Tern PLC: Sale of Tern portfolio company Seal Software
Tern PLC
Tern PLC: Sale of Tern portfolio company Seal Software
03-March-2020 / 07:00 GMT/BST
Non-regulatory announcement
3 March 2020
Tern Plc ("Tern" or the "Company")
Sale of Tern portfolio company Seal Software
Tern Plc (AIM: TERN), the investment company specialising in the Internet of Things ("IoT"), is pleased to announce that one of its portfolio companies, Seal Software Group Limited ("Seal Software"), has been acquired by DocuSign Inc ("DocuSign"). DocuSign has agreed to acquire Seal Software for a total consideration of $188 million in cash (excluding the value of shares currently owned by DocuSign) subject to potential adjustments and regulatory approval of the sale.
Tern invested £50,000 in Seal Software and as at 30 June 2019 this investment was valued at £115,145, with Tern holding less than 1% of Seal Software. The proceeds to Tern from this sale are expected to be broadly in line with the Company's valuation of its investment, which will realise an approximately two times return on Tern's original investment.
Tern CEO, Al Sisto, said, "The sale of Seal Software to DocuSign will provide our shareholders with a positive return on one of our earliest investments. Although the investment thesis for Tern today is different to that when we initially invested in Seal Software, insofar as we now seek to take larger stakes in our portfolio companies, it demonstrates management's ability to source technology growth companies with good potential for exit to market leading companies. We applaud the team at Seal Software and wish them success on this new journey."
About EQS Corporate News announcements
This is an EQS Corporate News announcement. EQS Corporate News is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only/non-regulatory news releases such as marketing messages, corporate and product information into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on EQS Corporate News.
**ENDS**
Enquiries
Tern plc
Al Sisto, CEO
Sarah Payne, Finance Director
Via Newgate Communications
Newgate Communications
PR
Elisabeth Cowell/Megan Kovach
Tel: 020 3757 6880
Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
987913 03-March-2020