Technology

Tern plc

  • Market Cap (£m) 12.1
  • Listing AIM

Company Description

Tern provides access to disruptive Internet of Things (IoT) start-ups with proven technology, not generally available to AIM investors. It operates a hybrid venture capital (VC) model, with shareholders acting as Limited Partners. This business model change was actioned in early 2017 following the acquisition of Device Authority Inc and Al Sisto becoming Tern CEO. Tern supports software companies that develop IoT security, enablement, and analytics solutions for the healthcare and industrial sectors. Tern is focused on accelerating the growth of portfolio companies from the point of investment to Series A or B, gaining external verification on valuations and maximising exit multiples. Tern has investments in: Device Authority (IoT security), Fundamental VR (VR haptic 'simulators' for surgery), Konektio, formerly InVMA (Industrial IoT), Wyld Networks AB (LoRa and Mesh), Talking Medicines (capturing the patient voice) and <1% of DiffusionData Ltd, formerly Push Technology (mission critical data). Tern has also committed to invest up to ?5m, over the 10-year life of the SVV UK Software Technology Fund.

Investment Summary

Tern offers UK investors a 'different' proposition. Acting as an AIM-listed investor in venture capital style deals, it provides shareholders with a diversified way to gain exposure to a broad range of IoT-related assets. Tern shareholders act as Limited Partners and can participate in a funding, elect not to without consequence and make trades in positions to realise interim returns and balance investments. The group benefits from a well-connected North American presence, with potential for follow-on investment at US-style multiples, with an effective UK platform to execute transactions. The group's strategy is clear: invest in UK and European businesses in the IOT arena and provide additional benefits (network relationships, mentoring and synergies). Value is added through a hands-on approach, helping portfolio companies scale industry metrics rapidly, with the potential for US VC valuations, when the time is right to exit.

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Company Management Team

  • Albert E Sisto

    Chief Executive Officer

    Al is Tern’s CEO, a non-Board position. Al’s an IT industry veteran with more than 25 years senior executive level experience. As Chief Operating Officer at RSA Data Security Inc., the leading security software company, he led its transformation from a passive patent licensing operation to an aggressive, sales oriented software company. At RSA he negotiated partnership agreements with IBM, Intel, Compaq, Cisco and Nortel. Al was Chairman, President and CEO of Phoenix Technologies Ltd, the global BIOS software company. He revitalised Phoenix through the acquisition of Internet appliance business, Ravisent Technologies; investing in semiconductor and microprocessor designer Transmeta and spinning off Silicon Corporation.

  • Sarah Payne

    Non-Executive Director

    With over 25 years financial management experience, Sarah is a seasoned board director. Sarah qualified with Ernst & Young as a Chartered Accountant before joining its corporate finance team. She then spent six years with the BBC, firstly within commercial and investment strategy and then as Head of Financial Planning and Analysis. For the seven years before joining Tern PLC, Sarah was an outsourced Finance Director for SME businesses principally within high tech markets.

Key Dates

May 2021
4th
AGM
Actual
Sep 2021
14th
Interims
Actual
Mar 2022
17th
Finals
Actual
Apr 2022
27th
AGM
Actual
Sep 2022
23rd
Interims
Actual
May 2023
31st
Finals
Actual
Jun 2023
29th
AGM
Actual
Aug 2023
16th
Interims
Actual
May 2024
2nd
Finals
Estimate
Jun 2024
29th
AGM
Estimate
Aug 2024
16th
Interims
Estimate