Tern surges following launch of Device Authority's healthcare security solution
Shares in AIM-listed investment firm Tern soared after the firm revealed one of its portfolio companies had officially launched its new healthcare internet-of-things security solution.
FTSE AIM All-Share
755.28
17:14 26/04/24
Software & Computer Services
2,441.17
16:59 26/04/24
Tern
2.70p
16:49 26/04/24
Thales' healthcare platform, developed in conjunction with Device Authority, in which Tern has a 56.8% holding, was officially launched by the French multinational on Wednesday.
Tern told investors on 22 June that Thales had commenced preliminary marketing of the healthcare IoT security blueprint, which integrates DA's KeyScaler platform with Thales' nShield Connect hardware security module.
The firm highlighted the official launch as being "the next step" in Thales' sales strategy.
DA expects the Thales strategic partnership to contribute to revenues in 2018.
Tern' chief executive, Al Sisto, said: "This opens up a new revenue stream to DA in a market which clearly needs protection from cyber-attacks."
"The use of IoT in the healthcare industry is increasing and therefore I am delighted to see DA and Thales launching this technology to deliver effective protection to patients," added Sisto.
As of 1420 BST, Tern shares had shot up 16.83% to 28.04p.