder®, particularly as the COVID-19 crisis accelerated the need for contactless monitoring of factory and remote assets.