Analysts
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.
Recent Content
FY22 progress despite global tech sell-off
31/05/2023 Tern plc
Tern has delivered further progress in FY22 against a challenging backdrop. KPIs demonstrate that repeat revenues are growing […]
Supporting investee despite tough markets
25/04/2023 Tern plc
Tern’s portfolio company Konektio (formerly InVMA) has announced a small but successful £0.3m equity fundraise. Tern invested just […]
Strong KPIs point to portfolio growth
18/04/2023 Tern plc
In today’s short trading update, Tern’s KPIs point to further significant growth in FY22, supporting our view that […]
Portfolio update highlights inflexion point
25/01/2023 Tern plc
Tern has announced an update on its portfolio activity. Individual companies are gaining commercial traction, with configuration work […]
Fundraise and commercial traction
08/12/2022 Tern plc
Tern has successfully raised £1.5m (gross) through an issue of 15m subscription shares at 10p per share, a […]
Fundraise to strengthen negotiating position
06/10/2022 Tern plc
Tern has successfully raised £1.6m gross proceeds through an issue of 17.3m subscription shares and 4m retail shares […]
Repeat licencing revenue a highlight of H1 22
23/09/2022 Tern plc
Tern has delivered a solid set of first-half results and further positive developments post-period. The portfolio is at […]
FundamentalVR fundraise at material uplift
11/08/2022 Tern plc
Tern’s portfolio company FundamentalVR, the immersive technology and haptics specialist, has successfully closed the second tranche of its […]
A hybrid VC model to access the IoT opportunity
01/08/2022 Tern plc
Tern recently issued a strategy update following the termination of its proposed acquisition of Pires Investments plc. While […]
Wyld Networks warrants exercised
06/04/2022 Tern plc
Tern has announced that 98.6% of the Wyld Networks AB outstanding TO1 Warrants have been exercised, providing approximately […]
Strong full-year results
17/03/2022 Tern plc
Tern, the AIM-listed specialist in the acquisition and development of Internet of Things (IoT) technology businesses, has delivered […]
Participation in a new venture capital fund
02/03/2022 Tern plc
Tern has agreed to participate in a new venture capital fund, the Sure Valley Ventures UK Software Technology […]
Positive portfolio update
11/02/2022 Tern plc
Tern has announced an update on its portfolio. The update follows recent successful fundraises that are already starting […]
£1.59m Talking Medicines fundraise at material valuation uplift
01/02/2022 Tern plc
Tern’s portfolio company Talking Medicines, the digital health data company, has announced a successful £1.59m fundraise at a […]
£2.1m InVMA raise and 44% up-round for Tern
20/12/2021 Tern plc
Tern’s portfolio company InVMA, the market leader in Industrial Internet of Things (IoT) software, has announced a successful […]
$2.9m funding package for Device Authority
02/12/2021 Tern plc
Tern’s portfolio company Device Authority (DA) has received a US$1.25m strategic investment from Venafi Inc, a leader in […]
Portfolio update – further positive news
26/10/2021 Tern plc
Tern has announced an update on its portfolio of investee companies, following the August release that accompanied the […]
H1 2020 results highlight product demand
14/09/2021 Tern plc
Tern has delivered a strong set of first-half results and further positive developments post-period-end. All of Tern’s principal […]
Portfolio update emphasises momentum
17/08/2021 Tern plc
Tern reports on the continued progress made by its portfolio companies over the past few months, including a […]
Fundraise for flexibility
14/07/2021 Tern plc
Tern has successfully raised £4m gross proceeds through an issue of 21.2m shares at 18.8p per share, a […]
Milestone achievement – £8m investee IPO
09/06/2021 Tern plc
Tern has announced the proposed IPO and admission to the NASDAQ First North Growth Market in Stockholm of […]
Exciting times for Tern’s portfolio companies
04/05/2021 Tern plc
Tern has provided a summary of the progress made by its principal portfolio companies in recent months that […]
New investment and fair value uplift in FY20
31/03/2021 Tern plc
Tern reported a 27% growth in total net assets during 2020 (from £18.9m to £24.0m), with NAV per […]
Wyld Networks completes £750k fundraise
28/01/2021 Tern plc
Tern’s portfolio company Wyld Networks has completed a £750k fundraise, primarily from a third-party institutional investor, at a […]
Strong business momentum across portfolio
12/01/2021 Tern plc
Tern has provided an update on the recent activities of its principal portfolio companies, highlighting an acceleration in […]
Company Management Team
Albert E Sisto
Chief Executive Officer
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
Chief Financial Officer
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.
