Statement re Cryptosoft Limited

19 May 2015

Tern Plc

(AIM: TERN)

Update on Cryptosoft Limited

Tern Plc ("Tern" or "the Company"), the AIM quoted investment company specialising in the cloud and mobile sector of the IT market, is pleased to provide an update on its investee company, Cryptosoft Limited ("Cryptosoft"). 

The initial phase of development is coming to an end with changes to the infrastructure having been made to allow Cryptosoft to grow strongly in the UK and other markets; the business model has been changed to a SaaS ("Software as a Service") model, strategic partners have been appointed and the management team has been and is being strengthened.

Cryptosoft, the leader in policy driven authentication and encryption services for connected Internet of Things ("IoT") and Machine to Machine ("M2M") devices today announces the appointment of Darron Antill as CEO.  Further appointments are being made to head-up sales in the UK and North America.

Mr Antill brings over 20 years' of business leadership and management experience in the IT sector accumulated on both sides of the Atlantic and will play a key role as Cryptosoft strengthens its global positioning.

As a former CEO of AppSense, Vistorm, Intrinsic and Ultima Business Solutions, Antill has a strong track record in leading fast-growth companies. At workspace management vendor AppSense, he grew revenues from $25m to over $100m globally.   During his seven years at security specialist Vistorm, he led the company to record revenues and guided it through its acquisition by EDS and then to HP.  At IT solution provider Ultima, he grew the company from £17m in revenues to £50m.

Cryptosoft Chairman, Al Sisto said:   "Darron's industry experience and expertise will be invaluable in helping us scale, grow and expand our presence in domestic and international markets.  Darron's channel and eco-system partner knowledge will particularly help us as we evolve our go to market strategy."

Darron Antill said:  "The IoT is already here. A massive transformation is underway that will see the worldwide market for IoT solutions grow from $1.9 trillion in 2013 to $7.1 trillion in 2020.  Data security is absolutely critical to the success of IoT and M2M and has to be built into every system.

"Cryptosoft is in a unique position to build trust in IOT through its policy driven data encryption security platform, which works across any device and any operating system. The platform effectively provides a complete data protection, privacy and encryption solution to our IOT and M2M partners and their respective markets and customers.

"I'm delighted to join the Cryptosoft team and lead the company into the heart of the IOT revolution. Building a global software company that delivers data security in our ever-connected world is a tremendously exciting opportunity and I can't wait to get started."

Enquiries

Tern plc                                                                                  Tel: [phone]
Al Sisto

WH Ireland                                                                            Tel: [phone]
John Wakefield

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

Lucy Williams / Duncan Vasey

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.

---

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Tern Plc via Globenewswire

HUG#1922259