Tern PLC (LON:TERN) shares soared over 20% higher in early trade on Friday after it revealed that preliminary marketing of Thales' healthcare Internet of Things (IoT) security blueprint, developed in conjunction with investee firm Device Authority (DA), has commenced.
The AIM-listed tech specialist investment company, which has a 56.8% holding in the IoT security firm, said this represents a significant milestone for DA following the formation of its strategic partnership with France’s Thales Group announced on 24 January 2018.
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It added that the healthcare IoT security blueprint provides high-assurance device authentication, managed end-to-end encryption, and certificate provisioning for IoT devices, ideal for medical, industrial and other smart connected products.
The group noted that, according to the 2018 Thales Data Threat Report, the healthcare industry is regularly targeted by cybercriminals with 70% of healthcare organisations globally having experienced an attack.
This solution is designed to enable the Connected Health industry to continue to perform at the highest levels without question on the integrity of data or medical devices.
Tern’s CEO, Al Sisto, said: "We are delighted to have been advised that Thales and DA have further strengthened their strategic partnership with the issue of this joint blueprint.
“This clearly shows how DA can provide the level of IoT security required in healthcare/medical cases and is another step in expanding Tern's participation in the medical IoT markets via its portfolio investee companies to create shareholder value."
In early morning trading, Tern shares were 20.3% higher at 38.5p.