Statement re Heads of Terms agreed on Acquisition
Post# of 301275
4 July 2017 Tern Plc (AIM: TERN)
Heads Of Terms agreed on Acquisition
Tern Plc (AIM:TERN), the investment company specialising in Internet of Things (IoT), announces that its portfolio company flexiOps Ltd (flexiOps) has signed a term sheet to acquire the assets of Wyld Research Ltd (Wyld).
Upon completion, flexiOps will acquire all of the assets including the intellectual property of Wyld Research for £70,000 and Gene Myers, the founder and CEO of Wyld, will become the Chief Technical Officer of flexiOps. The final agreement is expected to be completed by 31 July 2017.
Wyld is a wireless Platform-as-a-Service (PaaS) company that bundles together software, services and support using Software Developer Kits (SDKs) that support Apple ioS and Google Android platform devices using the WyldMesh Fusion applications program interface (API) to enable mesh networking capabilities for IoT and Machine to Machine (M2M) to connect their devices.
Albert Sisto, CEO of Tern Plc, said:
"We believe the acquisition of Wyld by flexiOps will provide it with a product platform to accelerate its top line growth and enhance its mission of developing unique technology for use by the Tern portfolio of companies.
"With the proliferation of the Internet of Things, the focus on reliable and secure connectivity is high on the agenda for application developers and systems integrators. Mesh networks allow them to provide smart cities, critical infrastructure, large enterprises, transportation systems and industrial plants with the means to achieve these goals and particularly over large or confined areas."
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 Rebecca Sanders-Hewett/David Ison/Elise Palmer | Tel: 020 7382 4730 |
Advantages of a mesh network Mesh networks allow applications developers to create a network where each computer and or network device is interconnected with one another, allowing for most transmissions to be distributed, even if one of the connections go down. 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 were traditional wireless (WIFI) networks are not viable.
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