Tern Plc, an investment company specialising in Internet of Things, announced the appointment of Scottish technology industry veteran Ian Ritchie as its non-executive chairman with effect from June 1, 2017.

“Ian brings to the board a breadth of experience and an extensive track record in the software industry, in which he has worked for more than 35 years,” said Tern.

“His career to date spans leadership roles in both growing and investing in technology businesses.

“Ian has been chairman of AIM-listed cloud computing company, Iomart Group plc, during which time revenues have risen from £8 million to £89 million, and EBITDA has grown from a loss of £1.4 million to a positive £36.6 million (as disclosed in March’s year-end trading statement).”

Tern said Ritchie is also currently chairman of Computer Application Services Ltd and Krotos Ltd.

“Ian has a personal interest in the development and commercialisation of technology businesses, having founded ScotlandIS, the trade association championing Scotland’s digital technologies industry, and worked with investment funds run by Northern Venture Trust plc and Pentech Ventures,” added Tern.

Al Sisto, TERN CEO, said: “We interviewed several strong candidates but Ian’s extensive experience in the technology sector and in helping young companies grow made him stand out.

“Ian has an exemplary track record of working with management teams to deliver shareholder value and we look forward to working with him as we continue to deliver Tern’s strategy.”

Ritchie said: “Tern is at an important stage of the development of its portfolio.

“The company is positioned in key high growth areas and I look forward to working with the team to maximise these significant opportunities.”