£1.4m Investment in Purple Technologies
NewMedia SPARK PLC
16 May 2000
NewMedia SPARK plc invests £1.4m in Purple Technologies,
Leading Software Developer of Wireless Applications
Purple Technologies to lead UK/Europe wireless games
development with £5.4m venture funding from, NewMedia SPARK,
Quester and Emerging Technologies
NewMedia SPARK plc, the AIM-quoted technology and internet
investment company, today announced that it has invested
£1.4m in Purple Technologies Limited, the software developer
specialising in wireless applications and a leader in the
development of artificial intelligence engines.
The investment forms part of a £5.4 million round of venture
capital funding from NewMedia SPARK, Quester and Emerging
Technologies. Michael Whitaker, CEO of NewMedia SPARK, is
also investing.
The new funding coincides with Purple Technologies'
acquisition of Oxford Softworks, widely recognized as one of
the world's leading developers of strategy games software.
These significant steps will allow Purple Technologies to
accelerate its growth and secure its position as one of the
leading independent software designers for the wireless
device industry. Gartner Group research indicates that in
2005, mobile telephones will be the most common client
device used to access the Internet worldwide.
Commenting on the investment, Andrew Carruthers COO of
NewMedia SPARK plc, said:
'We are very pleased to be investing in a company which is
clearly at the cutting edge of wireless applications
development, particularly in the games arena. It is apparent
that there is huge market potential for gaming on mobile
devices and we hope to work with Purple Technologies - and
our other portfolio companies in the wireless field - to
realize this.'
Julian Swallow, Purple Technologies' Chief Executive, said:
'Purple Technologies has secured funding from Quester,
Purple's existing venture capital investor, New Media Spark,
the technology investment specialist, and Emerging
Technologies, a leading investor in mobile internet
businesses.
'With the acquisition of Oxford Softworks and the expansion
of our investor base, Purple Technologies is now well
positioned to capitalise on the growth in the mobile
internet and wireless industries,' added Julian Swallow.
'We will now be developing the group rapidly with a view to
an IPO during the course of 2001'.
Simon Acland, who heads Quester's investment team for
Information and Communication Technologies and an existing
Purple Technologies board member observed, 'This deal is a
major milestone for Purple. We are delighted to be joined
as shareholders by New Media Spark and Emerging Technologies
and I am pleased that these specialist investors have
recognised the same potential that we saw in the company.'
__________________________________
For further information, please contact:
Andrew Carruthers, COO, NewMedia SPARK
Tel 0207 851 7777
Andrew@newmediainvest.com
Tim Anderson, Director, Buchanan Communications
Tel: 0207 466 5000
tima@buchanan.uk.com
Gunnar Larsen
Purple Techologies
Gunnar.Larsen@purplesoft.com
Voice: +44 (0)20 7255 9202
Notes for Editors
About Purple Technologies
Purple Technologies is one of Europe's leading independent
software designers for the emergent wireless device
industry. Focusing predominantly on the market for leisure
and lifestyle applications, the Group develops and
distributes client / server software solutions for handheld
computers, smart phones and communicators. The Group also
specifies, designs and develops wireless software
technologies for leading wireless partners and blue-chip
corporate customers.
In addition, the Group designed and operates Go32.com, the
leading web portal for wireless information devices powered
by the EPOC operating system. Go32.com is sponsored by
Symbian Limited, the developers of EPOC.
Quester www.quester.co.uk
New Media Spark www.newmediaspark.com