LONDON (ShareCast) - (Sharecast News) - Internet-of-Things investor Tern said on Friday that one of its portfolio companies had secured a new contract win valued at over $1.2m.
Tern stated Device Authority, of which it holds a 53.8% stake, had won a new contract that will see it deploy its KeyScaler technology with an existing tier-one automotive supply chain customer.

The AIM-listed group added that the contract will net it in excess of $1.2m over five years.

Chief executive Al Sisto said: "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.

"Device Authority is validating the industry recognition it has already received from groups such as ABI Research with these significant new contract wins, which will help them remain an industry leader in IoT device identity lifecycle management."

As of 0950 GMT, Tern shares had shot up 11.43% to 11.70p.







Reporting by Iain Gilbert at Sharecast.com

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