Tern plc acquires Oxfordshire security software firm
London Investment firm Tern Plc has acquired data security software company Cryptosoft Ltd.
Tern, which specialises in the cloud and mobile sectors, will take ownership of 95% of the ordinary share capital of the Henley-on-Thames firm.
Tern are planning on investing £300k in Cryptosoft to provide working capital and accelerate its growth.
Cryptosoft, which has assets valued at £28k, had no profits or losses in the year ending March 2014.
Following the completion of the acquisition, Cryptosoft owner Jon Penney will own 15% of Tern’s enlarged issue share capital.
Jon Penney said: “This transaction will strengthen Cryptosoft’s sales and marketing operations, as well as finance to grow the business worldwide. I look forward to working with Tern to achieve the global potential that Cryptosoft represents.”
Angus Forrest, chairman, Tern plc said: “This transaction marks the next stage of Tern’s development. We plan to take significant holdings in investee companies and add our expertise and contacts to help those businesses develop and accelerate their expansion.”