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PENTECH VENTURES INVESTS IN ENIGMATEC CORPORATION

25 March 2003

Enigmatec Corporation today announced the closing of a £2 million first round private equity funding, led by Pentech Ventures and including existing investor Amadeus Mobile Seed Fund. Pentech Advisory Group member Derek Gray, former VP of Worldwide Sales and Marketing at Adobe, and Indra Mohan, a founder of Tibco Software, will join Enigmatec’s Board of Directors.

Founded in April 2001, Enigmatec has developed a revolutionary infrastructure product, their Reactive Intelligence™ Framework (RIF), which is well positioned to become a critical component of the next generation intelligent computing fabric. RIF is applicable to a wide range of IT problems across multiple verticals, with initial focus being on the financial services sector, where strong expressions of interest have already been received.

In synergy with current industry initiatives and products being applied to utility computing and processing “virtualisation”, the RIF is an enabling layer that allows an enterprise to control its applications and processes and optimally harness the power of its network computing resources.

Eddie Anderson of Pentech Ventures commented:

“Pentech is very excited about working with Enigmatec. The company has developed advanced core software which we believe will be truly enabling in providing robust utility-model computing and process virtualisation, a market poised for very rapid and substantial growth as indicated by IBM, Hewlett Packard, Sun and Microsoft's initiatives in this area. We were attracted to the Company by the depth of their technology, and the massive market potential for their product. We believe that Derek and Indra’s commercial experience will help the existing management team maximise the potential of their business.”

Michael Paull, chief executive and co-founder of Enigmatec, added:

“We are extremely excited about working with Pentech and we are delighted that Derek and Indra have agreed to join our Board. Together with Pentech they bring a new range of capabilities that will be invaluable as we take the Company to the next stage of its development. We would also like to thank Amadeus for their support and we look forward to continuing to work with Laurence John and his partners – they are a critical component to the Company’s success.”

Laurence John, CEO of Amadeus Mobile Seed Fund, adds: "Since our seed investment in May 2002, Enigmatec has established operations in the City, recruited its development team, formulated its architectural software offering and attracted interest from a number of City institutions. We are delighted that Pentech has joined us in supporting the company for the next phase of growth.”

For further information:

Pentech Ventures
Eddie Anderson
Tel: +44 (0)141 572 7303
Email: eddie@pentechvc.com

PR Representative
Maggie Wright Associates
Tel: +44 (0)131 226 3622 or 07801 710360
Email: maggie@mwa-scotland.com

Amadeus Capital Partners
Laurence John
Tel: +44 (0)1223 707000

PR for Amadeus
Chantal Ligertwood
Tel: +44 (0)1235 834091

Enigmatec
Kelly Lewis, 660º
Tel: +44 (0) 20 7959 5536
Email: klewis@660degrees.com