Octopus Titan VCT plc : Acquisition of TouchTyp...

Octopus Titan VCT Plc
(the "Company" or "Titan")

3 February 2016

Acquisition of TouchType Limited ("TouchType") by Microsoft Inc ("Microsoft")

The Board of Octopus Titan VCT plc is pleased to announce that terms have been agreed for the acquisition of TouchType, the company behind the SwiftKey app for faster, easier typing on mobile phones and tablets, by Microsoft.

The Company was the first institutional investor in TouchType in August 2010 prior to it launching its award winning SwiftKey app, which is now used on more than 300 million smartphones, in more than 100 languages. Since the original investment Titan has participated in three subsequent funding rounds, the most recent being in 2015, and TouchType has grown to approximately 140 employees. The acquisition of TouchType by Microsoft demonstrates the important role that VCTs play in developing the next generation of disruptive technologies and UK business, while providing investors with the opportunity to share in the growth potential of these companies and access the attractive tax benefits associated with VCTs.

The sale of TouchType will generate a significant capital gain on Titan's investment of £6.6 million. The proceeds will be used to make further investments in established portfolio companies, as well as funding new early stage companies. Additionally, the Titan Board has declared a special dividend of 5p per share which will be paid on 29 April 2016 to shareholders on the register on 15 April 2016. Payment of the special dividend is conditional on the completion of the acquisition prior to the ex-dividend date, 14 April 2016.

 For further information please contact:

Alex Macpherson
Octopus Investments Limited
0800 316 2295

Jo Oliver
Octopus Investments Limited
0800 316 2295

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Octopus Titan VCT plc via Globenewswire

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