7th Feb 2024 11:28
Tern PLC - London-based investor in early-stage 'internet of things' technology businesses - Announces completion of a USD2.0 million equity investment in Device Authority Ltd by Mercato Partners, a Utah-based private equity firm. Device Authority is a California-based provider of identity and access management solutions for the internet of things in which Tern now holds a 32% stake, changed from 36% prior to this update. The USD2.0 million equity adds to an originally planned USD7.3 million fundraising announced by in December. Per the December announcement, Device Authority would receive USD7.0 million from Ten Eleven Ventures in new equity investment, and USD300,000 from Alsop Louie Capital 3 LP via conversion of short term loans. The fundraise is intended to provide Device Authority with "sufficient funding to enable it to grow in line with its strategy beyond the end of 2024", Tern says.
The first USD4.0 million tranche was received by Device Authority in December, and Tern said that the remaining USD3.3 million tranche remains "contingent on approval pursuant to the National Security & Investment Act and acceptance of the approval by Ten Eleven Ventures". Following the second tranche, Tern will hold 27% of Device Authority's equity.
Current stock price: 2.23 pence per share, down 0.9% in London on Wednesday.
12-month change: down 71%
By Hugh Cameron, Alliance News reporter
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