Tern PLC Konektio Secondment
22 December 2022 - 6:00PM
RNS Non-Regulatory
TIDMTERN
Tern PLC
22 December 2022
REACH
22 December 2022
Tern Plc
("Tern" or the "Company")
Konektio Secondment
Tern Plc (AIM:TERN), the company focused on value creation from
Internet of Things ("IoT") technology businesses, announces that it
has agreed with the board of InVMA Limited, trading as Konektio
("Konektio"), of which Tern currently owns 36.8% of the equity, and
Konektio's other investors, that Mathew Scherba, a director of
Tern, will join the Konektio executive team for an initial two
month period, with an option, on the mutual agreement of both
parties, to further extend the secondment, to assist with the
development of the Konektio business.
Mathew Scherba, will remain a director of Tern, fulfilling his
duties and responsibilities at Tern, but will devote the majority
of his time to assisting Konektio as it executes its growth plans,
in particular the completion of the productisation of the next
release of AssetMinder(R), its modular, industry 4.0, IoT (software
as a service) SaaS platform . The agreement for Mr Scherba's
services will see Tern receive payments from Konektio, equal to the
basic salary he is paid by Tern for the time he commits to
Konektio.
Commenting Al Sisto, CEO of Tern, said :
"Tern's hands-on approach with its portfolio companies is key to
creating further value so that Tern shareholders can ultimately
benefit from this value. We are therefore pleased, with the
agreement and support of Konektio's other investors, to be able to
provide Konektio with the benefit of Mathew Scherba's skills and
experience to help drive the completion of the productisation of
their next exciting release of AssetMinder(R) and further expand
their routes to market.
"All of the team at Tern continue to focus, in a hands-on
manner, on maximising the investment value for Tern shareholders
from our portfolio companies and I look forward to making further
announcements on their progress in due course."
Enquiries
Tern Plc via IFC Advisory
Al Sisto (CEO)
Sarah Payne (CFO)
Allenby Capital Limited Tel: 0203 328 5656
(Nominated Adviser and Broker)
David Worlidge / Alex Brearley (Corporate
Finance)
Matt Butlin / Kelly Gardiner (Sales
and Corporate Broking)
IFC Advisory Tel: 0203 934 6630
(Financial PR and IR) tern@investor-focus.co.uk
Tim Metcalfe
Graham Herring
Florence Chandler
About Konektio
Konektio's AssetMinder(R) is a modular, industry 4.0, IoT
(software as a service) SaaS platform, using a wide range of
analytical tools and algorithms to connect up whole factory floors
and processes, as well as managing resources into and out of the
factory. AssetMinder(R) assesses the effectiveness and efficiencies
of entire operations, putting customers in control of their assets
and therefore directly impacting productivity, efficiency and
business outcomes.
AssetMinder(R) captures usage and performance data from smart
sensors, providing advanced insights to unlock data-driven
intelligence that optimises processes, condition monitoring,
machine uptime and profitability across a range of industries
including manufacturing, transportation, utilities, smart
infrastructure, and food processing. AssetMinder's technology is
already deployed across thousands of assets, providing valuable
insights and recommendations to people maintaining and managing
critical devices and infrastructure.
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