Last checked at 22 Dec 2022 07:00
REACH
22 December 2022
Tern Plc
("Tern" or the "Company")
Konektio Secondment
Tern Plc (AIM:TERN), the company focused on value creation from Internet of Things ("IoT") technology businesses, announces that it has agreed with the board of InVMA Limited, trading as Konektio ("Konektio"), of which Tern currently owns 36.8% of the equity, and Konektio's other investors, that Mathew Scherba, a director of Tern, will join the Konektio executive team for an initial two month period, with an option, on the mutual agreement of both parties, to further extend the secondment, to assist with the development of the Konektio business.
Mathew Scherba, will remain a director of Tern, fulfilling his duties and responsibilities at Tern, but will devote the majority of his time to assisting Konektio as it executes its growth plans, in particular the completion of the productisation of the next release of AssetMinder®, its modular, industry 4.0, IoT (software as a service) SaaS platform. The agreement for Mr Scherba's services will see Tern receive payments from Konektio, equal to the basic salary he is paid by Tern for the time he commits to Konektio.
Commenting Al Sisto, CEO of Tern, said:
"Tern's hands-on approach with its portfolio companies is key to creating further value so that Tern shareholders can ultimately benefit from this value. We are therefore pleased, with the agreement and support of Konektio's other investors, to be able to provide Konektio with the benefit of Mathew Scherba's skills and experience to help drive the completion of the productisation of their next exciting release of AssetMinder® and further expand their routes to market.
"All of the team at Tern continue to focus, in a hands-on manner, on maximising the investment value for Tern shareholders from our portfolio companies and I look forward to making further announcements on their progress in due course."
Enquiries
Tern Plc Al Sisto (CEO) Sarah Payne (CFO) | via IFC Advisory |
Allenby Capital Limited (Nominated Adviser and Broker) David Worlidge / Alex Brearley (Corporate Finance) Matt Butlin / Kelly Gardiner (Sales and Corporate Broking) |
Tel: 0203 328 5656 |
IFC Advisory (Financial PR and IR) Tim Metcalfe Graham Herring Florence Chandler |
Tel: 0203 934 6630 tern@investor-focus.co.uk |
About Konektio
Konektio's AssetMinder® is a modular, industry 4.0, IoT (software as a service) SaaS platform, using a wide range of analytical tools and algorithms to connect up whole factory floors and processes, as well as managing resources into and out of the factory. AssetMinder® assesses the effectiveness and efficiencies of entire operations, putting customers in control of their assets and therefore directly impacting productivity, efficiency and business outcomes.
AssetMinder® captures usage and performance data from smart sensors, providing advanced insights to unlock data-driven intelligence that optimises processes, condition monitoring, machine uptime and profitability across a range of industries including manufacturing, transportation, utilities, smart infrastructure, and food processing. AssetMinder's technology is already deployed across thousands of assets, providing valuable insights and recommendations to people maintaining and managing critical devices and infrastructure.
About Reach announcements
This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.