Cryptosoft, one of four companies in investment firm Tern’s (LON:TERN) portfolio, has appointed information technology (IT) veteran Darron Antill as chief executive officer (CEO).
Antill has more than 20 years of business leadership and management experience in the IT sector, having formerly been CEO of AppSense, Vistorm, Intrinsic and Ultima Business Solutions.
Antill said data security specialist Cryptosoft is in a unique position to build trust in the ‘Internet of Things’ (IOT) through its policy-driven data encryption security platform.
"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," he said.
Tern is an investment company focused on the IT sector, and in terms of the amount of money it has invested, Cryptosoft is its flagship investment. The business has three other small investments in Flexiant, Push Technology and Seal Software.
At the end of March, Tern upped its investment by subscribing for 10,000 ‘A’ class shares in the company.
Lumping the 'A' and 'B' shares together, Tern's stake stands at 98.6% but, perhaps more importantly, in the event of a sale of Cryptosoft, Tern will currently be entitled to 75% of the net sale proceeds.