Tern Plc : Statement re Device Authority Contra...

16 November 2017
Tern Plc
(AIM: TERN)

Device Authority Contract Win

Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things (IoT), is pleased to announce that its investee company, Device Authority Limited ("Device Authority"), has signed a three year global OEM agreement ("the Agreement") with Comodo CA ("Comodo"), a global innovator and developer of cybersecurity solutions and a worldwide leader in digital certificates. 

With more than 85 million desktop security software installations, 700,000 business customers and 8,000 global partners and affiliates, Comodo is building a new IoT security services platform ("the Platform") which will be powered by Device Authority's KeyScaler technology.

This agreement, which will see KeyScaler supporting Comodo's ambition to build on its position as one of the world's largest certificate authority organisation by expanding the traditional use of Public Key Infrastructure ("PKI"), provides further validation of the Device Authority's product suite. 

The companies will work together to complete the integration of Keyscaler with the IoT Platform, before agreeing a launch date. Revenues are expected to be generated from 2018 and as this contract is based upon on a revenue share percentage between the companies, there is minimal financial commitment in the agreement. All sales of the integrated Platform will provide Device Authority with a royalty payment.   

The Comodo Platform will be automated, and will allow PKI certificates to be managed throughout the entire lifecycle at volumes that can scale for the IoT market. It will deliver:

• Enhanced PKI customer experience in ordering, tracking, receiving and injecting of certificates onto devices;
• The ability to prevent cloning or counterfeiting either as a base service or in conjunction with use of TPM;
• Post device deployment (aftermarket) credential management services;
• 'Retrofix' of old, insecure certificates or keys on the devices already deployed through a firmware upgrade procedure;
• Code signing and secure update service; and
• Integrity validation check service

Albert Sisto, CEO of Tern Plc, said:

"This contract win is very gratifying and is testament to the innovative nature of Device Authority's technology and platform. We are delighted to have such a significant investment in a Company which has the ability to solve important security and operational issues for IoT eco-systems, and we are excited about the access to market opportunities implied by this partnership with Comodo."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Enquiries

Tern Plc Al Sisto/Sarah Payne	via Redleaf
WH Ireland (NOMAD and joint broker) Mike Coe/Ed Allsopp	Tel: [phone] 3470
Whitman Howard (Joint broker) Nick Lovering/Francis North	Tel: [phone] 1234
Redleaf Communications Elisabeth Cowell /Fiona Norman	Tel: [phone] 4730

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Source: Tern Plc via Globenewswire