Tern PLC Device Authority Contract Wins
December 02 2022 - 2:00AM
RNS Non-Regulatory
TIDMTERN
Tern PLC
02 December 2022
REACH
2 December 2022
Tern Plc
("Tern" or the "Company")
Device Authority Contract Wins
Tern Plc (AIM:TERN), the company focused on value creation from
Internet of Things ("IoT") technology businesses, is pleased to
note that Device Authority Limited ("Device Authority") has
expanded its business and technology relationship with an existing
tier one automotive supply chain customer via a new contract win
valued at over US$1.2 million over five years, for expanded
deployment of Device Authority's KeyScaler(R) technology. Tern
holds 53.8% of Device Authority's equity.
This broader adoption of Device Authority's KeyScaler(R)
platform will enable this automotive supply chain customer to
transform their long-term usage of the platform to develop a
'secure identities' manufacturing model for use across its global
factories, positioning Device Authority as a key strategic partner
for the customer, working collaboratively over the longer term.
Device Authority's agreement with the global automotive supplier
follows a contract secured by Device Authority in November 2022, in
partnership with key strategic channel partners, with one of
Europe's main energy providers. This agreement will see Device
Authority's KeyScaler(R) platform integrated with existing and new
services, providing identity management services for existing and
next generation connected infrastructure. The contract has a
projected value for Device Authority of approximately US$500,000
over the next three years, with the objective of protecting the
energy company's customers from cyber and ransomware attacks by
providing trust for their IoT devices.
Commenting Al Sisto, CEO of Tern, said:
"We are delighted with the rapid progress that Device Authority
is making in growing its revenue base, particularly via long term
contracts with industry leaders. The previous hard-fought wins with
these leading companies are now being transformed into multi-year
agreements. Device Authority is validating the industry recognition
it has already received from groups such as ABI Research* with
these significant new contract wins, which will help them remain an
industry leader in IoT device identity lifecycle management.
"2022 is proving to be a pivotal year for Device Authority
following the strategic investment from Venafi in December 2021.
Tern and its co-investors are very pleased to see Device Authority
enter into expanded multi-year agreements with some of the world's
leading IoT technology companies who are taking advantage of the
features in Device Authority's KeyScaler(R) platform to help
provide significant long-term benefits to their customers."
Note:
*
https://www.abiresearch.com/market-research/product/7779608-iot-device-identity-lifecycle-management/
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley (Corporate
Finance)
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
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