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."
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Al Sisto, CEO
Sarah Payne, Finance Director
Via Newgate Communications
Elisabeth Cowell/Megan Kovach
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