Developments at Cryptosoft Ltd

RNS Number : 4245O

Tern PLC

09 February 2016

 

9 February 2016

Tern Plc

AIM: TERN

Developments at Cryptosoft Ltd

The directors of Tern Plc are delighted to announce two developments at the data security company, Cryptosoft Limited ('Cryptosoft' or 'the company'), the appointment of Dan McDuffie as a Board Advisor and launch of a new product.

Appointment of Dan McDuffie as Board Advisor

Cryptosoft, the leader in policy driven authentication and encryption services for connected IoT and M2M devices, today announces that IoT technologist and visionary Dan McDuffie has joined the company as a board advisor. The appointment coincides with the company's 2016 plans to aggressively expand its IoT data security platform into new customer markets.

Dan McDuffie was Group CEO of Wyless Inc, a global leader in the M2M and IoT Managed Services market where he achieved increased revenues of nearly 500% over a four year period.  He has a career spanning more than 20 years in the technology industry and  today McDuffie acts as a consultant and advisor to Private Equity, Venture Capital and Strategic investors in the areas of IoT, M2M and Enterprise Mobility.  As a board advisor, McDuffie brings a set of business strategy and technology industry experience to Cryptosoft.

"Cryptosoft is one of the most exciting companies I have seen in a long time," said McDuffie. "Their ability to offer IoT platform providers the opportunity to drive further value to their clients, as well as offer a compelling, competitive security advantage by delivering a completely secure data and authentication platform for IoT, has huge potential in an exploding market. I am fired up to join the team."

New product launch

In recent months, numerous headlines have questioned whether reliable security solutions for the IoT and M2M devices can be developed, and whether viable solutions will be cost prohibitive. These are eliminated with the new release V4 from Cryptosoft.

Cryptosoft's industry leading solution now offers the five central elements needed by enterprises to deploy secure, products and services based on the IoT and M2M devices: (1) policy driven security around the authentication of the user accessing the data; (2) strong encryption around the transmission  and storage of IOT and M2M data within enterprise networks; (3) the ability to deploy this security solution with all types of devices (a device agnostic solution); (4) the ability to provision and update software and devices Over the Air (OTA) or Over the Internet (OTI); and (5) an enterprise offering that is available at a cost-effective price.

Version 4.0, available today, extends Cryptosoft's market-leading, policy-based authentication and data protection technology to support unique device derived key management capabilities from Device Authority, Inc. By adding support for Device Authority's D-FACTOR^tm as an option within the Cryptosoft platform, customers are now able to authenticate and transparently encrypt data payloads, including those from unmanned devices.

The Cryptosoft platform is device agnostic and allows customers to add their, policy driven, data encryption services to their existing IoT and M2M workflows without re-wiring applications or current data flows.

"With today's announcement, we are solving a critical industry problem." said Darron Antill, CEO of Cryptosoft. "The many benefits promised by Machine-to-Machine communications and the Internet of Things will not be held back by security concerns. The era of cost-effective, reliable enterprise security, for the IoT and M2M market has now arrived," he added.

 "Our premise has always been that application developers and network administrators must be able to secure data and devices across the IoT and M2M ecosystems in a way that isn't confined by the approaches associated with traditional PKI architectures," said Jon Penney, CTO and Founder, Cryptosoft. "By managing and distributing keys with easy scalability, the Cryptosoft platform, now incorporating the Device Authority technology, is a game changing solution to this problem." he added.

"We are very excited about this important integration with the Cryptosoft platform.  By offering our D-FACTOR^tm core authentication components Cryptosoft customers have the ability to deploy the strongest security posture around the two principal areas recognised as potential IoT and M2M vulnerabilities; Devices and Data," said Talbot Harty, CEO of Device Authority.

Enquiries:

Tern plc                                                                                                         Tel: [phone]

Angus Forrest          

WH Ireland NOMAD and Broker                                                                 Tel: [phone]

John Wakefield         

Peterhouse Corporate Finance (Joint broker)                                          Tel. [phone]

Lucy Williams / Duncan Vasey       

About Tern

Tern Plc acquires and invests in privately owned companies with self-owned IP, established products and customer bases. Its investment strategy is focused on taking an active role in its investee companies in order to improve the business model, accelerate growth, expand the business globally, and identify exit opportunities.

About Cryptosoft

Cryptosoft's data security platform solves the data security and authentication challenges for the Internet of Things (IoT). Its software platform significantly reduces the end-to-end attack surface, protecting critical company and customer data assets. The Cryptosoft platform provides transparent protection of data at rest and in transit across any platform, device and service, delivering end-to-end protection of critical data. With offices in San Francisco, California and Thames Valley, UK Cryptosoft partners with the leading IoT ecosystem providers, including wot.io and ThingWorx, providing highly scalable data protection security solutions for the Internet of Things. (www.cryptosoft.com)

 

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