Tern PLC (LON:TERN) portfolio company Device Authority (DA), the Internet of Things (IoT) security business, has entered into a technology partnership with Franco-Dutch digital security firm Gemalto NV.
Under the agreement, the AIM-listed firm said the two companies will work to achieve interoperability of DA’s KeyScaler technology with Gemalto’s Safenet Luna Hardware Security Module in order to establish a product which helps enterprises deliver on their IoT strategies safely and in line with compliance requirements.
READ: Internet of Things investment company Tern Unveils Iomart’s Ian Ritchie as new chairman
Tern said the product will also help businesses to manage their blockchain identities and data security policies.
The IoT investment company said DA and Gemalto will undertake a mutually agreed-upon sales and marketing programme once successful product interoperability is achieved.
Al Sisto, CEO of Tern, commented: “Although it will not deliver revenues immediately, I am confident that the combined proposition will prove to be highly marketable when interoperability has been achieved.”
Tern has a 56.8% interest in Device Authority.
In afternoon trading, Tern’s shares jumped 20% to 4.50p.