TIDMTERN
RNS Number : 0519U
Tern PLC
21 November 2023
21 November 2023
Tern Plc
("Tern" or the "Company")
Company and Portfolio Update
Tern Plc (AIM:TERN), the company focused on value creation from
Internet of Things ("IoT") technology businesses, is pleased to
provide an update on the Company and its portfolio companies.
Portfolio Company Update
Device Authority Limited ("Device Authority")
Current holding: 53.8%
Convertible loan notes of GBP0.7 million and short-term loan of
GBP0.1 million
Device Authority is a global leader in Identity and Access
Management (IAM) for connected device ecosystems, enabling
organisations to achieve 'Zero Trust' security at scale. Zero Trust
is a security framework requiring all users, whether in or outside
the organisation's network, to be authenticated, authorised, and
continuously validated for security configuration and posture
before being granted or keeping access to applications and data.
Device Authority's KeyScaler(R) platform is specifically designed
to automate and manage IoT machine identities throughout their
entire lifecycle, providing end-to-end device, data, and
operational trust.
In an important evolution of the KeyScaler solution, Device
Authority launched KeyScaler-as-a-Service ("KSaaS") in 2023. Now
KeyScaler's primary delivery model, KSaaS' infrastructure-free
approach to automated supply chain security brings the full power
of KeyScaler delivered as a cloud service. This frees up internal
resources for critical tasks and speeding up incident response.
Aside from the enhanced security benefits, reducing the need for
hard to find IoT security expertise and eliminating manual
processes, Device Authority believes that KSaaS is already
delivering significant returns on investment for its customers.
KSaaS has quickly established a strong and growing customer base,
including several large companies in the energy, automotive,
medical device, and government sectors. Earlier this year, Device
Authority was awarded the Microsoft 2023 Rising Azure Technology
Partner of the Year Award, a significant recognition of Device
Authority's impact in cloud-based security.
More recently, Device Authority has also launched a preview of
KeyScaler AI, a new solution responding to market requirements for
artificial intelligence ("AI") security and evolving customer
needs. KeyScaler AI leverages internal platform data and external
threat intelligence to enable new levels of automated security
response, made possible by AI and machine learning. It also creates
an end-to-end trust chain that establishes explicit trust between
devices and the data they generate, thus aligning to the US
National Institute of Standards and Technology (NIST) Zero Trust
Architecture guidance.
Device Authority continues to receive recognition and
endorsements from key analysts including ABI Research and Quadrant
Knowledge Solutions and has also recently been recognized by
Microsoft as a Global award winner for its SaaS based service KSaaS
in Azure, and in November 2023 as a key partner in Microsoft's
Mobility and Manufacturing Industry Go To Market Strategy.
The business continues to scale, having appointed several new
key personnel in the US this year. Device Authority is winning new
customers including recently, FujiFilm, GE Healthcare and Baker
Hughes, whilst other existing customers are now scaling their use
of Device Authority's products.
For more information visit: https://www.deviceauthority.com
FVRVS Limited ("FundamentalVR")
Current holding: 12.1%
FundamentalVR, is a global leader in immersive surgical
training, founded with the mission to accelerate human capability
in surgery and medicine through virtual technologies to improve
patient outcomes. The company's innovative approach helps
accelerate the industry shift towards digital surgery, addressing
the competency gap at scale in training for intelligent operating
rooms. Its purpose-built Fundamental Surgery platform allows for
full rehearsal of medical and surgical procedures, and its patented
HapticVR(TM) technology mimics the physical touch, weight,
resistance, and feedback of surgical actions and accurately
simulates the sensations of soft tissue, bone textures and
muscle.
Over 15,000 competency-building sessions have been conducted by
FundamentalVR globally, which is accredited by and affiliated with
institutions such as the American Academy of Ophthalmology (AAO),
American Academy of Orthopaedic Surgeons (AAOS), and the Royal
College of Surgeons of England. FundamentalVR remains committed to
elevating performance and training skilled surgeons and operating
room teams at scale.
In September 2023, FundamentalVR was featured in Meta's global
campaign on the real impact of virtual reality today. In
collaboration with their partner, Orbis International,
FundamentalVR is contributing to the metaverse by harnessing
immersive technologies to train surgeons on cataract procedures
worldwide. For more information visit:
https://about.meta.com/metaverse/impact/ .
FundamentalVR has continued to build its annual recurring
revenues (ARR) during 2023. With important contract wins from both
existing and new customers across a variety of procedural areas,
including ophthalmology, endovascular and urology. The company also
continues to build awareness in the medical device marketplace and
receive recognition for its leading platform. It is building a
healthy pipeline of customers and new customer opportunities for
the remainder of the year and beyond.
For more information visit: https://fundamentalsurgery.com
Wyld Networks AB (publ) ("Wyld Networks" or "Wyld")
Current holding: 25.1%*
Wyld Networks, quoted on the NASDAQ First North Growth Market in
Stockholm, enables affordable connectivity across the globe in
areas where wireless coverage is unavailable. The company
specialises in providing wireless connectivity between IoT sensors
and Low-Earth-Orbit satellites via its Wyld Connect solution.
Wyld's IoT network management platform, Wyld Fusion, can be used in
a diverse range of sectors and use cases including energy,
utilities, agriculture, logistics, maritime and environmental
monitoring.
Shipping of Wyld Connect terminals, modules and modems began in
October 2023, following extensive in-field testing, and data is
flowing via satellites to Wyld Fusion. Wyld has customers on the
network in North, Central and South America, Europe, the Middle
East and Australia. With currently SEK92 million in orders and over
60 customer and partner agreements signed to date, Wyld anticipate
significant growth in 2024 as they continue to pioneer satellite
IoT and meet the significant demand for data in currently unserved
areas.
Recent contracts and partnerships signed by Wyld Networks
include:
-- with Argentinian agricultural technology company, IOF, to
implement Wyld Connect to manage assets in the field and provide
'digital identity'
-- with PLF Australia to deploy Wyld Connect satellite IoT services in rural Queensland
-- with Vracity and Brinja to develop infrastructure asset
monitoring in the Kingdom of Saudi Arabia
-- with Novecom to deliver satellite IoT services in rural Australia.
In addition, Wyld announced on 17 October 2023 that it had
delivered a LoRaWAN (Long Range Wide Area Network)
satellite-to-satellite connectivity solution as part of a joint
European Space Agency (ESA) sponsored programme with Eutelsat and
Thales for telemetry and control to support satellite IoT
networks.
For more information visit www.wyldnetworks.com
* Pursuant to Tern's funding facility announced on 12 June 2023,
under which GBP500,000 is currently drawn down, Tern is required to
maintain in escrow shares in Wyld at a value of not less than 1.5
times the value of outstanding amounts drawn down and accrued
interest, as security for the Facility.
Talking Medicines Limited ("Talking Medicines")
Current holding: 23.8%
Convertible loan notes of GBP0.2 million
Talking Medicines uses Advanced Data Science and Artificial
Intelligence to empower healthcare advertising agencies, enabling
them to consistently win and retain their Pharma clients whilst
achieving improved productivity, with swift project delivery.
Talking Medicines is seeking to revolutionise the US$30Bn spent on
healthcare marketing, through unlocking strategic intelligence
within conversational data. Talking Medicines empowers customers to
gain strategic advantages in analysis, measurement, and enhanced
brand equity through structuring conversational data.
Talking Medicines is particularly focused on scaling its
presence in the US, having built out its sales operations in 2023
in New Jersey, New York City, and Philadelphia. Significant
customer wins include onboarding eight new global healthcare
advertising agencies who in turn have full coverage of the top 20
global pharmaceutical companies.
Talking Medicines has been recognized as the Gold Winner in the
Artificial Intelligence/Data Analytics Initiative category for 'The
Perfect Marriage of Curated Data + Specialized Large Language Model
in Drug-GPT(TM)' at the PM360 Trailblazer Awards 2023, run by the
US pharmaceutical marketing trade publication PM360, which
celebrates outstanding achievement and innovation in healthcare
marketing.
For more information visit: https://talkingmedicines.com
InVMA Limited (trading as "Konektio")
Current holding: 28.3%
Konektio(TM) develops and provides Industrial IoT ("IIoT")
software via a Software as a Service ("SaaS") model to the
industrial and manufacturing sectors. Their AssetMinder(TM)
software enables remote asset connectivity, monitoring and
management, to deliver condition-based monitoring, predictive
maintenance, energy monitoring and machine optimisation, providing
insights that drive productivity improvements and cost savings.
As announced on 8 November 2023, Tern has decided not to invest
further in Konektio. Tern announced on 26 May 2023 that Konektio
had agreed a GBP2.5 million equity fundraise, to be completed in
two tranches. The first tranche of GBP1.2 million (the "Konektio
First Tranche") completed in May 2023 and the second tranche of
GBP1.3 million (the "Konektio Second Tranche") is due for
completion in Q4 2023. Tern announced on 26 May 2023 that it had
committed to invest a minimum of GBP0.28 million in the Konektio
Second Tranche, with an option, at Tern's sole discretion, to
increase its investment amount up to GBP0.4 million. However, given
the business performance of Konektio and, in particular, Konektio's
monthly recurring revenue growth not having met Tern's
expectations, Tern decided not to invest in the Konektio Second
Tranche. As announced on 26 May 2023, should Tern not fulfil its
commitment to invest a minimum of GBP0.28 million in the Konektio
Second Tranche, 75% of Tern's holding in Konektio will be
transferred to a valueless class of Konektio deferred shares, which
is anticipated to take effect in due course.
Tern's percentage holding in Konektio and its unaudited book
valuation will be determined when, and if, Konektio completes the
Konektio Second Tranche and Tern will provide an update in relation
to this at the appropriate time. In addition, Tern continues to
explore routes for potentially realising value from the Company's
remaining holding in Konektio.
For more information visit: https://konektio.com
Sure Valley Ventures UK Software Technology Fund ("SVV2")
Current holding: 5.9%
SVV2 is a venture capital fund investing in a range of private
UK software companies with a focus on companies in the immersive
technology and metaverse sectors, including augmented and virtual
reality, artificial intelligence, and security. SVV2 currently has
investments in two companies, RETi ni ZE Limited, a creative tech
company based in Belfast, and Opsmatix Systems Limited which trades
as Jaid, an innovative technology firm providing AI-powered human
communication solutions. The SVV2 team continues to evaluate
further potential investment opportunities in its target areas of
immersive tech, SaaS, cyber security and IoT. Many of the
opportunities being evaluated have artificial intelligence
underpinning their technology, which is in line with the fund's
main investment strategy.
For more information visit: https://surevalleyventures.com
Tern's Management and Governance
At the Company's AGM held on 29 June 2023 (the "AGM") the
resolutions to re-appoint Al Sisto as a Director of the Company and
to allow the Directors to allot securities and disapply statutory
pre-emption rights were not passed. Although the other resolutions
passed, significant votes were also received against certain other
resolutions.
Following the shareholder vote to not re-appoint Al Sisto as a
director of the Company at the AGM, Mr Sisto immediately ceased to
be a member of the Company's board (the "Board"). The Board
accepted the results of the AGM's shareholder vote, but then
canvased shareholder views, including the views of several larger
shareholders who were understood by the Company to have voted
against the resolutions that were not passed.
Following these discussions, on 10 August 2023, Tern announced a
number of proposed Board and management changes, which has resulted
in the Board now comprising solely of Non-Executive Directors, led
by Ian Ritchie as Chairman, with Alan Howarth, who chairs the Audit
and Remuneration committees, and Sarah Payne who stepped down as an
Executive Director and Chief Financial Officer and Company
Secretary on 15 September 2023.
This announcement also confirmed that Mr Sisto, together with
Mr. Leith, who stepped down as an Executive Director, would
continue to be members of Tern's management team. Mr. Sisto has
retained the title of Chief Executive Officer because the Board
believes that it is important for Mr. Sisto to retain this title
(while not being a member of the Board) to allow him to effectively
execute his role as the primary liaison with the management and
co-investors of Tern's existing portfolio companies.
Following the changes announced on 10 August 2023, Tern's
Non-Executive Board now makes the Company's investment decisions
and decides on Tern's strategy in relation to its portfolio
companies. Mr. Sisto's and Mr. Leith's responsibilities are to
implement the Board's decisions in relation to the management and
oversight of Tern's holdings in its portfolio companies. Mr. Sisto
and Mr. Leith work with the Company's portfolio companies and
report back to the Board with information and updates (including
providing recommendations and advice) which are used to inform the
Board's decisions. Mr. Sisto and Mr. Leith are primarily
responsible for relaying the Board's views and decisions to the
portfolio companies. In this capacity, as is common in the venture
capital industry, Mr. Sisto and Mr. Leith sit, as Tern's
representatives, on the boards of several of Tern's portfolio
companies, working with them to implement the Board's decisions,
seeking to maximise value for Tern's shareholders.
All investment decisions or other material decisions are
reserved for the consideration of the Board, which meets on a
regular basis to consider and vote on such matters, with only the
Board members having a vote in this respect. Accordingly, Mr. Sisto
and Mr. Leith no longer have a role in the Board's decisions.
Tern's Non-Executive Chairman, Ian Ritchie, is responsible for the
running of the Board. Further details, including a summary of the
key areas that are reserved for the Board, are contained in the
Company's latest Corporate Governance Statement, available on the
Company's website at www.ternplc.com/aim-rule-26/ .
On 26 September 2023, following further shareholder
consultations following the announcement of the Board and
management changes, the Company held a General Meeting at which the
Directors were authorised to allot securities and to disapply
statutory pre-emption rights.
Online Investor Presentation and Q&A Session
The Company will be hosting an online presentation and Q&A
session at 5.30 p.m. GMT today, Tuesday 21 November 2023.
Presenting will be members of Tern's management team and
management from Tern's portfolio companies Device Authority, Wyld
Networks and Talking Medicines. This session is open to all
existing and prospective shareholders. Those who wish to attend
should register via the following link where they will be provided
with access details:
https://us02web.zoom.us/webinar/register/WN_Uouqd7FASNCpmPC1JS1QAQ
Participants will have the opportunity to submit questions
during the session, but questions are welcomed in advance and may
be submitted prior to 3 p.m. GMT on 21 November 2023 to:
tern@investor-focus.co.uk .
Enquiries
Tern Plc via IFC Advisory
Ian Ritchie (Chairman)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
Alex Brearley / Dan Dearden-Williams (Corporate
Finance)
Kelly Gardiner / Guy McDougall (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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END
PFUBIBDBLSDDGXG
(END) Dow Jones Newswires
November 21, 2023 02:00 ET (07:00 GMT)
Tern (LSE:TERN)
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Tern (LSE:TERN)
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