2nd Dec 2022 10:43
(Alliance News) - Tern PLC on Friday said its investee Device Authority Ltd secured a USD1.2 million contract for the expanded deployment of Device Authority's security platform.
Device Authority is a Reading, England-based internet of things security business in which London-based investment firm Tern has a 54% holding.
The deal is with an existing tier one automotive supply chain customer for over five years, Tern said. The company explained the broader adoption of Device Authority's KeyScaler technology will enable the customer to develop a "secure identities" manufacturing model for use across its global factories.
This positions Device Authority as a key strategic partner for the customer, working collaboratively over the longer-term, Tern added.
The contract follows an agreement Device Authority secured in November with an energy provider in Europe. This deal will see Device Authority's KeyScaler platform integrated with existing and new services, providing identity management services for existing and next generation connected infrastructure.
The contract has a projected value of around USD500,000 for Device Authority over the next three years, with the objective of protecting the energy company's customers from cyber and ransomware attacks.
"We are delighted with the rapid progress that Device Authority is making in growing its revenue base, particularly via long term contracts with industry leaders. The previous hard-fought wins with these leading companies are now being transformed into multi-year agreements," Tern Chief Executive Al Sisto said.
Tern shares were up 5% to 11.03 pence on Friday morning in London.
By Jaskeet Briah; [email protected]
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