Tern Plc (LON:TERN), the company focused on value creation from Internet of Things technology businesses, has noted that Device Authority Limited has expanded its business and technology relationship with an existing tier one automotive supply chain customer via a new contract win valued at over US$1.2 million over five years, for expanded deployment of Device Authority’s KeyScaler® technology. Tern holds 53.8% of Device Authority’s equity.
This broader adoption of Device Authority’s KeyScaler® platform will enable this automotive supply chain customer to transform their long-term usage of the platform to develop a ‘secure identities’ manufacturing model for use across its global factories, positioning Device Authority as a key strategic partner for the customer, working collaboratively over the longer term.
Device Authority’s agreement with the global automotive supplier follows a contract secured by Device Authority in November 2022, in partnership with key strategic channel partners, with one of Europe’s main energy providers. This agreement will see Device Authority’s KeyScaler® platform integrated with existing and new services, providing identity management services for existing and next generation connected infrastructure. The contract has a projected value for Device Authority of approximately US$500,000 over the next three years, with the objective of protecting the energy company’s customers from cyber and ransomware attacks by providing trust for their IoT devices.
Commenting Al Sisto, CEO of Tern, 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.
“2022 is proving to be a pivotal year for Device Authority following the strategic investment from Venafi in December 2021. Tern and its co-investors are very pleased to see Device Authority enter into expanded multi-year agreements with some of the world’s leading IoT technology companies who are taking advantage of the features in Device Authority’s KeyScaler® platform to help provide significant long-term benefits to their customers.”