Tern Plc (AIM:TERN), the investment company specialising in the Internet of Things (“IoT”),is pleased to announce that its portfolio company, Device Authority (“DA”), has entered into a contract with a value of approximately £200,000 with one of the largest global automotive component and safety technology manufacturers (“the Client”), alongside its Technology Alliance Partner, nCipher.
The agreement will see DA and nCipher provide IoT security solutions to the Client by way of a Key Management Solution. DA’s KeyScaler platform sits at the heart of the Key Management Solution and nCipher will provide the Hardware Security Modules. By combining their technologies, the Client will be able to securely generate and import keys from Original Equipment Manufacturers (“OEMs”) before storing and distributing the keys to their remote manufacturing lines for injection into their electronic automotive components on the production line.
Tern’s CEO Al Sisto said:
“This is an important contract for DA which validates the superiority of its technology and its use in the automotive sector. We are delighted with this contract win with a leading global automotive component and safety technology manufacturer. The current COVID-19 pandemic has accelerated the technology trends that we were already observing in the industrial sector and with increased automation comes a much higher need for best-in-class security solutions. Through our investment in DA, which is partnered with leading players such as nCipher, PTC and Microsoft, Tern is ideally placed to capitalise on this.”
