Tern Plc (AIM: TERN), the investment company specialising in the Internet of Things (“IoT”), announces that its portfolio company, Device Authority (“DA”), has been selected to deliver a minimum of 500 KeyScaler licences per annum to 3D Systems (NYSE: DDD), a US company which engineers, manufactures and sells 3D printers, to protect its 3D Connect Service.
Under the terms of the contract, it is renewable on an annual basis. This contract leverages DA’s partnership with PTC, as the PTC ThingWorx IoT platform is already being utilised by 3D Systems. KeyScaler has been selected to differentiate and elevate 3D Systems’ service offering and to ensure that its customers, which cover a range of industries including healthcare, dental, automotive and aerospace, are not exposed to vulnerabilities which could cause downtime and IP/ data theft.
Whilst the fees payable under the contract are not material to Tern, this contract win demonstrates additional traction by DA’s sales force and sees Tern’s portfolio company enter an exciting and growing segment of the IoT market.
Al Sisto, CEO of Tern, said, “This is a strategically strong move for DA which sees them enter a key IoT market. 3D printing is a highly exciting, growing industry, although concerns about security are justified. With this in mind, we are delighted to see KeyScaler being implemented by 3D Systems, which has chosen DA’s technology with its customers’ security firmly in mind.”