Gresham announces the acquisition of the trade and intellectual property of IM Computing Limited

Gresham Computing plc announces that it has today issued 63,492 new ordinary
shares of 5 pence each, taking the total number of outstanding ordinary shares
of 5 pence each in the Company to 49,654,280. The new ordinary shares will rank
pari passu in all respects with the existing issued shares. Application has been made to the UK Listing Authority to admit the new ordinary shares. Trading in the new shares is expected to commence on 23 February 2005.

The shares have been issued pursuant to the acquisition of the trade and
intellectual property of IM Computing Limited, a company specialising in the
control of Instant Messaging. The maximum consideration payable in respect of
this acquisition is £500,000, comprising £200,000 being the new shares issued
above with a further, future, payment of up to £300,000 payable in cash or
shares, at the option of the Company, according to the achievement of certain
financial targets in respect of the business transferred within a 5 year period
from acquisition.

Andrew Walton-Green, Chief Executive of Gresham Computing plc, commented: "Over
the past few months we have worked with IM Computing Limited in the area of
secure real-time messaging and this opportunity has developed considerable
interest in the market, including our core financial services market. We
consider this to be an exciting addition to our product set with considerable
growth potential in our core market areas."

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