Tern PLC
Tern PLC: Sale of Tern portfolio company Seal Software
03-March-2020 / 07:00 GMT/BST
Non-regulatory announcement
3 March 2020
Tern Plc ("Tern" or the "Company")
Sale of Tern portfolio company Seal Software
Tern Plc (AIM: TERN), the investment company specialising in the Internet of
Things ("IoT"), is pleased to announce that one of its portfolio companies,
Seal Software Group Limited ("Seal Software"), has been acquired by DocuSign
Inc ("DocuSign"). DocuSign has agreed to acquire Seal Software for a total
consideration of $188 million in cash (excluding the value of shares
currently owned by DocuSign) subject to potential adjustments and regulatory
approval of the sale.
Tern invested GBP50,000 in Seal Software and as at 30 June 2019 this
investment was valued at GBP115,145, with Tern holding less than 1% of Seal
Software. The proceeds to Tern from this sale are expected to be broadly in
line with the Company's valuation of its investment, which will realise an
approximately two times return on Tern's original investment.
Tern CEO, Al Sisto, said, "The sale of Seal Software to DocuSign will
provide our shareholders with a positive return on one of our earliest
investments. Although the investment thesis for Tern today is different to
that when we initially invested in Seal Software, insofar as we now seek to
take larger stakes in our portfolio companies, it demonstrates management's
ability to source technology growth companies with good potential for exit
to market leading companies. We applaud the team at Seal Software and wish
them success on this new journey."
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**ENDS**
Enquiries
Tern plc Via Newgate Communications
Al Sisto, CEO
Sarah Payne, Finance Director
Newgate Communications
PR Tel: 020 3757 6880
Elisabeth Cowell/Megan Kovach
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
987913 03-March-2020
(END) Dow Jones Newswires
March 03, 2020 02:00 ET (07:00 GMT)
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