Tern Plc Statement Re Heads Of Terms Agreed On Acquisition
04 July 2017 - 4:01PM
UK Regulatory
TIDMTERN
4 July 2017
Tern Plc (AIM: TERN)
Heads Of Terms agreed on Acquisition
Tern Plc (AIM:TERN), the investment company specialising in Internet of
Things (IoT), announces that its portfolio company flexiOps Ltd
(flexiOps) has signed a term sheet to acquire the assets of Wyld
Research Ltd (Wyld).
Upon completion, flexiOps will acquire all of the assets including the
intellectual property of Wyld Research for GBP70,000 and Gene Myers, the
founder and CEO of Wyld, will become the Chief Technical Officer of
flexiOps. The final agreement is expected to be completed by 31 July
2017.
Wyld is a wireless Platform-as-a-Service (PaaS) company that bundles
together software, services and support using Software Developer Kits
(SDKs) that support Apple ioS and Google Android platform devices using
the WyldMesh Fusion applications program interface (API) to enable mesh
networking capabilities for IoT and Machine to Machine (M2M) to connect
their devices.
Albert Sisto, CEO of Tern Plc, said:
"We believe the acquisition of Wyld by flexiOps will provide it with a
product platform to accelerate its top line growth and enhance its
mission of developing unique technology for use by the Tern portfolio of
companies.
"With the proliferation of the Internet of Things, the focus on reliable
and secure connectivity is high on the agenda for application developers
and systems integrators. Mesh networks allow them to provide smart
cities, critical infrastructure, large enterprises, transportation
systems and industrial plants with the means to achieve these goals and
particularly over large or confined areas."
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
Advantages of a mesh network
Mesh networks allow applications developers to create a network where
each computer and or network device is interconnected with one another,
allowing for most transmissions to be distributed, even if one of the
connections go down. A failure of one device does not cause a break in
the network or transmission of data. Adding additional devices does not
disrupt data transmission between other devices and it can handle high
amounts of traffic, because multiple devices can transmit data
simultaneously. Mesh networks also operate in environments were
traditional wireless (WIFI) networks are not viable.
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 02:01 ET (06:01 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Tern (LSE:TERN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tern (LSE:TERN)
Historical Stock Chart
From Apr 2023 to Apr 2024