London-listed announced that its portfolio company, InVMA, had secured a £817,000 commercial order for its asset management solution, AssetMinder®.
The order will see AssetMinder® deployed into the Industrial Internet of Things sector over a two-year period, the statement detailed.
Specifically, the ‘out-of-the-box’ solution will be managed by a global, multi-billion Euro revenue supplier to the industrial and construction sectors.
According to InVMA, the AssetMinder® solution is built upon 'an underlying IoT trend' which focuses to remove latent integration issues across multi-vendor asset portfolios.
Under the agreement, InVMA, of which Tern holds a 50% equity ownership in, will enable the supplier to deliver a condition-monitoring offering for the smart manufacturing and process industries, IIoT sensor, and other asset management.
This will incorporates predictive analytics to ‘maximise uptime and productivity’, the IoT specialist said.
Shares in Tern were trading 1.65% higher at 9.25p on Monday morning.
"We believe that InVMA is a pioneer in the digital transformation arena and this order commitment highlights the level of acceptance that its AssetMinder(R) solution has gained within the industry,” said InVMA Chairman and Tern director, Bruce Leith.
Leith highlighted the global partnership as a “significant strategic relationship” that would expand the capabilities of the supplier’s Industrial IoT product portfolio.
He added, “As a major shareholder in InVMA, we look forward to benefitting from the value that this contract should create within this exciting investment.”
Tern’s investment in InVMA, which was initially made in September 2017, was valued at £1 million in the company's unaudited interim results in September for the six months to 30 June 2019.
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