Tern Plc (LON:TERN), the company focused on value creation from Internet of Things technology businesses, has announced that it has agreed with the board of InVMA Limited, trading as Konektio, of which Tern currently owns 36.8% of the equity, and Konektio’s other investors, that Mathew Scherba, a director of Tern, will join the Konektio executive team for an initial two month period, with an option, on the mutual agreement of both parties, to further extend the secondment, to assist with the development of the Konektio business.
Mathew Scherba, will remain a director of Tern, fulfilling his duties and responsibilities at Tern, but will devote the majority of his time to assisting Konektio as it executes its growth plans, in particular the completion of the productisation of the next release of AssetMinder®, its modular, industry 4.0, IoT (software as a service) SaaS platform. The agreement for Mr Scherba’s services will see Tern receive payments from Konektio, equal to the basic salary he is paid by Tern for the time he commits to Konektio.
Commenting Al Sisto, CEO of Tern, said:
“Tern’s hands-on approach with its portfolio companies is key to creating further value so that Tern shareholders can ultimately benefit from this value. We are therefore pleased, with the agreement and support of Konektio’s other investors, to be able to provide Konektio with the benefit of Mathew Scherba’s skills and experience to help drive the completion of the productisation of their next exciting release of AssetMinder® and further expand their routes to market.
“All of the team at Tern continue to focus, in a hands-on manner, on maximising the investment value for Tern shareholders from our portfolio companies and I look forward to making further announcements on their progress in due course.”