Statement re Device Authority Contract Win

31 August 2017
Tern Plc (AIM: TERN)

Device Authority Contract Win

Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things (IoT), is pleased to announce that its investee company, Device Authority Limited ("Device Authority"), has signed a 5-year contract for its Automated PKI, Secure Gateway Provisioning & Registration and Credential Management with a leading global manufacturer and vendor of Machine to Machine ("M2M") and IoT devices (the "Partner").

For every Gateway device shipped that incorporates the Device Authority technology, Device Authority will receive a payment, as well as an annual license fee subscription. The contract, initially worth $236,000 over its lifetime, is for a minimum of 29,000 devices.  Any devices shipped over and above that figure will provide Device Authority with additional revenue.

In addition, it is anticipated that Device Authority will work with the Partner to build and launch new security services for its Gateway devices, which may deliver additional revenue over time.

Device Authority complements the Partner's offering with a set of features addressing Device Trust (Identity, Integrity), Data Trust (Security, Privacy) and operational management issues in IoT deployments.  Device Authority's KeyScaler(TM) platform addresses the security concerns that any industry vertical would have by providing the most appropriate Identity and Access Management (IAM) for IoT devices. Specifically, these services being delivered are essential for delivering the Device and Data Trust.

Through this partnership, Device Authority's KeyScaler(TM) will be integrated as part of the Partner's own cloud service (hosted in AWS), initially to deliver credential management based security to their deployed Hardware Gateways.

At this stage, Tern is unable to provide details concerning the identity of the Partner.  As is common in this sector, a customer must give permission for their identity to be released and this may not always be forthcoming due to the sensitivity and confidential nature of the services provided by Device Authority. 

Albert Sisto, CEO of Tern Plc, said:

"I am delighted to announce this contract today.  It provides further validation of Device Authority's technology and platform, which solves important security and operational issues for IoT eco-system."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

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