Internet of Things (IoT) investor Tern PLC (LON:TERN) has made a quick buck on the US$500,000 sale of its Concerto business, a multi cloud management software firm that it only acquired this summer.
US-based technology distributor Ingram Micro Inc. will pay Tern US$425,000 on completion of the deal, with a further US$75,000 to follow a year later.
“The sale of Concerto is our first portfolio company exit and represents a very healthy return on investment,” said chief executive Al Sisto.
“We remain focused on our approach and I look forward to updating shareholders on the use of funds in due course.”
Concerto was acquired in June alongside Flexiant Research for a combined total of £75,000.
The individual valuations of the two businesses were never revealed so it is hard to gauge the exact profit achieved by today’s disposal, although it is safe to say that it is significant.
Tern – which invests in up-and-coming companies in the IoT and cloud space – said it will use the money to “create new opportunities”.