Business
Device Authority Strategic Investment & Funding
Device Authority Strategic Investment & Funding.
About this update from Tern Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3676U\n Tern PLC\n 02 December 2021\n \n \n \n \n This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n 2 December 2021\n \n \n \n \n \n Tern Plc\n \n \n (\"Tern\" or the \"Company\")\n \n \n \n \n \n Device Authority Strategic Investment from Venafi, Capital Restructuring and Additional Funding\n \n \n \n \n \n Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things (\"IoT\"), is pleased to announce that as part of a US$2.91 million funding package for Tern's portfolio company, Device Authority Limited (\"Device Authority\") has received a US$1.25 million strategic investment from Venafi Inc (\"Venafi\"), a leader in providing machine identities, alongside a further US$1.25 million investment from Tern (the \"DA Fund Raise\"). \n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n US$2.91 million equity funding of Tern's portfolio company, Device Authority, including a US$1.25 million strategic investment from Venafi, a leading provider of machine identity protection who Device Authority has been working with since 2019, and a US$1.25 million (£0.94 million) investment by Tern, alongside $0.41 million from other existing Device Authority shareholders, Alsop Louie Partners and a Samenuk Family Trust.\n \n \n \n · \n Device Authority has simplified its capital structure, involving, inter alia, the conversion of loan notes into equity, including the US$4.3 million of convertible loan notes held by Tern, plus interest of US$0.6 million accrued to date.\n \n \n \n \n \n · \n Following these initiatives Tern now holds 53.8% of Device Authority's equity, with a book value of US$19.8 million (approximately £14.8 million) as implied by the price at which this latest funding has been undertaken. This compares to an unaudited book value of £12.9 million as at 30 June 2021 and Tern's investment of £0.94 million in the DA Fund Raise.\n \n \n \n \n \n \n Commenting, Al Sisto, CEO of Tern, said: \n \n \n \"I am very pleased that Device Authority has been able to secure this strategic investment from Venafi, uniting ...