Tern recently took part in an interview with DirectorsTalk following the announcement in late December that portfolio company Device Authority had received a US$7m strategic investment from Ten Eleven, a global leader in cyber security with a strong foothold in automotive and medical devices. The next step to accelerate growth for DA’s KeyScaler is to expand the sales footprint, particularly in the US. Having Ten Eleven as a partner marks a significant milestone for DA in this respect, attracting ‘intelligent growth funding’ from a partner with substantial experience and reach across the US, complementary to the Tern structure. In our view, pressure to realise cash through an exit is unfounded given the timeframe required to deliver maximum value to shareholders by preparing a business for harvest. Tern remains focused on the route of value creation and ultimately exit at the appropriate time.
▪ Strategic investment in Device Authority from Ten Eleven. DA will secure US$7m from Ten Eleven via a Series B type fundraising in two tranches (US$3.7m already agreed and US$3.3m contingent on NASI approval) and US$0.3m from Alsop Louie Capital 3 via conversion of short-term loans
Tern plc (LON:TERN) backs exciting, high growth IoT innovators in Europe. They provide support and create a genuinely collaborative environment for talented, well-motivated teams. Device Authority is focused on securing connected device ecosystems and is recognized as the global leader in Device Identity Lifecycle Management and Identity and Access Management (IAM) for the Internet of Things (IoT).
