Analysts
Company Descriptions
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
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
Company Management Team
Albert E Sisto
CEO
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.
Jane McCracken
Interim Chair
Jane McCracken has spent her career working with high growth technology businesses based in the USA. UK and Europe as an entrepreneur, investor, board member and advisor. Her experience covers a variety of areas including software, e-commerce, digital health and clinical research. She recently served as an Entrepreneur-in-Residence at the Advanced Technology Development Center, the state incubator based at Georgia Institute of Technology. She is the Chief Growth Officer for Corps Team, a US-based search and staffing firm supporting startups to the Fortune 500. Jane also serves on the board of London Stock Exchange Main Market listed Edinburgh Worldwide Investment Trust plc, which invests globally in high growth companies; and Radyus Research, a US-based privately held company that advises on drug discovery, lead candidate selection, and enabling studies.
