15 February 2017
Tern Plc
(AIM: TERN)
George Samenuk invests in Device Authority Limited
Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things, is pleased to provide an update on Device Authority Ltd ("Device Authority"), one of its investee companies.
George Samenuk, former Chairman and CEO of McAfee, who joined Device Authority's board as a Non-Executive Director in January 2017, has subscribed £50,000 for 134,042 Class A Preference Shares at the same price as the shares were issued at in October 2016. All Class A Preference shareholders waived their pre-emption rights. Following this transaction Tern's percentage of the issued share capital of Device Authority is 56.8% (previously 56.9%).
Al Sisto, chairman of Device Authority, said "We welcome George's investment as a sign of his commitment to Device Authority and confidence in the success of the business.
Enquiries:
| Tern plc Angus Forrest / Al Sisto | Tel: 020 3807 0222 |
| WH Ireland (NOMAD and broker) Mike Coe / Ed Allsop | Tel: 0117 945 3470 |
| Whitman Howard (Joint broker) Nick Lovering/ Francis North | Tel: 020 7659 1234 |
About Device Authority
Device Authority provides simple, innovative solutions to address the challenges of securing the Internet of Things (IoT). We help our customers simplify the process of establishing a robust, end-to-end security architecture within the IoT and deliver efficiencies at scale through security automation. The KeyScaler(TM) IoT security platform is purpose-built to address these challenges through automated device provisioning, credential management, secure updates and policy-driven data encryption.
It has offices in Fremont, California and Bracknell, UK, Device Authority partners with the leading IoT ecosystem providers, including PTC, DigiCert, Dell, Symantec and Intel.
About Tern:
Tern Plc acquires and invests in privately owned companies with IP, established products and customer bases. Its investment strategy is focused on taking an active role in its investee companies in order to improve the business model, accelerate growth, expand the business globally and identify exit opportunities.