Tern Plc Statement Re Acquisition
13 September 2017 - 4:00PM
UK Regulatory
TIDMTERN
13 September 2017
Tern Plc (AIM: TERN)
Acquisition
Tern Plc (AIM:TERN), the investment company specialising in the Internet
of Things (IoT), is delighted to announce that, following the RNS
announcement on 4 July, Wyld Technologies Limited, a wholly owned
subsidiary of Tern's portfolio company flexiOps Limited (flexiOps), has
completed the acquisition of the assets, including the intellectual
property, of Wyld Research Limited ("Wyld") for GBP78,000 and 10% of
Wyld Technologies Limited. Gene Myers, the founder and CEO of Wyld,
will become the Chief Technical Officer of Wyld Technologies Limited.
Wyld Technologies Limited is forecast to achieve revenues of
approximately GBP350,000 in its first year.
Wyld has developed a proven mesh networking software platform. Mobile
mesh networks can be thought of as a collection of nodes where each node
is directly connected to other nearby nodes. These nodes, such as mobile
phones and devices, not only send and receive data, but also relay data
on behalf of the network, extending the reach of the network beyond the
directly connected devices. 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 where
traditional wireless (WIFI) networks are not viable.
Al Sisto, CEO of Tern Plc, said:
"I am delighted that Wyld has joined the Tern portfolio. The Wyld
platform is solving a significant challenge for disruption and emergency
information; providing a means of communicating when the internet is
unavailable, without extensive network infrastructure. It is also a
valuable way for IoT devices to transmit data."
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
David Ison/Elisabeth Cowell
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
September 13, 2017 02:00 ET (06:00 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