Tern investment switches up name following portfolio acquisition

Internet-of-things focussed investor Tern revealed on Monday that its wholly-owned investee company FlexiOPS has been renamed Wyld Networks.

Tern also told investors that Wyld Networks had recently acquired the AMIHO product portfolio from fellow Tern investment company InVMA, which operates over 250,000 smart meters, expects the intelligent meter market to generate revenues of $10.4bn by 2022.

Together with Wyld Technologies' Wyld Mesh product, Tern said Wyld Networks has a "unique IoT proposition" which could change the way applications and people interact.

Elsewhere, Tern announced that its own chairman Ian Ritchie had been appointed as Wyld's chair and that he would assist Wyld in its search for a chief executive to head up operations at the Cambridge-based firm's HQ.

Chief executive Al Sisto said: "IoT is changing the way applications and people interact with intelligent machines and we believe that the combined Wyld Networks group will allow system integrators and IoT applications developers to benefit from the intersection of the low power wide area and the resilient local area mesh of its IoT products.

As of 1110 GMT, Tern shares had picked up 3.08% to 13.40p.