Solid RNS but where is the OTC listing update11 Feb 2022 08:06
Fri, 11th Feb 2022 07:00
RNS Number : 3690B
Tern PLC
11 February 2022
11 February 2022
Tern Plc
("Tern" or the "Company")
Portfolio Update
Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things ("IoT") technology businesses, is pleased to provide an update on the recent activities of the Company and its portfolio companies.
Highlights
· Further significant progress across Tern's portfolio companies, with growth in recurring revenues and new contract wins, together with unaudited valuation uplifts over the December 2021 to February 2022 period for Device Authority, Konektio, Talking Medicines and Wyld Networks.
· Device Authority, has continued its positive business momentum following the strategic investment from Venafi, announced on 2 December 2021, with the business being particularly focussed on growing its monthly recurring revenues through its subscription base and its modularised licence platform, KeyScaler®.
· In January 2022, Device Authority entered into a partnership with Trusted Objects, a leading player in cybersecurity technologies for embedded systems and cloud device management platforms, to integrate Trusted Object's 'TO-protect' software root-of-trust and Device Authority's KeyScaler®.
· FundamentalVR has continued to enter into further significant contracts in recent months including: a £0.6 million contract in the area of interventional medicine; a £1 million contract in the Robotics Assisted Surgical Systems sector; and a £0.3 million contract from a new client to create a virtual education facility.
· Wyld Networks has continued to perform strongly, with further commercial traction, including entering into a connectivity partnership with Eutelsat Communications, Senet Inc and TrakAssure to form the Multimodal IoT Infrastructure Consortium™ ("MMIIC").
· Wyld Networks joined the LoRa Alliance®, the global association of companies backing the open LoRaWAN® standard* for the IoT in November 2021. In December 2021, LoRaWAN® was officially approved as a standard by the International Telecommunication Union.
· InVMA is now trading as Konektio and following the £2.125 million equity fund raise, announced on 20 December 2021, the business has continued to see strong demand for AssetMinder®. Konektio has also recently appointed Dr Ron Black, the former CEO of Imagination Technologies, as its new Non-Executive Chairman.
· Following the £1.59 million Talking Medicines syndicated fund raise announced on 1 February 2022, Talking Medicines is focussing on expanding the subscription base for PatientMetRx®, including in the US via its recently established office in New Jersey.
Commenting Al Sisto, CEO of Tern, said:
"Since our last portfolio update at the end of October 2021, our portfolio companies have all made substantial progress, which I believe significantly increases the value that will