Tern PLC (AIM:TERN) shares flew 30% higher to 5.2p after its 54%-owned subsidiary Device Authority won an award with Microsoft for its cloud-based security product.
Device Authority's Keyscaler-as-a-service (KSaaS), a cloud-first approach to automated end-to-end device security, won the Rising Azure Technology 2023 Microsoft partner of the year award.
The Microsoft Partner of the Year Awards event recognises companies in various categories from a choice of more than 4,200 submitted nominations.
Darron Antill, chief executive of Device Authority, said: “With today's global supply chains increasingly relying on interconnected devices and the relaying of timely data to artificial intelligence systems, trust in devices has never been more important. Because these devices are often located outside of the secured network environment, they've become a target for bad actors, and a single disruption to a production line can cost an organization up to 5% of its annual profits.
“Leveraging Azure's capabilities, KSaaS provides an automated and scalable solution to our customers' device security problems, accelerating their digital transformation and providing resilience throughout their connected infrastructure.”