COVID-19 and portfolio update
Tern has issued a COVID-19 and portfolio update, including a useful satellite communication contract won by Wyld Networks, and highlighting the value of Tern to its investees in sharing best practice and ideas across the portfolio as a group of similar businesses work to adapt to a rapidly-changing world. The group’s focus is on providing operational support and fostering communication between portfolio companies who can learn from each other and benefit from the group’s input. The company is also monitoring the UK Government’s support initiatives to assess their relevance to Tern and its portfolio companies. Tern’s recent £0.8 million fundraise improved its financial position and the Board retains a positive view of the long-term growth potential of its portfolio companies. We believe that the Internet of Things (IoT) and the associated remote operation of devices without human intervention will prove to be key contributions from technology companies – and Tern’s investees in particular – to many sectors and companies operating both in the current situation and well beyond.