Tern PLC
Tern PLC: Contract Win for Device Authority
06-Aug-2020 / 07:00 GMT/BST
Non-regulatory announcement
6 August 2020
Tern Plc ("Tern" or the "Company")
Contract Win for Device Authority
Tern Plc (AIM:TERN), the investment company specialising in the Internet of
Things ("IoT"), is pleased to announce that its portfolio company, Device
Authority ("DA"), has entered into a contract with a value of approximately
GBP200,000 with one of the largest global automotive component and safety
technology manufacturers ("the Client"), alongside its Technology Alliance
Partner, nCipher.
The agreement will see DA and nCipher provide IoT security solutions to the
Client by way of a Key Management Solution. DA's KeyScaler platform sits at
the heart of the Key Management Solution and nCipher will provide the
Hardware Security Modules. By combining their technologies, the Client will
be able to securely generate and import keys from Original Equipment
Manufacturers ("OEMs") before storing and distributing the keys to their
remote manufacturing lines for injection into their electronic automotive
components on the production line.
Tern's CEO Al Sisto said:
"This is an important contract for DA which validates the superiority of its
technology and its use in the automotive sector. We are delighted with this
contract win with a leading global automotive component and safety
technology manufacturer. The current COVID-19 pandemic has accelerated the
technology trends that we were already observing in the industrial sector
and with increased automation comes a much higher need for best-in-class
security solutions. Through our investment in DA, which is partnered with
leading players such as nCipher, PTC and Microsoft, Tern is ideally placed
to capitalise on this."
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**ENDS**
Enquiries
Tern Plc via Newgate Communications
Al Sisto/Sarah Payne
Allenby Capital Limited Tel: 0203 328 5656
(Nomad and Joint broker)
David Worlidge/Alex Brearley
(Corporate Finance)
Guy McDougall (Equity Sales)
Whitman Howard Tel: 020 7659 1234
(Joint broker)
Nick Lovering/Christopher Furness
Newgate Communications 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
1110393 06-Aug-2020
(END) Dow Jones Newswires
August 06, 2020 02:00 ET (06:00 GMT)
© 2020 Dow Jones News
