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Tern PLC
Tern PLC: flexiOPS Business Update
04-March-2019 / 07:00 GMT/BST
4 March2019
*Tern Plc (the "Company", or the "Group")
flexiOPS Business Update*
Tern Plc (AIM: TERN), the investment company specialising in the Internet of
Things ("IoT"), is pleased to announce that its wholly owned investee
company, flexiOPS Limited, has been renamed Wyld Networks Limited ("Wyld
Networks").
Tern is also pleased to provide an update on activities undertaken by Wyld
Networks, which are aimed at building a unique and compelling proposition in
the IoT embedded communications industry.
- Wyld Networks has acquired the AMIHO product portfolio, which operates in
over 250,000 smart meters, from fellow Tern portfolio company InVMA Limited
("InVMA")
- It is estimated that the global smart meter market will generate revenues
of US$10.4 billion by 2022, growing at CAGR of 8.2% (note 1)
- Together with Wyld Technologies' Wyld Mesh product (90% owned), Wyld
Networks now has a unique IoT proposition which changes the way that
applications and people interact with intelligent machines in the IoT
- Wyld Networks' enhanced product suite delivers mobile notifications and
content quickly, relevantly, and reliably. It is designed to harness the
power of crowds to manage and deliver service offerings, opportunities and
critical information/data to mobile users
- Wyld Technologies was not able to deliver on the GBP350,000 of previously
anticipated revenues for the first year as announced on 13 September 2017
and remained pre-revenue during that period, due in part to a leading train
franchise operator losing its franchise. Wyld Technologies did enhance its
commercial prospects by continuing to develop the product to meet the need
to communicate more effectively with passengers
- New Wyld Networks leadership team appointed to oversee the commercial
development of the business and headquarters moved to Cambridge, UK
- Tern's Chairman, Ian Ritchie, has been appointed as Chairman - he will
oversee the search firm recruitment of a CEO
- Steve Clarke appointed as Chief Technology Officer ("CTO")
- Wyld Mesh will continue to operate from its offices in Hove, UK with Gene
Myers as its CTO
- The Board believes that these activities will position Wyld Networks to
capitalise on the significant opportunities available through the provision
of innovative wireless communication solutions for the IoT in the smart
cities, retail, events, health and industrial sectors
*Al Sisto, CEO of Tern, said*: "IoT is changing the way applications and
people interact with intelligent machines and we believe that the combined
Wyld Networks group will allow system integrators and IoT applications
developers to benefit from the intersection of the low power wide area and
the resilient local area mesh of its IoT products. For example, using our
enhanced product portfolio, large event managers can now match sponsors and
their service locations to meet specific needs or make offers to attendees
at the event.
"We're pleased to welcome Steve Clarke as the new CTO of the team at Wyld
Networks. We look forward to future updates from his product group. This
company's products securely collect, share and present actionable data to
solve business problems and create business opportunities."
_Note 1: Global Data's forecast , September 2018._
*Enquiries *
+-----------------------------+--------------------------+
|*Tern Plc* |via Newgate Communications|
|Al Sisto/Sarah Payne | |
+-----------------------------+--------------------------+
|*Newgate Communications* |Tel: 020 3757 6880 |
|Elisabeth Cowell/Fiona Norman| |
+-----------------------------+--------------------------+
Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service
782845 04-March-2019
(END) Dow Jones Newswires
March 04, 2019 02:00 ET (07:00 GMT)
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