19 October 2016
Update on Device Authority Ltd
Tern Plc ("Tern" or "the Company"), the company specialising in cloud and Internet of Things ("IoT") sectors, is pleased to announce that it has invested £2 million in Device Authority Ltd ("Device Authority"), a global leader in policy and device-driven security for the Internet of Things (IoT) and Gartner Cool Vendor 2016, as the lead investor in a £2.5 million funding round. Alsop Louie Partners and all existing A Preference shareholders have taken up their pro-rata share.
Following this fund raising Tern now owns 56.9% of the issued capital of Device Authority Ltd and 50.6% of the A preference shares. The funding will be used to expand Device Authority's sales and marketing teams to respond to their new and growing go to market partnerships and to meet the increased demand in the Industrial and Healthcare IoT markets. In addition, Device Authority will expand its development team to accelerate product development and innovation in its recently launched KeyScaler(TM) IoT security platform.
"Over recent months we have been delighted to sign up new partnerships with Intel, Dell, DigiCert and Cumulocity, all of which are highlighting that IoT security is becoming a bigger concern and one that needs to be addressed now. We are seeing an increase in partners and customers who are making this a critical part of the planning and development phase of a product, rather than an afterthought", said Darron Antill, CEO of Device Authority.
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
| Tern plc|
Angus Forrest / Al Sisto
Tel: 07973 561 232
Tel: 074477 454558
|WH Ireland NOMAD and Broker||Tel: 0117 945 3471|
|John Wakefield / Ed Allsopp|
|Peterhouse Corporate Finance|
|Tel: 020 7469 0936|
|Lucy Williams / Duncan Vasey|| |
Nick Lovering / Francis North
|Tel 020 7659 1234|
About Device Authority:
Device Authority provides simple, innovative solutions to address the challenges of securing the Internet of Things (IoT). We help our customers simplify the process of establishing a robust, end-to-end security architecture within the IoT and deliver efficiencies at scale through security automation. The Device Authority IoT security platform is purpose-built to address these challenges through automated device provisioning, credential management, secure updates and policy-driven data encryption.
Tern Plc acquires and invests in privately owned companies with IP, established products and customer bases. Its investment strategy is focused on taking an active role in its investee companies in order to improve the business model, accelerate growth, expand the business globally, and identify exit opportunities.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Tern Plc via Globenewswire