13 September 2017
Tern Plc (AIM: TERN)
Acquisition
Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things (IoT), is delighted to announce that, following the RNS announcement on 4 July, Wyld Technologies Limited, a wholly owned subsidiary of Tern's portfolio company flexiOps Limited (flexiOps), has completed the acquisition of the assets, including the intellectual property, of Wyld Research Limited ("Wyld") for £78,000 and 10% of Wyld Technologies Limited. Gene Myers, the founder and CEO of Wyld, will become the Chief Technical Officer of Wyld Technologies Limited.
Wyld Technologies Limited is forecast to achieve revenues of approximately £350,000 in its first year.
Wyld has developed a proven mesh networking software platform. Mobile mesh networks can be thought of as a collection of nodes where each node is directly connected to other nearby nodes. These nodes, such as mobile phones and devices, not only send and receive data, but also relay data on behalf of the network, extending the reach of the network beyond the directly connected devices. A failure of one device does not cause a break in the network or transmission of data. Adding additional devices does not disrupt data transmission between other devices and it can handle high amounts of traffic, because multiple devices can transmit data simultaneously. Mesh networks also operate in environments where traditional wireless (WIFI) networks are not viable.
Al Sisto, CEO of Tern Plc, said:
"I am delighted that Wyld has joined the Tern portfolio. The Wyld platform is solving a significant challenge for disruption and emergency information; providing a means of communicating when the internet is unavailable, without extensive network infrastructure. It is also a valuable way for IoT devices to transmit data."
Enquiries
Tern Plc
Al Sisto/Sarah Payne |
via Redleaf |
WH Ireland
(NOMAD and joint broker)
Mike Coe/Ed Allsopp |
Tel: 0117 945 3470 |
Whitman Howard
(Joint broker)
Nick Lovering/Francis North |
Tel: 020 7659 1234 |
Redleaf Communications
David Ison/Elisabeth Cowell |
Tel: 020 7382 4730 |
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Tern Plc via Globenewswire
