Business
Company and Portfolio Update
Company and Portfolio Update.
About this update from Tern Plc
[{"type":"text","content":"\n\n21 November 2023\n \nTern Plc\n(\"Tern\" or the \"Company\")\n \nCompany and Portfolio Update\n \nTern 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.\n \nPortfolio Company Update\n \nDevice Authority Limited (\"Device Authority\")\nCurrent holding: 53.8%\nConvertible loan notes of £0.7 million and short-term loan of £0.1 million\nDevice 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® platform is specifically designed to automate and manage IoT machine identities throughout their entire lifecycle, providing end-to-end device, data, and operational trust.\n \nIn 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. \n \nMore recently, Device Authority has also launched a preview of KeyScaler AI, a new solution responding to market requirements for artificial intelligence (\"AI\") ...