Tern investee Device Authority wins new contract valued at over US$1.2 million

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.”

Note:

*https://www.abiresearch.com/market-research/product/7779608-iot-device-identity-lifecycle-management/

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn

More articles like this

Tern plc

Unlocking the potential of AI and IIoT in modern manufacturing

Advanced technology in manufacturing often conjures images of high-tech environments like the automotive industry or robotic warehouses. However, with the increasing accessibility of artificial intelligence (AI) solutions, many more manufacturing operations can now benefit from these

Tern plc

FundamentalVR elevates surgical training with advanced Stylus integration

FundamentalVR, a global leader in immersive surgical training, has recently integrated Logitech’s MX Ink MR Stylus into its state-of-the-art VR platform. This development significantly boosts the realism and precision of VR-based surgical simulations, offering healthcare professionals

Tern plc

Unlocking the potential of IIoT for future success

As with any new technological advancement, the journey from initial excitement to widespread adoption often follows a familiar trajectory. The Internet of Things (IoT), which connects countless devices in our daily lives, is no exception. According

Tern plc

Transforming surgical training through Virtual Reality innovation

FundamentalVR is at the forefront of revolutionising surgical training through immersive virtual reality (VR) technologies. Under the leadership of Chief Technology Officer Vicky Smalley, the company is dedicated to advancing human capability in surgery and medicine.

Tern plc

Securing your business in the age of IoT connectivity

Protecting your business in the digital age with a solid IoT security framework is essential. The rise of interconnected devices has transformed how businesses function, offering numerous advantages like enhanced efficiency and streamlined operations. However, this

Tern plc

The Wyld Connect AT452 Satellite Tracker

The Wyld Connect AT452 Satellite Tracker offers an extensive solution for location-based tracking, harnessing low earth orbiting satellites to provide worldwide network coverage. Following successful trials in South America, Wyld is set to roll out this

Tern plc

Enhancing healthcare communication with Drug-GPT insights

Understanding the nuanced perspectives of both patients and healthcare professionals (HCPs) is crucial for developing effective and empathetic communication strategies. A recent case study demonstrates how Drug-GPT’s Audience Analyzer enabled a healthcare advertising agency to achieve

Tern plc

Optimising brand planning in healthcare marketing with Drug-GPT

As we approach the start of brand planning season, Healthcare Marketing Strategists face immense pressure to develop effective, data-driven strategies. The necessity for rapid and precise data analysis is critical, and Drug-GPT emerges as an essential

Tern plc

Boost your healthcare marketing success with Talking Medicines Drug-GPT

In the fiercely competitive healthcare marketing sector, securing new clients through Requests for Proposals (RFPs) is crucial. Leveraging Talking Medicines Drug-GPT can significantly enhance your strategies to win and execute RFPs effectively, starting with boosting productivity.

Tern plc

Cybersecurity complexities in the medical device industry

Paul Lockley – VP Sales, EMEA: Recently, I had the pleasure of speaking at the 6th Annual European Medical Device and Diagnostic Cybersecurity Conference. The event covered a wide range of cyber-related issues, including SBOM complexities, the

Tern plc

The opportunities of AI in healthcare

Talking Medicines co-founder Scott Crae was invited by the Ethical Medicines Industry Group (EMIG) to present on the opportunities for AI tools in a data-driven healthcare environment. EMIG is a multi-stakeholder network and trade association representing

Tern plc

Why Privileged Access Management is essential for cybersecurity

Privileged Access Management (PAM) is fundamental to cybersecurity strategies, monitoring and protecting privileged accounts that have the authority to make significant changes within IT environments. It plays a crucial role in safeguarding against internal and external

Tern plc

Unlocking the potential of IoT through satellite connectivity

The Internet of Things (IoT) excites many due to its potential to surface critical information swiftly, bypassing the delays of human intervention. By leveraging real-time data, businesses can achieve efficiencies, support innovative business models, and derive