Datamonitor PLC

Offer for Ovum PLC

Datamonitor PLC
20 October 2006


This announcement is not for release, publication or distribution, in whole or
in part, in or into the United States, Canada or Japan, or any other
jurisdiction if to do so would constitute a violation of the relevant laws of
such other jurisdiction.

20 October 2006

                                      RECOMMENDED CASH OFFER



                                               FOR



                                        OVUM PLC ("Ovum")



                                          BY ROTHSCHILD



                                           ON BEHALF OF



                                         DATAMONITOR PLC

                                         ("Datamonitor")






Summary



• The boards of Datamonitor and Ovum are pleased to announce that they
  have agreed the terms of a recommended cash offer to be made by Rothschild on
  behalf of Datamonitor for the whole of the issued and to be issued ordinary
  share capital of Ovum.

• Under the terms of the Offer, Ovum Shareholders will be entitled to
  receive 300 pence in cash for each Ovum Share, representing:

  -  a premium of approximately 49.6 per cent. to the Closing Price of 200.5
     pence per Ovum Share on 19 October 2006, being the last business day prior 
     to this announcement

  The Offer values the current issued and to be issued share capital of Ovum at
  approximately £41.8 million.

• Datamonitor is a premium business information company specialising in
  research and analysis services for six key industry sectors: healthcare,
  technology, financial services, consumer markets (including retail), energy 
  and automotive.  Datamonitor operates a global business with offices in the 
  UK, Europe, North America, Australia, India and Japan.

•  Ovum is one of Europe's leading providers of research, market analysis
   and advisory services in the global ICT sector. Ovum has offices in the UK,
   Europe, the Far East, North America and Australia and competes against
   Datamonitor in respect of certain of its services and products in the 
   technology sector.

•  Ovum's global brand is highly regarded by its blue chip international
   client base, which includes companies such as Alcatel, AT&T, BT, Cable &
   Wireless, Cisco Systems, Deutsche Telecom, Fujitsu, HP, IBM, Microsoft, 
   Telstra and Vodafone.

•  The Acquisition broadens Datamonitor's vertical market coverage in the
   technology sector with the addition of the global ICT sector, increasing the
   scale of Datamonitor's business.

•  It also provides Datamonitor with access to new customers and
   geographies, creating a leading global service provider in the ICT sector, 
   and the significant potential to cross-sell other products and services of 
   the Datamonitor Group to these customers.

•  The Datamonitor Board anticipates that the Enlarged Group will benefit
   from cost savings of at least £1.5 million in the near term due to the 
   removal of certain back-office overheads and the ongoing costs associated 
   with Ovum being an independent AIM-listed company.

•  The Datamonitor Board expects the Acquisition to be earnings enhancing
   in the first full year of ownership, before taking into account the 
   amortisation of identified acquired intangibles and after taking account 
   of the cost savings mentioned above. The foregoing statement should not be 
   interpreted as a profit forecast nor to mean that Datamonitor's future 
   earnings per share will necessarily be greater than or equal to its 
   historical earnings per share.

•  The Ovum Board, which has been so advised by Bridgewell, unanimously
   considers the terms of the Offer to be fair and reasonable to Ovum 
   Shareholders as a whole.  In giving advice to the Ovum Board, Bridgewell 
   has taken into account the commercial assessments of the Ovum Board. The 
   Ovum Board intends to unanimously recommend that Ovum Shareholders accept 
   the Offer.

•  Datamonitor has received from the Ovum Board and certain institutional
   investors irrevocable undertakings to accept, or procure acceptance of, the
   Offer in respect of 4,810,826 Ovum Shares in aggregate, representing
   approximately 39.1 per cent. of the existing issued ordinary share capital of
   Ovum.

•  The Acquisition is a Class 1 transaction for Datamonitor under the
   Listing Rules and is therefore conditional, inter alia, on the approval of 
   the Acquisition by Datamonitor Shareholders at an extraordinary general 
   meeting of Datamonitor.  The Datamonitor Board unanimously intends to 
   recommend Datamonitor Shareholders to vote in favour of the Approval 
   Resolution.  Datamonitor has received irrevocable commitments to vote in 
   favour of the Approval Resolution from Datamonitor Directors who hold in 
   total 21,337,994 Datamonitor Shares, representing approximately 29.6 per 
   cent. of the existing issued ordinary share capital of Datamonitor. An 
   extraordinary general meeting of Datamonitor Shareholders will be convened in 
   due course, details of which will be included in a circular which will be 
   sent to Datamonitor Shareholders in due course.

•  Full acceptance of the Offer will result in a maximum cash
   consideration of approximately £41.8 million.  This is to be satisfied by a
   combination of Datamonitor's existing cash reserves and new debt facilities
   which are to be provided by Barclays Bank plc.



Commenting on today's announcement, Bernard Cragg, Chairman of Datamonitor,
said:



"The acquisition of Ovum by Datamonitor brings together two of the leading
European business information providers operating in the technology and
information, communication and telecoms sectors. Ovum complements our business
with its valuable premium content, market leading position and strong levels of
service contract revenue backed by high levels of renewal. In linking
Datamonitor's strength in the technology space with the market leading position
of Ovum in the information, communication and telecoms sector, we will provide
an enhanced offering for each of the major buying constituencies, be they
telecom vendors, service providers or corporate end-users.



We have had a great deal of success in acquiring and integrating businesses,
completing five since flotation, and, with this acquisition, I look forward to
further improving our service to existing customers and welcoming new customers
with the expanded range of services we will have on offer."



Commenting on today's announcement, Stephen Dawson, Non-executive Chairman of
Ovum, said:



"I am pleased to announce this offer this morning.   The Offer value of 300
pence per share represents an attractive premium to the current Ovum share
price. The Ovum Directors consider that the Offer values Ovum at a price per
share commensurate with their assessment of the value of the business and
provides a significant return to both our new investors at our March IPO and our
long standing investors, many of whom have been loyal shareholders for over 20
years.  The Ovum Directors continue to believe that Ovum is a high quality
business with a very strong brand. However, our market, just like the ICT market
in general, is consolidating and there are considerable benefits to Ovum in
becoming part of a larger group like Datamonitor.   The management of
Datamonitor have made a commitment to growing the Ovum business within its group
with the active involvement of our management and staff.  I believe this will
give rise to exciting opportunities for Ovum."



This summary should be read in conjunction with, and is subject to, the full
text of the following announcement. In particular, the Acquisition is subject to
the conditions and further terms set out in Appendix I of this announcement and
to the full conditions and further terms which will be set out in the Offer
Document and the Form of Acceptance which will be posted to Ovum Shareholders as
soon as practicable.  Appendix II contains definitions of certain terms used in
this summary and in the following announcement.





Enquiries:



An analysts briefing will be held via conference call on Friday 20 October at
9.30 am.  For further details, please contact Nick Lyon at Hudson Sandler on 020
7796 4133.


Datamonitor plc                                                    020 7675 7000
Mike Danson

Rothschild (Financial adviser to Datamonitor)                      0161 827 3800
Andrew Thomas

Investec (Broker to Datamonitor)                                   020 7597 5970
Keith Anderson

Hudson Sandler (Public relations adviser to                        020 7796 4133
Datamonitor)
Nick Lyon

Ovum plc                                                           020 7551 9000
Chris Dines

Bridgewell (Financial adviser and broker to Ovum)                  020 7003 3000
Shaun Dobson
Nick Lovering

Hogarth Partnership (Public relations adviser to Ovum)             020 7357 9477
James Longfield
Barnaby Fry



The contents of this announcement, which have been prepared by and are the sole
responsibility of the Datamonitor Directors and the Ovum Directors in accordance
with the third and fourth paragraphs of paragraph 16 of this announcement, have
been approved by Rothschild solely for the purposes of section 21(2)(b) of the
Financial Services and Markets Act 2000.



Rothschild, which is authorised and regulated by the Financial Services
Authority, is acting exclusively as sole financial adviser to Datamonitor and
for no-one else in connection with the Acquisition and will not be responsible
to anyone other than Datamonitor for providing the protections afforded to
customers of Rothschild or for providing advice in relation to the Acquisition
or any matters referred to herein.



Investec, which is authorised and regulated by the Financial Services Authority,
is acting exclusively as broker to Datamonitor and for no-one else in connection
with the Acquisition and will not be responsible to anyone other than
Datamonitor for providing the protections afforded to customers of Investec or
for providing advice in relation to the Acquisition or any matters referred to
herein.



Bridgewell, which is authorised and regulated by the Financial Services
Authority, is acting for Ovum and for no-one else in connection with the
Acquisition and will not be responsible to anyone other than Ovum for providing
the protections afforded to customers of Bridgewell or for affording advice in
relation to the Acquisition or any matters referred to herein.



Unless otherwise determined by Datamonitor, the Offer will not be made, directly
or indirectly, in, into or from, or by use of the mails of, or by any means or
instrumentality (including, without limitation, telephonically or
electronically) of interstate or foreign commerce of, or any facility of a
national securities exchange of, the United States, Canada, Japan or any
Prohibited Jurisdiction and, subject to certain exceptions, the Offer will not
be capable of acceptance by any such use, means, instrumentality or facilities
or from or within the United States, Canada, Japan or any Prohibited
Jurisdiction.  Accordingly, copies of this announcement are not being, and must
not be, directly or indirectly, mailed or otherwise forwarded, transmitted,
distributed or sent in, into or from the United States, Canada, Japan or any
Prohibited Jurisdiction.  Doing so may render invalid any purported acceptance
of the Offer.  Any persons (including custodians, nominees and trustees) who are
overseas persons or who would, or otherwise intend to, mail or otherwise
forward, transmit, distribute or send this announcement, the Offer Document, the
Form of Acceptance or any related document outside the United Kingdom or to any
overseas person should seek appropriate advice before doing so.



Any persons who are subject to the laws of any jurisdiction other than the
United Kingdom should inform themselves about and observe any applicable legal
or regulatory requirements.  Further details in relation to Overseas Ovum
Shareholders will be contained in the Offer Document.



This announcement does not constitute, or form part of, an offer or an
invitation to purchase or subscribe for any securities. The Offer will be made
solely by the Offer Document and the Form of Acceptance, which will contain the
full terms and conditions of the Offer, including details of how the Offer may
be accepted.



Dealing disclosure requirements



Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, "
interested" (directly or indirectly) in 1% or more of any class of "relevant
securities" of Ovum, all "dealings" in any "relevant securities" of Ovum
(including by means of an option in respect of, or a derivative referenced to,
any such "relevant securities") must be publicly disclosed by no later than 3.30
pm (London time) on the London business day following the date of the relevant
transaction. This requirement will continue until the date on which the Offer
becomes, or is declared, unconditional as to acceptances, lapses or is otherwise
withdrawn or on which the "offer period" otherwise ends. If two or more persons
act together pursuant to an agreement or understanding, whether formal or
informal, to acquire an "interest" in "relevant securities" of Ovum, they will
be deemed to be a single person for the purpose of Rule 8.3 of the Code.



Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of Ovum by Datamonitor or Ovum, or by any of their respective "
associates", must be disclosed by no later than 12.00 noon (London time) on the
London business day following the date of the relevant transaction.



A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue, can be found on the Panel's website at www.thetakeoverpanel.org.uk.



"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.



Terms appearing in the previous four paragraphs in quotation marks are defined
in the Code, which can also be found on the Panel's website. If you are in any
doubt as to whether or not you are required to disclose a "dealing" under Rule 8
of the Code, you should consult the Panel.



This announcement is not for release, publication or distribution, in whole or
in part, in or into the United States, Canada or Japan, or any other
jurisdiction if to do so would constitute a violation of the relevant laws of
such other jurisdiction.

20 October 2006

                                      RECOMMENDED CASH OFFER



                                               FOR



                                        OVUM PLC ("Ovum")



                                          BY ROTHSCHILD



                                           ON BEHALF OF



                                         DATAMONITOR PLC

                                         ("Datamonitor")




Introduction



The boards of Datamonitor and Ovum are pleased to announce that they have agreed
the terms of a recommended offer to be made by Rothschild on behalf of
Datamonitor for the whole of the issued and to be issued ordinary share capital
of Ovum.



The Ovum Board, which has been so advised by Bridgewell, unanimously considers
the terms of the Offer to be fair and reasonable to Ovum Shareholders as a
whole.  In providing advice to the Ovum Board, Bridgewell has taken account of
the Ovum Board's commercial assessments.



Accordingly, the Ovum Board intends unanimously to recommend Ovum Shareholders
to accept the Offer, as they have irrevocably undertaken to do, or procure, in
respect of their own and their spouses' beneficial holdings of Ovum Shares,
which amount, in aggregate, to 1,582,100 Ovum Shares, representing approximately
12.9 per cent. of the existing issued ordinary share capital of Ovum.
Datamonitor has received further irrevocable undertakings to accept the Offer in
respect of 3,228,726 Ovum Shares in aggregate, representing approximately 26.2
per cent. of the existing issued ordinary share capital of Ovum.





1.            The Offer

The Offer, which will be subject to the conditions and further terms set out in
Appendix I, will be made on the following basis:



For each Ovum Share                                          300 pence in cash



The Offer, at 300 pence per Ovum Share, represents:



•  a premium of approximately 49.6 per cent. to the Closing Price of 200.5
   pence per Ovum Share on 19 October 2006, being the last business day prior to
   this announcement



The Offer values the current issued and to be issued share capital of Ovum at
approximately £41.8 million.





2.            Information on the Ovum Group

Ovum is one of Europe's leading providers of research, market analysis and
advisory services in the global ICT sector, with offices in the UK, Europe, the
Far East, North America and Australia. Ovum Shares were admitted to trading on
AIM on 10 March 2006.

Ovum's global brand is highly regarded by its blue chip international client
base, which includes companies such as Alcatel, AT&T, BT, Cable & Wireless,
Cisco Systems, Deutsche Telecom, Fujitsu, HP, IBM, Microsoft, Telstra and
Vodafone.

For the year ended 31 March 2006, Ovum reported consolidated turnover of £18.3
million (2004: £14.7 million) and consolidated profit before tax of £0.4 million
(2005 loss: £0.4 million).  As at 31 March 2006, the gross assets of the Ovum
Group were £13.7 million and the net assets of the Ovum Group were £9.6 million,
of which £5.7 million was net cash.  Since 31 March 2006, Ovum has acquired
Summit Technologies Inc. for consideration of $1.2 million and Orbys Consulting
Limited for consideration of up to £3.6 million.





3.            Information on the Datamonitor Group

The Datamonitor Group is a premium business information group specialising in
research and analysis services for six key industry sectors, including
healthcare, technology, financial services, consumer markets (including retail),
energy and automotive. Datamonitor operates a global business with offices in
the UK, Europe, North America, Australia, India and Japan.



In the year ended 31 December 2005, Datamonitor Group's sales were £55.6 million
(2004: £41.2 million) and normalised profit before taxation, amortisation of
acquired intangible assets and the charge relating to share-based payment
transactions was £10.6 million (2004: £5.7 million).  As at 31 December 2005,
the gross assets of the Datamonitor Group were £58.0 million and the net assets
of the Datamonitor Group were £21.5 million.



In its interim results for the six month period ended 30 June 2006, Datamonitor
reported group sales of £36.0 million (2004: £25.6 million), normalised profit
before taxation, amortisation of acquired intangible assets and the charge
relating to share-based payment transactions of £8.0 million (2005: £5.0
million), profit on ordinary activities before taxation of £6.8 million (2005:
£4.3 million) and normalised basic earnings per share of 8.70 pence (2005: 5.44
pence).  As at 30 June 2006, the gross assets of the Datamonitor Group were
£65.2 million and the net assets of the Datamonitor Group were £25.7 million.



4.            Background to and reasons for the Offer

A key element of Datamonitor's stated strategy is to pursue high quality,
strategic and complementary acquisitions in order to create immediate and
sustainable shareholder value, and, since Datamonitor's flotation in November
2000, Datamonitor has made five such acquisitions.  The acquisition of Ovum is
entirely consistent with this strategy and the Datamonitor Directors believe
that it will bring significant benefit to the Datamonitor Group and further
enhance shareholder value by:



•  increasing the scale and critical mass of Datamonitor's ICT business
   further and consolidating its presence in one of Datamonitor's 6 key industry
   sectors;



•  strengthening further Datamonitor's position as one of the leading
   global providers of research and analysis to vendors and enterprises in the
   technology space, and in particular in IT services;



•  creating an enhanced offering for each of the major buying
   constituencies, be they telecom vendors, service providers or corporate
   end-users;



•  providing up-sell and cross-sell opportunities between Datamonitor
   and Ovum's global customer bases, in particular by making Datamonitor's broad
   sector coverage available to Ovum's retained client base; and



•  providing cost savings to the Enlarged Group of not less than £1.5
   million in the near term due to the removal of certain back-office overheads 
   and the ongoing costs associated with Ovum being an independent AIM-listed 
   company.



Furthermore, Datamonitor has a successful history of acquiring and integrating
businesses, having completed five since its flotation, all of which have been
integrated into the Datamonitor Group and are delivering incremental sales and
profits against their pre-acquisition comparatives.



5.            Current trading and prospects for Ovum

On 20 July 2006, Ovum issued the following announcement:

"Ovum plc has made a strong start to the new financial year, the first since our
IPO in March.

The core of Ovum's business, representing approximately 70% of net revenues,
consists of annually renewable advisory contracts with blue-chip customers. The
ICT market is entering a period of dynamic change, and Ovum's research and
advice is increasingly in demand.



In the first quarter of the new financial year, I am pleased to announce that we
have achieved our highest ever contract renewal rates by value which, due to
client upsell, is in excess of 100%. This performance reflects the quality of
our offering coupled with an increasingly strong sales channel that now operates
in all our key markets. We have expanded our global client base further with
brand new contract sales, including new contracts with Vodafone, Qualcomm and
Tata Consultancy Services.



We are continuing to invest in new product releases, and will announce a series
of new launches in the coming months. In addition, we have seen strong demand
for our consulting services with the average project size also increasing on
past periods. Organic growth therefore remains in line with our expectations.



Our trading performance in the first quarter, and the potential for further
product launches and acquisitions, support us in our belief that we will meet
management expectations for continued growth in revenue in the years to March
2007 and 2008."



Subsequently, on 12 September 2006, Ovum issued the following further statement
on its current trading, as part of the announcement of its acquisition of Orbys
Consulting Limited: "The business has performed strongly this year. Ovum is
experiencing high levels of activity from existing clients and increased inquiry
levels from new customers. This, coupled with the contribution from the
acquisitions of Summit and Orbys, gives us confidence to expect upside to the
business for the current year and significant upside going forward."



6.            Current trading and prospects for Datamonitor

The Datamonitor Group released its interim announcement for the first half of
the year on 31 July 2006 and updated shareholders on current trading.  As part
of the interim announcement, the following statement regarding strategy and
outlook was released:



"Though the economic outlook remains uncertain, demand for our product and
services continue to be robust. There are significant opportunities in the
markets we serve for further growth and we, with our scaleable, on-line, premium
subscription based business model are well positioned to exploit these
opportunities.


The Board remains confident that further progress will be made for the year as a
whole."



Trading in the second half of the year is in line with the Datamonitor Board's
expectations.





7.            Management and employees

Datamonitor attaches great importance to the skills, experience and industry
knowledge of the existing management and employees of Ovum, and Datamonitor
intends that Ovum's management and employees will play an important role in the
further development of the Enlarged Group. Accordingly, Datamonitor's current
plans do not involve any material change to the principal locations of Ovum's
business or its conditions of employment.



Datamonitor also believes that the Ovum employees will benefit from a broader
range of opportunities for personal and professional development as part of a
larger group.



Datamonitor has given assurances to Ovum that, following the Offer becoming
unconditional in all respects, the existing contractual employment rights of all
employees and management of the Ovum Group will be fully safeguarded.



The non-executive Ovum Directors intend to resign from the Ovum Board upon the
Offer becoming or being declared unconditional in all respects.  Richard Holway
is in discussions with Datamonitor with regard to him continuing to provide
consultancy services to Ovum.



8.            Irrevocable undertakings

Datamonitor has received irrevocable undertakings to accept, or procure the
acceptance of, the Offer in respect of, in aggregate, 4,810,826 Ovum Shares,
representing approximately 39.1 per cent. of the existing issued share capital
of Ovum.  This total is made up as follows:



•      the Ovum Directors have given irrevocable undertakings to accept, or
procure the acceptance of, the Offer in respect of an aggregate of 1,582,100
Ovum Shares in which they or their immediate families or related trusts are
interested, representing approximately 12.9 per cent. of the existing issued
share capital of Ovum.  Those irrevocable undertakings will remain binding in
the event of a competing offer for Ovum.  The number of Ovum Shares to which
each undertaking relates is stated below, together with the proportion of the
existing issued share capital of Ovum which those Ovum Shares represent:



Name                        Number of Ovum Shares           % of Ovum's existing
                                                            issued share capital



Tom Edward Carless                    9,000                          0.1
and spouse



Farshid Darabi                      131,285                          1.1
and spouse



Stephen John Rodgers                626,367                          5.1
Dawson and spouse
and family trust



Christopher John Dines              261,000                          2.1



Fiona Margaret Glennon                6,915                          0.1



Richard William Holway              515,500                          4.2
and spouse



Frank Stevenson Jones                32,033                          0.3



•  certain other Ovum Shareholders have given irrevocable undertakings to
   accept the Offer in respect of an aggregate of 3,228,726 Ovum Shares,
   representing approximately 26.2 per cent. of the existing issued share 
   capital of Ovum.  The terms of those undertakings permit those Ovum 
   Shareholders to accept a competing offer for the entire issued and to be 
   issued share capital of Ovum if that competing offer values each Ovum Share 
   at 330p or more.  The number of Ovum Shares to which each undertaking 
   relates is stated below, together with the proportion of the existing issued 
   share capital of Ovum which those Ovum Shares represent:



Name                        Number of Ovum Shares         % of Ovum's existing
                                                          issued share capital



Funds managed                       356,028                       2.9
by Henderson
Global Investors
Limited

Funds managed                     1,712,427                      13.9
by Unicorn Asset
Management
Limited

Funds managed                       765,535                       6.2
by Morley Fund
Management
Limited

Funds managed                       394,736                       3.2
by Octopus
Investments
Limited







9.            Inducement fee

On 5 October 2006, Ovum entered into an agreement with Datamonitor (with the
consent of the Panel) pursuant to which Ovum agreed, inter alia, to pay to
Datamonitor a fee equal to 1% of the value of the Offer (inclusive of
non-recoverable value added tax) if, following the announcement of Datamonitor's
firm intention to make the Offer in terms recommended by all or a majority of
the Ovum Directors:



(a)       (i)        any director of Ovum:



(A)             withdraws or qualifies that recommendation; or



(B)              modifies it in a manner which is adverse to Datamonitor or
which reduces the likelihood of the Offer becoming wholly unconditional; and



(ii)               subsequently the Offer lapses or is withdrawn without
becoming wholly unconditional; or



(b)        during the period before the Offer becomes or is declared wholly
unconditional or lapses or is withdrawn, either:



(i)         a public announcement is made in respect of an actual or
contemplated Competing Offer and the Offer subsequently lapses or is withdrawn
without becoming wholly unconditional; or



(ii)        any other Substantial Transaction is publicly announced and the
Offer subsequently lapses or is withdrawn without becoming wholly unconditional.



10.         Ovum Employee Share Schemes

The Offer will extend to any Ovum Shares issued or unconditionally allotted or
issued whilst the Offer remains open for acceptance (or by such earlier date as
Datamonitor, subject to the Code, may decide), including any Ovum Shares
unconditionally allotted or issued upon exercise of options under the Ovum
Employee Share Schemes. To the extent that such options are not so exercised,
and if the Offer becomes or is declared unconditional in all respects,
Datamonitor will make appropriate proposals to option holders in due course.





11.         Financing of the Offer

Full acceptance of the Offer will result in a maximum cash consideration of
approximately £41.8 million.  This is to be satisfied by a combination of
Datamonitor's existing cash reserves and new debt facilities which are to be
provided by Barclays Bank plc.



Rothschild is satisfied that sufficient cash resources are available to
Datamonitor to satisfy the consideration payable as a result of full acceptance
of the Offer.



Further information in relation to the financing of the Offer will be set out in
the Offer Document.





12.         Overseas Ovum Shareholders

Unless otherwise determined by Datamonitor, the Offer will not be made, directly
or indirectly, in, into or from, or by use of the mails of, or by any means or
instrumentality (including, without limitation, telephonically or
electronically) of interstate or foreign commerce of, or any facility of a
national securities exchange of, the United States, Canada, Japan or any
Prohibited Jurisdiction and, subject to certain exceptions, the Offer will not
be capable of acceptance by any such use, means, instrumentality or facilities
or from or within the United States, Canada, Japan or any Prohibited
Jurisdiction.  Accordingly, copies of this announcement are not being, and must
not be, directly or indirectly, mailed or otherwise forwarded, transmitted,
distributed or sent in, into or from the United States, Canada, Japan or any
Prohibited Jurisdiction.  Doing so may render invalid any purported acceptance
of the Offer.  Any persons (including custodians, nominees and trustees) who are
overseas persons or who would, or otherwise intend to, mail or otherwise
forward, transmit, distribute or send this announcement, the Offer Document, the
Form of Acceptance or any related document outside the United Kingdom or to any
overseas person should seek appropriate advice before doing so.



Any persons who are subject to the laws of any jurisdiction other than the
United Kingdom should inform themselves about and observe any applicable legal
or regulatory requirements.  Further details in relation to Overseas Ovum
Shareholders will be contained in the Offer Document.





13.         Compulsory acquisition, de-listing and cancellation of trading

Assuming that Datamonitor receives acceptances under the Offer in respect of and
/or otherwise acquires 75 per cent. or more of the Ovum Shares and the Offer
becomes or is declared unconditional in all respects, Datamonitor intends to
procure the making of an application by Ovum to the London Stock Exchange for
the cancellation of the admission to trading of Ovum Shares on AIM and also
intends that Ovum will be re-registered as a private company.  It is anticipated
that such cancellation of admission to trading will take effect no earlier than
twenty business days after the date on which the Offer becomes or is declared
unconditional in all respects.  The cancellation of the admission of Ovum Shares
to trading on AIM will significantly reduce the liquidity and marketability of
any Ovum Shares not assented to the Offer and their value may be affected in
consequence.



Datamonitor also intends, assuming that it receives sufficient acceptances under
the Offer to entitle it to do so, to use the procedures set out in sections 428
to 430F (inclusive) of the Companies Act to acquire compulsorily, on the same
terms as the Offer, any outstanding Ovum Shares in respect of which  the Offer
has not been accepted.





14.         Recommendation

The Ovum Board, which has been so advised by Bridgewell, unanimously considers
the terms of the Offer to be fair and reasonable to Ovum Shareholders as a
whole.  In providing financial advice to the Ovum Board, Bridgewell has taken
into account the commercial assessments of the Ovum Board.



Accordingly, the Ovum Board intends unanimously to recommend that Ovum
Shareholders accept the Offer, as all of the Ovum Directors have irrevocably
undertaken to do, or procure, in respect of their own and their spouses'
beneficial holdings of Ovum Shares, totalling 1,582,100 Ovum Shares
(representing approximately 12.9 per cent. of the existing issued ordinary share
capital of Ovum).





15.         Ovum's issued share capital

In accordance with Rule 2.10 of the Code, Ovum confirms that it has 12,299,547
Ovum Shares in issue. The International Securities Identification Number for
Ovum Shares is GB00B104T120.



16.         General

The formal Offer Document setting out details of the Offer and Form of
Acceptance will be despatched to Ovum Shareholders in due course, other than to
Ovum Shareholders in the United States, Canada, Japan or a Prohibited
Jurisdiction.



The Offer is conditional, inter alia, upon the passing by Datamonitor
Shareholders of the Approval Resolution to be proposed at an extraordinary
general meeting at Datamonitor to be convened as soon as is practicable.
Datamonitor Shareholders will be asked to approve the Acquisition and to grant
any requisite authorities to the Datamonitor Directors to implement the
Acquisition.



The Datamonitor Directors accept responsibility for the information contained in
this announcement other than information relating to Ovum, the Ovum Group, the
Ovum Directors and members of their immediate families, related trusts and
persons connected with them (within the meaning of section 346 of the Companies
Act) and other than the opinion of Bridgewell contained in paragraph 14 of this
announcement.  To the best of the knowledge and belief of the Datamonitor
Directors (each of whom has taken all reasonable steps to ensure that such is
the case), the information contained in this announcement for which they are
responsible is in accordance with the facts and does not omit anything likely to
affect the import of such information.



The Ovum Directors accept responsibility for the information contained in this
announcement relating to Ovum, the Ovum Group and the Ovum Directors and members
of their immediate families, related trusts and persons connected with them
(within the meaning of section 346 of the Companies Act), other than the opinion
of Bridgewell contained in paragraph 14 of this announcement.  To the best of
the knowledge and belief of the Ovum Directors (each of whom has taken all
reasonable steps to ensure that such is the case), the information contained in
this announcement for which they are responsible is in accordance with the facts
and does not omit anything likely to affect the import of such information.



Rothschild is acting as financial adviser to Datamonitor and Investec is acting
as broker to Datamonitor for the purposes of the Offer.



Enquiries:



An analysts briefing will be held via conference call on Friday 20 October at
9.30 am.  For further details, please contact Nick Lyon at Hudson Sandler on 020
7796 4133.


Datamonitor plc                                                    020 7675 7000
Mike Danson

Rothschild (Financial adviser to Datamonitor)                      0161 827 3800
Andrew Thomas

Investec (Broker to Datamonitor)                                   020 7597 5970
Keith Anderson

Hudson Sandler (Public Relations adviser to                        020 7796 4133
Datamonitor)
Nick Lyon

Ovum                                                               020 7551 9000
Chris Dines

Bridgewell (Financial adviser and broker to Ovum)                  020 7003 3000
Shaun Dobson
Nick Lovering

Hogarth Partnership (Public relations adviser to Ovum)             020 7357 9477
James Longfield
Barnaby Fry



The contents of this announcement, which have been prepared by and are the sole
responsibility of the Datamonitor Directors and the Ovum Directors in accordance
with the third and fourth paragraphs of paragraph 16 of this announcement, have
been approved by Rothschild solely for the purposes of section 21(2)(b) of the
Financial Services and Markets Act 2000.



Rothschild, which is authorised and regulated by the Financial Services
Authority, is acting exclusively as sole financial adviser to Datamonitor and
for no-one else in connection with the Acquisition and will not be responsible
to anyone other than Datamonitor for providing the protections afforded to
customers of Rothschild or for providing advice in relation to the Acquisition
or any matters referred to herein.



Investec, which is authorised and regulated by the Financial Services Authority,
is acting exclusively as broker to Datamonitor and for no-one else in connection
with the Acquisition and will not be responsible to anyone other than
Datamonitor for providing the protections afforded to customers of Investec or
for providing advice in relation to the Acquisition or any matters referred to
herein.



Bridgewell, which is authorised and regulated by the Financial Services
Authority, is acting for Ovum and for no-one else in connection with the
Acquisition and will not be responsible to anyone other than Ovum for providing
the protections afforded to customers of Bridgewell or for affording advice in
relation to the Acquisition or any matters referred to herein.



Dealing disclosure requirements



Under the provisions of Rule 8.3 of the Code, if any person is, or becomes, "
interested" (directly or indirectly) in 1% or more of any class of "relevant
securities" of Ovum, all "dealings" in any "relevant securities" of Ovum
(including by means of an option in respect of, or a derivative referenced to,
any such "relevant securities") must be publicly disclosed by no later than 3.30
pm (London time) on the London business day following the date of the relevant
transaction. This requirement will continue until the date on which the Offer
becomes, or is declared, unconditional as to acceptances, lapses or is otherwise
withdrawn or on which the "offer period" otherwise ends. If two or more persons
act together pursuant to an agreement or understanding, whether formal or
informal, to acquire an "interest" in "relevant securities" of Ovum, they will
be deemed to be a single person for the purpose of Rule 8.3 of the Code.



Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant
securities" of Ovum by Datamonitor or Ovum, or by any of their respective "
associates", must be disclosed by no later than 12.00 noon (London time) on the
London business day following the date of the relevant transaction.



A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue, can be found on the Panel's website at www.thetakeoverpanel.org.uk.



"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.



Terms appearing in the previous four paragraphs in quotation marks are defined
in the Code, which can also be found on the Panel's website. If you are in any
doubt as to whether or not you are required to disclose a "dealing" under Rule 8
of the Code, you should consult the Panel.


                                   APPENDIX I



               CONDITIONS OF THE OFFER AND CERTAIN FURTHER TERMS



                                     Part A



                                   Conditions



 The Offer is subject to the following conditions:

(a)               valid acceptances being received (and not, where permitted,
withdrawn) by 3.00 p.m. on the first closing date of the Offer (or such later
time(s) and/or date(s) as Datamonitor may, with the consent of the Panel or in
accordance with the rules of the Code, decide) in respect of not less than 90
per cent. (or such lesser percentage as Datamonitor may decide) of the Ovum
Shares to which the Offer relates, provided that this condition will not be
satisfied unless Datamonitor and/or any of its wholly-owned subsidiaries shall
have acquired or agreed to acquire, whether pursuant to the Offer or otherwise,
Ovum Shares carrying, in aggregate, more than 50 per cent. of the voting rights
then exercisable at general meetings of Ovum, including for this purpose (to the
extent, if any, required by the Panel) any voting rights attaching to any Ovum
Shares which are unconditionally allotted or issued before the Offer becomes or
is declared unconditional as to acceptances, whether pursuant to the exercise of
conversion or subscription rights or otherwise; and for this purpose:

(i)                the expression "Ovum Shares to which the Offer relates" shall
be construed in accordance with sections 428 to 430F (inclusive) of the
Companies Act; and

(ii)               Ovum Shares which have been unconditionally allotted but not
issued shall be deemed to carry the voting rights which they will carry upon
issue;

(b)              the passing at an extraordinary general meeting of Datamonitor
(or any adjournment thereof) of such resolutions as may be required or
incidental to approve, implement or effect the Offer, including, without
limitation, a resolution to approve the proposed acquisition of Ovum as a class
1 transaction under the Listing Rules;

(c)               Datamonitor not having discovered or otherwise having become
aware that the Office of Fair Trading in the United Kingdom has referred or
intends to refer the Acquisition, or any matter arising there from or in
connection therewith, to the Competition Commission in the UK;

(d)              no Relevant Authority having decided to take, institute,
implement or threaten any action, suit, proceeding, investigation, enquiry or
reference, or made, proposed or enacted any statute, regulation, decision or
order or required any action to be taken or information to be provided or
otherwise having taken or refrained from having taken any other action, and
there continuing not to be in force any statute, regulation, rule, order or
decision that, in any such case, will or could reasonably be expected to:

(i)                make the Offer or its implementation or the acquisition or
proposed acquisition by Datamonitor (or any other member of the Wider
Datamonitor Group) of any Ovum Shares or control or management of Ovum or any
member of the Wider Ovum Group void, voidable, unenforceable or illegal under
the laws of any relevant jurisdiction, or otherwise directly or indirectly
restrain, restrict, prohibit or materially delay, or impose material additional
or amended conditions or obligations with respect to, or otherwise materially
challenge or interfere with, any of the foregoing; or

(ii)               require or prevent, or materially delay, restrict or alter
the proposed terms for, the divestiture by any member of the Wider Datamonitor
Group or any member of the Wider Ovum Group of all or any material part of their
respective businesses, assets or properties or impose any material limitation on
the ability of any of them to conduct or to own, use or operate all or any part
of the respective businesses, assets or properties owned by, or the use or
operation of which is enjoyed by, any of them, or result in any of them ceasing
to be able to carry on business, or being restricted in its carrying on of
business, under any name under which it currently does so to an extent which is
material in the context of the Offer or of the Wider Datamonitor Group or the
Wider Ovum Group, in each case taken as a whole; or

(iii)             impose any material limitation on the ability of any member of
the Wider Datamonitor Group or any member of the Wider Ovum Group, directly or
indirectly, to acquire or to hold or to exercise effectively any rights of
ownership of shares or other securities (or the equivalent) in any member of the
Wider Ovum Group or any member of the Wider Datamonitor Group, or to exercise
management or voting control over any member of the Wider Ovum Group or any
member of the Wider Datamonitor Group; or

(iv)             require any member of the Wider Datamonitor Group or the Wider
Ovum Group to acquire, or to offer to acquire, any shares or other securities or
indebtedness (or the equivalent) owned by any third party in or of any member of
the Wider Datamonitor Group or the Wider Ovum Group or any other asset owned by
any other person, or to dispose of or repay, or to offer to dispose of or repay,
any shares or other securities or indebtedness (or the equivalent) in or of, or
any asset owned by, any member of the Wider Datamonitor Group or the Wider Ovum
Group; or

(v)              impose any material limitation on the ability of any member of
the Wider Datamonitor Group or the Wider Ovum Group to integrate its business,
or any part of it, with any business of any other member of the Wider
Datamonitor Group or the Wider Ovum Group to an extent which is material in the
context of the Offer or of the Wider Datamonitor Group or the Wider Ovum Group,
in each case taken as a whole; or

(vi)             otherwise adversely affect the business, assets, financial or
trading position or profits, prospects or value of any member of the Wider Ovum
Group or any member of the Wider Datamonitor Group, in each case, to an extent
which is material in the context of the Offer or either such group taken as a
whole,

and all applicable waiting and other time periods during which any Relevant
Authority could decide to take, institute, implement or threaten any such
action, suit, proceeding, investigation, enquiry or reference under the laws or
regulations of any relevant jurisdiction having expired, lapsed or been
terminated;

(e)               all necessary filings having been made and all statutory or
regulatory obligations in any jurisdiction having been complied with in all
material respects, and all appropriate waiting or other time periods under any
applicable legislation or regulations of any jurisdiction having expired, lapsed
or been terminated, in each case in connection with the Offer or the acquisition
or proposed acquisition of any Ovum Shares, or of control or management of Ovum
(or any other member of the Wider Ovum Group) by Datamonitor (or any other
member of the Wider Datamonitor Group), and all Relevant Authorisations
necessary for, or in respect of, the Offer or any acquisition or proposed
acquisition of any Ovum Shares, or of control or management of Ovum (or any
other member of the Wider Ovum Group), by Datamonitor (or any other member of
the Wider Datamonitor Group) or to permit or enable Datamonitor (or any other
member of the Wider Datamonitor Group) to carry on the business of any member of
the Wider Ovum Group having been obtained in terms and in a form satisfactory to
Datamonitor, from all appropriate Relevant Authorities and from all appropriate
persons, authorities or bodies with whom any member of the Wider Datamonitor
Group or the Wider Ovum Group has entered into contractual arrangements, and all
such Relevant Authorisations remaining in full force and effect, and there being
no notice or intimation of any intention to revoke, modify, restrict, suspend or
not to renew any of them;

(f)                save as Disclosed, there being no provision of any Relevant
Instrument which, in consequence of the making or implementation of the Offer,
the acquisition or proposed acquisition by any member of the Wider Datamonitor
Group of any Ovum Shares or any change in the control or management of Ovum or
any other member of the Wider Ovum Group, or otherwise, provides for, or will,
or could reasonably be expected to, result in any of the following (to an extent
which is, or could reasonably be expected to be, material in the context of the
Wider Ovum Group taken as a whole):

(i)                any money borrowed by, or any other indebtedness (actual or
contingent) of, any member of the Wider Ovum Group being or becoming repayable
or capable of being declared repayable immediately or prior to their stated
maturity, or the ability of any such member to borrow monies or incur any
indebtedness being withdrawn or inhibited; or

(ii)               the creation of any mortgage, charge or other security
interest over the whole or any part of the business, property or assets of any
member of the Wider Ovum Group or any such security (whenever arising or having
arisen) becoming enforceable or being enforced; or

(iii)             any Relevant Instrument or any right, liability, obligation,
interest or business of any member of the Wider Ovum Group (or any related
arrangement) being terminated or adversely modified or adversely affected, or
any adverse action being taken, or any material obligation arising, under any
Relevant Instrument; or

(iv)             any asset or right (including, without limitation, intellectual
property rights) or interest of, or any asset or such right the use or operation
of which is enjoyed by, any member of the Wider Ovum Group being or falling to
be disposed of other than in the ordinary course of business, or charged, or
ceasing to be available to any such member, or any right arising under which any
such asset or interest or such right will or could be required to be disposed of
or charged, or will or could cease to be so available; or

(v)              the interest or business of any member of the Wider Ovum Group
in or with any company, firm, body or person, or any arrangements relating to
any such interest or business, being terminated or adversely modified or
affected; or

(vi)             the creation of liabilities, whether actual or contingent, of
any member of the Wider Ovum Group, or the business, assets, financial or
trading position or profits, prospects or value of any member of the Wider Ovum
Group being prejudiced or adversely affected; or

(vii)           any member of the Wider Ovum Group ceasing to be able, or being
restricted in being able, to carry out business under any name under which it
currently does so; or

(viii)          any member of the Wider Ovum Group or any member of the Wider
Datamonitor Group being required to acquire, or to offer to acquire, any shares
or other securities or indebtedness (or the equivalent) in or of any member of
the Wider Ovum Group or the Wider Datamonitor Group or any asset owned by any
other person or to dispose of or repay, or to offer to dispose of or repay, any
shares or other securities or indebtedness (or the equivalent) in or of, or any
asset owned by, any member of the Wider Ovum Group or the Wider Datamonitor
Group,

and no event having occurred which, under any provision of any Relevant
Instrument, would or could reasonably be expected to result in any of the events
or circumstances referred to in sub-paragraphs (i) to (viii) of this paragraph
(f);

(g)              save as Disclosed, no member of the Wider Ovum Group having,
since 31 March 2006:

(i)                made any alteration to its memorandum or articles of
association or other constitutional document which is or could reasonably be
considered to be material in the context of the Offer; or

(ii)               recommended, declared, paid or made, or proposed the
recommendation, declaration, paying or making of, any dividend, bonus issue or
other distribution, whether in cash or otherwise (other than to Ovum or a
wholly-owned subsidiary of Ovum); or

(iii)             issued or agreed to issue, or authorised or proposed the
issue, of additional shares of any class, or of securities convertible into, or
rights, warrants or options to subscribe for or acquire, any such shares or
securities or any loan capital (other than issues to Ovum or a wholly-owned
subsidiary of Ovum, and save for Ovum Shares allotted on the exercise of any
options granted under the Ovum Employee Share Schemes or awards made under the
Ovum LTIP prior to the date of this announcement) or redeemed, purchased or
reduced, or authorised or proposed the redemption, purchase or reduction of any
part of its share capital; or

(iv)             (other than to Ovum or a wholly-owned subsidiary of Ovum)
issued, authorised or proposed the issue of any debentures or securities or
incurred or, save in the ordinary course of business, incurred or increased any
indebtedness or contingent liability which is (alone or in aggregate) material
in the context of the Wider Ovum Group as a whole; or

(v)              entered into, varied, implemented, or authorised, proposed or
announced its intention to enter into, vary or implement, any contract, scheme,
transaction, commitment or other arrangement which is outside the ordinary
course of trading or which is, will or could be restrictive on the business of
any member of the Wider Datamonitor Group or the Wider Ovum Group or which
involves or will or could involve an obligation of a loss making, long term,
onerous or unusual nature or magnitude and which in any such case is, or could
reasonably be expected to be, material in the context of the Wider Ovum Group as
a whole; or

(vi)             authorised, proposed or effected any merger, demerger,
reconstruction or amalgamation, or any acquisition or disposal or transfer of,
or any charge or security interest or other encumbrance in respect of, any asset
or any right, title or interest in any share or asset (other than in the
ordinary course of trading) which in any such case is material in the context of
the Wider Ovum Group as a whole; or

(vii)           authorised, proposed or effected any mortgage, charge, grant of
security interest or other third party right or encumbrance over any asset or
any right, title or interest in any shares or other asset (other than in the
ordinary course of trading) which in any such case is, or could reasonably be
expected to be, material in the context of the Wider Ovum Group as a whole; or

(viii)          entered into, or varied (other than in respect of increases in
remuneration required under the terms of the relevant agreement) the terms of,
any service contract or other agreement or arrangement with any of the
directors, senior executives or senior employees of any member of the Wider Ovum
Group; or

(ix)              been unable, or threatened in writing that it is unable, to
pay its debts or stopped or suspended (or threatened to stop or suspend) payment
of its debts generally or a substantial part thereof or ceased or threatened to
cease carrying on all or a substantial part of its business; or

(x)               taken or proposed any action or had any proceedings
instituted, threatened or proposed for its winding-up (voluntarily or
otherwise), dissolution or reorganisation (save for any such winding-up or
dissolution whilst solvent) or for the appointment of a receiver, administrator,
administrative receiver, trustee or similar or analogous officer of all or any
of its assets or revenues or for any similar or analogous matters in any
jurisdiction; or

(xi)              waived or compromised any claim, other than in the ordinary
course of business, which is material in the context of the Wider Ovum Group as
a whole; or

(xii)            entered into any commitment, agreement or arrangement, or
passed any resolution or made any offer, with respect to, or announced an
intention to effect or to propose, any of the transactions, matters or events
referred to in this paragraph (g);

(h)              save as Disclosed, since 31 March 2006:

(i)                no adverse change or deterioration having occurred in the
business, assets, financial or trading position or profits, prospects or value
of any member of the Wider Ovum Group which is, or could reasonably be expected
to be, material in the context of the Wider Ovum Group as a whole;

(ii)               no litigation, arbitration proceedings, prosecution or other
legal proceedings to which any member of the Wider Ovum Group is or may become a
party (whether as a claimant, defendant or otherwise), and no investigation or
enquiry by, or complaint or reference to, any Relevant Authority against or in
respect of any member of the Wider Ovum Group, having been instituted, announced
or threatened or remaining outstanding which in any such case is, or could
reasonably be expected to be, material and adverse in the context of the Wider
Ovum Group as a whole;

(iii)             no steps having been taken which will result in, or could
reasonably be expected to result in, the withdrawal, cancellation, termination
or adverse modification of any licence or permit held by any member of the Wider
Ovum Group in circumstances where such withdrawal, cancellation,  termination or
adverse modification could reasonably be expected to have a material adverse
effect upon the Wider Ovum Group taken as a whole; and

(iv)             no contingent or other liability having arisen, increased or
become apparent to Datamonitor which might be likely adversely to affect any
member of the Wider Ovum Group and which is or could reasonably be expected to
be material in the context of the Wider Ovum Group as a whole; and

(i)                Datamonitor not having discovered, except as specifically
disclosed in writing by or on behalf of Ovum to Datamonitor in connection with
the Offer prior to the date of this announcement:

(i)                that any financial or business or other information
concerning the Wider Ovum Group as contained in the information publicly
disclosed at any time by or on behalf of any member of the Wider Ovum Group, or
disclosed at any time by or on behalf of any member of the Wider Ovum Group in
writing in connection with the Offer to any member of the Wider Datamonitor
Group or its agents or advisers, is materially misleading or contains a material
misrepresentation of fact or omits to state a material fact necessary to make
the information contained therein not materially misleading; or

(ii)               any information which materially affects the import of any
such information as is mentioned in sub-paragraph (i) of this paragraph (i); or

(iii)             any undertaking in which any member of the Wider Ovum Group
has a significant economic interest and which is not a subsidiary of Ovum is
subject to any liability, contingent or otherwise, which is not fairly disclosed
in Ovum's consolidated report and accounts for the year ended 31 March 2006 and
which is, or could reasonably be expected to be, material in the context of the
Wider Ovum Group as a whole; or

(iv)             any circumstance exists whereby a person or class of persons
would be likely to have any claim or claims in respect of any product or service
now or previously sold or provided by any past or present member of the Wider
Ovum Group and which is, or could reasonably be expected to be, material in the
context of the Wider Ovum Group as a whole; or

(v)              that there is, or is reasonably likely to be, any liability
(actual or contingent) or requirement of any past or present member of the Wider
Ovum Group to make good, repair, reinstate or clean up any property or waters
now or previously owned, occupied, used, controlled or harmed by any past or
present member of the Wider Ovum Group under any environmental legislation,
regulation, notice, circular, order or requirement of any Relevant Authority or
otherwise which is material in the context of the Wider Ovum Group  as a whole.

For the purposes of the above conditions:

Disclosed means:

(a)       expressly disclosed in the AIM admission document published by Ovum
and dated 6 March 2006;

(b)       expressly disclosed in the consolidated report and accounts of Ovum
for the year ended 31 March 2006;

(c)       expressly disclosed in any other public announcement made by Ovum via
a Regulatory Information Service in the period commencing on 6 March 2006 and
ending on the business day immediately preceding the date of this announcement;
or

(d)       as specifically disclosed in writing by or on behalf of Ovum to
Datamonitor in connection with the Offer prior to the date of this announcement

Regulatory Information Service has the meaning given to that expression in the
AIM rules published by the London Stock Exchange

Relevant Authority means any government, government department or governmental,
quasi-governmental, supranational, statutory, regulatory or investigative body
or authority, any trade agency, any court or tribunal and any association,
institution or other person or body whatsoever, in each case in any jurisdiction

Relevant Authorisation means a material authorisation, order, grant,
recognition, confirmation, determination, consent, licence, clearance,
permission, allowance or approval

Relevant Instrument means any agreement, arrangement, licence, permit, lease or
other instrument or obligation to which any member of the Wider Ovum Group is a
party or by or to which any such member or any of its assets is or may be bound,
entitled or subject

substantial interest means, in relation to an undertaking, an interest, direct
or indirect, in 20 per cent. or more of the voting rights exercisable in
relation to the undertaking or in the capital or of any class of capital of such
undertaking

Wider Ovum Group means Ovum and its subsidiary undertakings, associated
undertakings and any other undertakings in which Ovum and such undertakings
(aggregating their interests) have a substantial interest

Wider Datamonitor Group means Datamonitor and its subsidiary undertakings,
associated undertakings and any other undertaking in which Datamonitor and such
undertakings (aggregating their interests) have a substantial interest

Datamonitor reserves the right to waive all or any of the above conditions in
whole or in part, except conditions (a) and (b).  Datamonitor shall be under no
obligation to waive or treat as satisfied any of the other conditions by a date
earlier than the latest date specified below for the satisfaction thereof (or,
if no such date is specified, the date when the Offer, if such be the case,
shall become or be declared unconditional in all respects), notwithstanding that
the other conditions of the Offer may, at an earlier date, have been waived or
fulfilled and that there are, at such earlier date, no circumstances indicating
that any of such conditions may not be capable of fulfilment.

The Offer will lapse unless the conditions set out above (other than condition
(a)) are fulfilled or (if capable of waiver) waived or, where appropriate, have
been determined by Datamonitor to be or to remain satisfied no later than
midnight on the 21st day after the later of the first closing date of the Offer
and the date on which the Offer becomes or is declared unconditional as to
acceptances, or such later date as the Panel may agree.

If Datamonitor is required by the Panel to make an offer for Ovum Shares under
the provisions of Rule 9 of the Code, Datamonitor may make such alterations to
any of the conditions (including, without limitation, condition (a) above) or
any of the terms of the Offer as are necessary to comply with the provisions of
that Rule.








                                     Part B

                              Further information

1                  Further details of the Offer

The formal Offer by Rothschild will be subject to the terms and conditions as
set out in Appendix I and this Appendix II and as will be set out in the Offer
Document and accompanying Form of Acceptance, or as may be required to comply
with the provisions of the Code.

The Offer will extend to any Ovum Shares unconditionally allotted or issued
while the Offer remains open for acceptance (or before such earlier date as
Datamonitor may, subject to the Code, decide, not being earlier than the date on
which the Offer becomes or is declared unconditional as to acceptances or, if
later, the first closing date of the Offer), whether pursuant to the Ovum
Employee Share Schemes or otherwise.

The Ovum Shares are to be acquired fully paid and free from all liens, charges
and encumbrances, rights of pre-emption and any other third party rights or
interests and together with all rights attaching thereto, including the right to
receive and retain all dividends or other distributions declared, paid or made
on or after the date of this announcement.

The Offer will lapse if the Acquisition is referred to the Competition
Commission in the United Kingdom before 3.00 p.m. on the first closing date of
the Offer or the time and date on which the Offer becomes or is declared
unconditional as to acceptances, whichever is the later.  If the Offer lapses,
the Offer will cease to be capable of further acceptance and accepting Ovum
Shareholders and Datamonitor will thereupon cease to be bound by any Form of
Acceptance submitted before the time when the Offer lapses.

2                  Overseas Ovum Shareholders

The making of the Offer to Overseas Ovum Shareholders may be prohibited or
affected by the laws of the relevant overseas jurisdictions.  Such Overseas Ovum
Shareholders should inform themselves about and observe any applicable legal
requirements.  It is the responsibility of any Overseas Ovum Shareholder wishing
to accept the Offer to satisfy himself as to the full observance of the laws of
the relevant jurisdiction in connection therewith, including the obtaining of
any governmental, exchange control or other consents which may be required,
compliance with other formalities needing to be observed and the payment of any
issue, transfer or other taxes due in such jurisdiction.  Any such Overseas Ovum
Shareholder will be responsible for payment of any issue, transfer or other
taxes, duties or other requisite payment(s) due in such jurisdiction(s) by
whomsoever payable, and Datamonitor (and any person acting on its behalf) shall
be entitled to be fully indemnified and held harmless by such Overseas Ovum
Shareholder for any issue, transfer or other taxes or duties or other requisite
payments as Datamonitor or any person acting on behalf of Datamonitor may be
required to pay in respect of the Offer insofar as they relate to such Overseas
Ovum Shareholder.

This announcement is not an offer of securities for sale or purchase in the
United States, Canada, Japan or any Prohibited Jurisdiction.  The Offer will not
be made, directly or indirectly, in or into, or by use of the mails of, or by
any means or instrumentality of interstate or foreign commerce of, or any
facilities of a securities exchange of, the United States, or in or into Canada,
Japan or any Prohibited Jurisdiction, and, subject to certain exceptions, the
Offer will not be capable of acceptance by any such use, means or
instrumentality or facilities or from or within the United States, Canada, Japan
or any Prohibited Jurisdiction.

Any person (including, without limitation, nominees, trustees or custodians) who
are overseas persons or who would, or otherwise intend to, forward this
document, the Offer Document, the Form of Acceptance or any related document to
any jurisdiction outside the United Kingdom or to any overseas person should
seek appropriate advice before taking any action.


                                  APPENDIX II



                                  DEFINITIONS


Acquisition                              the proposed acquisition by Datamonitor of Ovum pursuant to the Offer

AIM                                      the market of that name which is operated by the London Stock Exchange

Approval resolution                      an ordinary resolution to be proposed at an extraordinary general meeting of
                                         Datamonitor approving the Acquisition

associated undertaking                   to be construed in accordance with the Companies Act (but, for this purpose,
                                         ignoring paragraph 20(1)(b) of Schedule 4A thereto)

Bridgewell                               Bridgewell Limited

business Day                             A day which is not a Saturday or Sunday or other public holiday in England

Canada                                   Canada, its possessions and territories and all areas subject to its
                                         jurisdiction and any political subdivision thereof

Closing Price                            the closing middle market quotation as derived from the AIM appendix to the
                                         Daily Official List

Code                                     the City Code on Takeovers and Mergers

Companies Act                            the Companies Act 1985, as amended

Competing Offer                          an offer by a third party for all or the majority of the ordinary share
                                         capital of Ovum or any other proposal by a third party having substantially
                                         the effect of a merger of Ovum into or with any other entity

Daily Official List                      the Daily Official List published by the London Stock Exchange

Datamonitor                              Datamonitor plc

Datamonitor Board                        the board of directors of Datamonitor

Datamonitor Director                     a director of Datamonitor

Datamonitor Group                        Datamonitor and its subsidiary undertakings

Datamonitor Shareholders                 holders of any Datamonitor Shares

Datamonitor Shares                       ordinary shares of 10p each in the capital of Datamonitor

Enlarged Group                           the Datamonitor Group as enlarged by the Acquisition

Form of Acceptance                       the form of acceptance and authority for use in connection with the Offer

ICT                                      information, communication and technology

Investec                                 Investec Investment Banking, a division of Investec bank (UK) Limited

Japan                                    Japan, its possessions and territories and all areas subject to its
                                         jurisdiction and any political subdivision thereof
Listing Rules                            the listing rules of the UK Listing Authority made under Part IV of the
                                         Financial Services and Markets Act 2000

London Stock Exchange                    London Stock Exchange plc

Offer                                    The recommended offer to be made on behalf of Datamonitor for the Ovum Shares
                                         (other than any Ovum Shares held by Datamonitor) on the terms and subject to
                                         the conditions described in this announcement and to be set out in the Offer
                                         Document and the Form of Acceptance (including, where the context so requires,
                                         any subsequent revision, variation, renewal or extension thereof)

Offer Document                           the formal offer document to be sent to Ovum Shareholders containing the Offer

Ovum                                     Ovum plc

Ovum Board                               the board of directors of Ovum

Ovum Director                            a director of Ovum

Ovum Employee Share Schemes              the Ovum 1996 Approval Executive Share Option Scheme, the Ovum Sharesave Plan,
                                         the Ovum EMI and Unapproved Share Option Plan 2005, and the Ovum LTIP

Ovum Group                               Ovum and its subsidiary undertakings

Ovum LITP                                the Ovum Long Term Incentive Plan 2006

Ovum Shareholders                        holders of any Ovum shares

Ovum Shares                              the existing issued and fully paid (or credited as fully paid) ordinary shares
                                         of 50p each in the capital of Ovum and any further such shares which are
                                         unconditionally allotted or issued (including pursuant to the exercise of
                                         options granted under the Ovum Employee Share Schemes or to satisfy
                                         entitlements under the Ovum LTIP) after the date hereof and before the Offer
                                         ceases to be open for acceptance (or before such other time as Datamonitor may
                                         decide in accordance with the terms and conditions of the Offer)

Overseas Ovum Shareholder                an Ovum Shareholder who is an overseas person

overseas person                          any person who is not resident in the United Kingdom, or who is a citizen,
                                         resident or national of a jurisdiction outside the United Kingdom, or who is a
                                         nominee of, or custodian or trustee for, any citizen(s), resident(s) or
                                         national(s) of any country other than the United Kingdom

Panel                                    the Panel on Takeovers and Mergers

Prohibited Jurisdiction                  any jurisdiction where local laws or regulations may result in a significant
                                         risk or civil, regulatory or criminal exposure or prosecution if information
                                         concerning the Offer is sent or made available to Ovum Shareholders in that
                                         jurisdiction

Rothschild                               N M Rothschild & Sons Limited

subsidiary and                           to be constructed in accordance with the Companies Act
subsidiary undertakings

Substantial Tranaction Listing           a transaction which constitutes a class 1 transaction or reserve takeover in
                                         relation to Ovum for the purpose of chapter 10 of the Listing Rules (ignoring
                                         any waiver or relaxation of the rules in that chapter and that the Listing
                                         Rules do not apply to Ovum)

undertaking                              to be construed in accordance with the Companies Act

United States                            the United States of America, its possessions and territories, all areas
                                         subject to its jurisdiction or any sub-division thereof, any state of the
                                         United States of America and the District of Columbia




                      This information is provided by RNS
            The company news service from the London Stock Exchange