Tern Plc (AIM: TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to announce that its wholly owned investee company, flexiOPS Limited, has been renamed Wyld Networks Limited ("Wyld Networks").
Tern is also pleased to provide an update on activities undertaken by Wyld Networks, which are aimed at building a unique and compelling proposition in the IoT embedded communications industry.
- Wyld Networks has acquired the AMIHO product portfolio, which operates in over 250,000 smart meters, from fellow Tern portfolio company InVMA Limited ("InVMA")
- It is estimated that the global smart meter market will generate revenues of US$10.4 billion by 2022, growing at CAGR of 8.2% (note 1)
- Together with Wyld Technologies' Wyld Mesh product (90% owned), Wyld Networks now has a unique IoT proposition which changes the way that applications and people interact with intelligent machines in the IoT
- Wyld Networks' enhanced product suite delivers mobile notifications and content quickly, relevantly, and reliably. It is designed to harness the power of crowds to manage and deliver service offerings, opportunities and critical information/data to mobile users
- Wyld Technologies was not able to deliver on the £350,000 of previously anticipated revenues for the first year as announced on 13 September 2017 and remained pre-revenue during that period, due in part to a leading train franchise operator losing its franchise. Wyld Technologies did enhance its commercial prospects by continuing to develop the product to meet the need to communicate more effectively with passengers
- New Wyld Networks leadership team appointed to oversee the commercial development of the business and headquarters moved to Cambridge, UK
- Tern's Chairman, Ian Ritchie, has been appointed as Chairman - he will oversee the search firm recruitment of a CEO
- Steve Clarke appointed as Chief Technology Officer ("CTO")
- Wyld Mesh will continue to operate from its offices in Hove, UK with Gene Myers as its CTO
- The Board believes that these activities will position Wyld Networks to capitalise on the significant opportunities available through the provision of innovative wireless communication solutions for the IoT in the smart cities, retail, events, health and industrial sectors
Al Sisto, CEO of Tern, said: "IoT is changing the way applications and people interact with intelligent machines and we believe that the combined Wyld Networks group will allow system integrators and IoT applications developers to benefit from the intersection of the low power wide area and the resilient local area mesh of its IoT products. For example, using our enhanced product portfolio, large event managers can now match sponsors and their service locations to meet specific needs or make offers to attendees at the event.
"We're pleased to welcome Steve Clarke as the new CTO of the team at Wyld Networks. We look forward to future updates from his product group. This company's products securely collect, share and present actionable data to solve business problems and create business opportunities."
Note 1: Global Data's forecast , September 2018.