---ADDS TERN COMMENTS---
Internet of things (IoT) and M2M security specialist Cryptosoft has released a new version of its software and has a new website, said Tern (LON:TERN), the investment firm, which owns 95%.
Tern today updated on progress at the data security arm, whose new management team led by Darron Antill as chief executive started recently - in July this year.
The new 'Cryptosoft V3 Data Centric Security Platform' offers new functionality specifically for Internet of Things (IoT) and Machine to Machine (M2M) including improved scalability, increased load management and speed.
It comes after Cryptosoft V2 has been in commercial use by major UK and US for over three years, Tern highlighted.
Cryptosoft's recently released new website includes insight guides to explain the challenges of encryption as well as a technical white paper, Tern added.
Tern also told investors that Cryptosoft was working with distribution partners to sell Cryptosoft in other geographical and/or vertical markets.
It is also collaborating with a number of partners, including computer giant IBM, to develop functionality that should lead to commercial projects.
Speaking to Proactive, Angus Forrest, Tern's chief executive, said today's update was prompted by increasing enquiries from Tern shareholders on Cryptosoft and its products.
It was important, he said, that shareholders know, that the latest V3 platform is a simpler, more scalable product that is available for forward sales.
He explained that V2, already in use by major companies, though a broader and more sophisticated product, which could encrypt more data in the IoT arena, the latest version was more targetted towards simpler tasks and therefore had greater capacity.
"Where we see the future of sales is much simpler messages," he said, giving the example of turning on or off a specific piece of equipment.
"This is a peer reviewed, market proven software security product for IoT and M2M applications that is hardware, software and security system agnostic and which can support legacy and future installations," Tern said in today's statement.
"Cryptosoft V2 has been in commercial use by major UK and US companies as well as similar organisations for more than three years."
Shares in Tern eased today over 9% to stand at 16.25p, but have risen around 60% since the beginning of the year.