23rd Oct 2014 07:26
LONDON (Alliance News) - Tern PLC saw its shares rise strongly early Thursday after it said its Cryptosoft investee company had won a deal with a "leading" machine-to-machine provider for a pilot programme to provide a new security service for the SIM-based machine 2 machine market space.
In a statement, Tern said the security product offers the ability to provide data level encryption for information flows between all SIM enabled devices on a mobile network. It will be targeted at the cloud, mobile, machine 2 machine and internet of things market sectors.
Under the terms of the deal, the M2M provider and Cryptosoft will share any revenue generated.
"Since acquiring 95% of Cryptosoft we have been working with management to rapidly monetise security products into key markets. My experience is that rather than developing proprietary sales forces selling stand alone products, we should first be prioritising building partnerships with those who have established track records providing customers with software products to create a
force multiplier," Tern Director Al Sisto said in a statement.
Tern shares were up 21.4% at 4.25 pence early Thursday, one of the best-performing stocks on the AIM All-Share index.
By Steve McGrath; [email protected]; @stevemcgrath1
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