Investee Update

NewMedia SPARK PLC
07 July 2006



For Immediate release                                                7 July 2006



                            NewMedia SPARK ('SPARK')


  INVESTEE UPDATE: IMImobile raises $10m to drive expansion in fastest growing
                                wireless markets


London, UK - July 7, 2006 - SPARK, the Venture Capital investor in early stage
digital media and technology companies, is pleased to announce that an investee
company, IMImobile, has raised US$10m from Pequot Ventures, a leading US
investor in high growth businesses. The funding round will increase SPARK's book
value for the investment from £3.7m to £12.3m. Further details will be included
in the Preliminary Results Announcement for the year ended 31 March 2006 to be
released pending the resolution of a strategic review by an investee company,
mergermarket.

IMImobile ('the Company') is an India-based developer of wireless value added
services ('VAS') technology platforms and content aggregation services for
mobile operators. The funds raised will be used to further enhance its leading
position in India as well as fund additional support and expansion for its
global customer base. Amish Jani, Senior Vice President of Pequot Ventures, has
joined the IMImobile Board of Directors.

The mobile VAS market involves a sophisticated chain connecting thousands of
content partners to hundreds of millions of mobile subscribers across disparate
networks and hundreds of device types. This requires the deployment of a carrier
grade platform that can ingest and deliver content efficiently, provide robust
network connectivity and billing capabilities, and scale with high subscriber
usage. With the Indian market alone expecting to grow from 95 million
subscribers to over 375 million by 2010, according to Gartner Dataquest (May
2006), operators are interested in providers who can uniquely package technology
capabilities with content skillsets and offer them on a turnkey basis. IMImobile
has spent the last five years building a world class content management and
delivery platform that has been fire-tested in live deployments globally. The
Company has secured over 40 customers worldwide, including India's leading
operators such as Airtel, Reliance, BSNL, Aircel, Hutch and Idea, as well as
media players such as Yahoo and StarTV. In addition, the company has deployed
its platforms in operator networks across Latin America, Africa, Middle East and
Asia.

Jay Patel, Executive Director of SPARK and Director of IMImobile, said:

'As an early investor in IMImobile, we are very pleased that our initial faith
has been satisfied with the tremendous growth and success the Company has
achieved. The new funds will help develop a world class business serving
operators and media companies globally from a highly talented team in India.
Pequot Ventures brings great expertise in helping high growth companies succeed,
and we look forward to working with them.

Vishwanath Reddy, CEO of founder of IMImobile, said:

'Pequot Ventures' investment in IMImobile is a significant milestone in our
passionate pursuit of developing a true technology company from India. The
mobile data space is moving quickly and growing rapidly. The new funds will
provide additional support to our domestic and international expansion plans and
help take the Company to the next level. Pequot Ventures' strong wireless
background and relationships in India and globally will help us achieve our
ambitious growth plans.'

Amish Jani, Senior Vice President of Pequot Ventures, said:

'With voice tariffs declining globally, wireless value added services are
increasingly being relied upon to maintain and increase average revenue per user
(ARPU). The wireless market in India is the fastest growing in the world, and
has hit an inflection point in terms of subscriber growth. IMImobile's position
as the leading end to end provider of technology platforms and content delivery
services within India and to operators globally make it a very attractive
investment opportunity. IMImobile has a unique value proposition as a mobile
value added services operator offering technology and aggregated content on a
managed service basis to its customers. We see this model as a preferred option
for operators in rapidly growing emerging markets. Also India's state of the art
wireless networks offer a prime backdrop for developing world class technology
platforms and IMImobile will be able to leverage the large domestic VAS markets
to become a significant international player in the mobile data space.'


Mape Advisory Group served as the exclusive advisor to IMImobile for the
transaction.


For further information please contact:


NewMedia Spark plc
Jay Patel                                         [phone]

Buchanan Communications
Tim Anderson/Isabel Podda                         [phone]

IMImobile
Vishwanath Reddy                                  [phone]

Pequot Ventures
Amish Jani                                        [phone]


Notes to Editors

About NewMedia SPARK plc

NewMedia SPARK is a quoted venture capital organisation based in central London
focused on early stage investments in the technology, media and telecoms
sectors. SPARK's portfolio has a particular emphasis on digital media, software
applications, technology and communications. As an investor, SPARK expects to
add significant value to its investments through active support and strategic
direction. SPARK is listed on London's Alternative Investment Market.

For further information, see www.newmediaspark.com.

About Pequot Ventures

Pequot Ventures is the direct venture investment arm of Pequot Capital
Management, Inc. focused on today's most dynamic startup and growth stage
companies in the technology, telecommunications, defence and healthcare sectors.
Pequot Ventures creates value by bringing energy and substantial sector
expertise to its portfolio companies through the collective intellectual
capital, deep operating experience, and extensive network of its investment
team. The firm leverages its unique multi-billion dollar presence across both
public and private equity markets to help build competitive, sustainable
businesses in fast changing environments throughout their lifecycle. Pequot
Ventures accomplishes this goal in close partnership with the founders and
management team of its portfolio companies.

For further information, see www.pequotventures.com.

About IMImobile

IMImobile is a next-generation end-to-end enabler of mobile value added services
for mobile operators, media companies and enterprises. The Company has developed
core VAS platforms and content management systems that include carrier grade
messaging platforms and gateways, content management and service delivery
platforms, and voice driven platforms such as interactive voice recognition and
ring back tone systems. IMImobile couples its robust technology capabilities
with a wide variety of content aggregated from an array of international content
providers to offer a turnkey wireless data solution. The Company delivers these
mobile applications and services from its domestic and international data centre
locations. IMImobile is based in Hyderabad, India, and has a global presence
across India, Europe, Latin America, Middle East and Africa.

For further information, see www.imimobile.com.




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