Tern Plc Statement Re Device Authority Update
04 July 2017 - 4:00PM
UK Regulatory
TIDMTERN
4 July 2017
Tern Plc (AIM: TERN)
Device Authority Update
Tern Plc (AIM:TERN), the investment company specialising in Internet of
Things, is pleased to provide an update on developments at its investee
company, Device Authority Ltd. ("Device Authority").
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014
Patent valuation
ipCapital Group, Inc. ("ipCG"), a premier IP strategy consulting
practice, has provided an independent valuation of six of Device
Authority's nine US patents as part of the process of finalising the
accounts consolidating Device Authority's financial statements. ipCG
worked with Device Authority to perform an update to the 2013 Uniloc
ipValue ModelSM which had considered approximately 260 global active
issued patents and pending applications that addressed five primary
markets. This update considered the Device Authority subset of this
portfolio which substantially focuses on six granted patents, two of
which were applications at the time the original model was completed.
Today, Device Authority maintains a portfolio of nine US patents, out of
a total of fifteen patents.
IpCG estimates the risk-adjusted Net Present Value of the subset
portfolio to be approximately $9 million over a five-year period
beginning in 2018, and $18 million over the life of the portfolio (with
an average expiration year of 2030).
IpCG found the subset portfolio to be highly relevant to applications in
the Transaction & Communication Security market. For example, this
patent portfolio details technology capable of identifying all physical
routing devices through which a packet has travelled, authentication of
computing and communications hardware, detection of tampering attacks,
and other actions critical for IoT security.
IoT security platform update
Device Authority has released the latest version of its flagship IoT
security platform. One of the first products to deliver password
management and Public Key Infrastructure ("PKI") certificates to devices
without human intervention, Version 5.5 introduces unique Automated
Password Management ("APM") technology to tackle the real-world
challenges organisations are facing today with cyber attacks involving
connected devices. KeyScaler's APM reduces the challenge and removes the
associated human risks of manually updating credentials on hundreds or
thousands of IoT devices.
KeyScaler also includes an IoT PKI connector enabling Amazon Web
Services ("AWS") customers to access it through the AWS Marketplace. The
new AWS IoT PKI Connector supports certificate provisioning; revocation;
'thing' creation and certificate assignment, which is critical to
securing IoT applications, their devices and data.
New contracts
Device Authority has signed a contract with a medical device
manufacturer ahead of the launch of the manufacturer's IoT-enabled
medical product later this year. Device Authority will be paid a
subscription fee per annum per device. The product has the potential to
ship tens of thousands of units over the coming years.
An OEM contract has also been signed with an IoT Platform Systems
integrator that is launching a device asset management and analytics
platform in the coming months. Device Authority will receive a
percentage of the net revenues from the use of the application. This
service is primarily focused in the Industrial IoT sector, providing
secured real-time performance monitoring.
Al Sisto, CEO of Tern plc, said:
"Device Authority is continuing to make significant commercial progress,
both in terms of securing contracts and in updating its product to meet
rapidly changing market demands. As a significant investor, Tern has
long been persuaded of the quality of the Device Authority management
team and product suite. I am delighted to be able to report the
conclusion of the independent valuation of Device Authority's suite of
patents by ipCapital Group. While this should not be seen as a direct
comparator for the valuation of Device Authority as a Company, the Board
of Tern does see this patent valuation as a validation of the market
relevance of Device Authority and its technology, in this rapidly
growing sector."
Enquiries
Tern Plc via Redleaf
Al Sisto/Sarah Payne
WH Ireland Tel: 0117 945 3470
(NOMAD and joint broker)
Mike Coe/Ed Allsopp
Whitman Howard Tel: 020 7659 1234
(Joint broker)
Nick Lovering/Francis North
Redleaf Communications Tel: 020 7382 4730
Rebecca Sanders-Hewett/David Ison/Elise Palmer
About ipCapital Group, Inc.
ipCapital Group, Inc. (ipCG) is a premier IP strategy consulting
practice helping clients develop, manage, and use their IP effectively
to support strategic business objectives. ipCG offers a range of
services and proprietary methodologies to help companies throughout the
full lifecycle of IP, from creation and strategic management to value
extraction. Our work is data-driven, conservative, and backed by our
deep expertise in IP strategy and monetization.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Tern Plc via Globenewswire
(END) Dow Jones Newswires
July 04, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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