Business
Tern Plc : Statement re Portfolio Update
Tern Plc : Statement re Portfolio Update.
About this update from Tern Plc
[{"type":"text","content":"\n Tern Plc : Statement re Portfolio Update24 January 2018Tern Plc (AIM: TERN)Portfolio UpdateTern Plc (AIM:TERN), the investment company specialising in the Internet of Things (\"IoT\"), provides an update on the recent activities of its key portfolio companies. InVMA Achieved £1 million committed sales orders in 2017 through securing new customers in OEM, Oil and Gas, Asset Rental and Manufacturing marketsKey contract wins were a UK/International Airport, Howden Process Compressors, MSE Hiller, MEMS and GCE Device Authority (\"DA\")2017 revenues impacted by delays in both customer implementation schedules and customer restructuringDA's new business pipeline remains strong, and the majority of the previous revenue target is now anticipated to fall in H1 2018DA secured a partnership with Thales, which DA believes will enable blockchain adoption with IoT and Enterprise IoT adoptionTern is confident that DA remains well-placed to become a leading international IoT security solutions provider:Underpinned by DA's securement of a new three-year contract with a global technology consulting and digital solutions company which commits a minimum of $200,000 over the three-year life of the agreementShareholder callTern looks forward to answering questions from shareholders during today's call at 10.30amTo dial in, please follow the instructions provided in the announcement dated 15 January 2018Those wishing to view the presentation via mobile or tablet using the WebEx app, the code required is 701 887 873 Al Sisto, CEO of Tern, said:\"These orders and ecosystem expansions further demonstrate the progress our investee companies are making in terms of creating scalable business models in the fast-growing IoT markets. While customer/ partner timelines beyond our investee companies' control can push back our near term financial targets, the longer-term financial prospects of our portfolio companies remain strong. We are particularly pleased with the fast start InVMA has had in expanding its customer base with highly respected customers.\"Further information InVMASince Tern's investment in September 2017, InVMA has secured new customers in OEM, Oil and Gas, Asset Rental and Manufacturing markets, with key repeatable an...