Tern Plc : Disposal

 3 November 2016 

Tern Plc
(AIM: TERN)

Sale of Concerto

Tern Plc ("Tern" or the "Company"), the investment company specialising in the cloud and Internet of Things (IoT) sectors, is pleased to announce that it has completed the sale of the assets and business of Concerto, a Multi Cloud Management software business, to Ingram Micro Inc., the world's largest technology distributor and a leading technology sales, marketing and logistics company for the IT industry worldwide.

The total consideration is $500,000 in cash, payable $425,000 on completion with $75,000 at the end of 12 months.  

Tern acquired Concerto alongside Flexiant Research in June 2016 for a combined total of £75,000 in cash.  The valuations of the two businesses were not disclosed separately at the time of the acquisition.  The Board believes the sale of Concerto at this time represents good value, and the realised funds will be better used to create new opportunities.  Tern retains its stake in Flexiant Research Limited (now known as flexiOPS Ltd), which remains profitable.

The Company continues to pursue its stated objective of identifying and acquiring underexploited technology assets, where the Company can act as a catalyst to add value through management's commercial and technical experience, expertise and contacts.

Commenting on the Disposal, Al Sisto, CEO of Tern Plc, said:

"The sale of Concerto is our first portfolio company exit and represents a very healthy return on investment. We remain focused on our approach and I look forward to updating shareholders on the use of funds in due course."  

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About Tern: 
Tern Plc acquires and invests in privately owned companies with self-owned 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.