Interest in internet of things (IoT) and M2M security specialist Cryptosoft has surged since a new chief executive was appointed. -- update with chairman's comments -- Cloud and mobile IT investment company Tern () said the value of its portfolio has risen more than four-fold over the past 12 months. Shares in the group have almost trebled since July and today it revealed total assets at end June of £1.2mln compared to £285,000 a year ago. Driving this has been growing interest in the company’s Internet of things (IoT) and machine-to-machine (M2M) security specialist Cryptosoft. The IoT is where machines pass data and instructions between each other without the need for human intervention and it is growing rapidly. Cryptosoft claims to be the only supplier with a peer reviewed, market proven software security product for M2M applications that works across the range of IT systems and that can support legacy and future installations. At a recent IoT event in San Francisco, Cryptosoft was the only company offering a holistic security solution, Tern said. Discussions have now started over major contracts with potential UK and US customers though it will be several months before the first of these is secured, executive chairman Angus Forrest added. Without naming them, he said they included Fortune 500 ranked companies. In May, Cryptosoft appointed Darron Antill as chief executive. A twenty year IT veteran, he has built up four fast-growth software companies in the UK and US. Tern added that recent investment in Cryptosoft's infrastructure was also not reflected in its financial statements. Current assets at end June were £422,000 (2014 £85,000). Of the long term creditors and current liabilities, £300,000 is interest free and owed to directors, and will be converted to shares in due course said Tern. Losses in the half year eased slightly to £88,000 from £93,000. Angus Forrest told Proactive Investors he hoped to have arranged a sale of one of Tern’s three other investments within six months and a second within in a year. Tern only owns very minor stakes in these companies (Flexiant, Push Technology and Seal Software) compared to its 95% stake in Cryptosoft. He added that a sale of its stake of Cryptosoft was not out of the question if the right offer came along, but he expects its value to be a lot higher in a year’s time. Shares climbed 22% to 18.74p.
Tern has seen the value of its portfolio rise more than four-fold over the past 12 months as a result of increasing interest in the firms IoT and M2M security specialist arm Cryptosoft. Cryptosoft claims to be the only supplier with a peer reviewed, market proven software security product for M2M applications that works across the range of IT systems.