- TMT has completed an investment in Gentoo Labs, a company that was incorporated in Delaware in May and is based in Palo Alto, California.

Gentoo is the company behind "Contacts+", also known as "Contapps", a one-stop contact management mobile application, which helps people manage their contacts effectively, by aggregating relevant information from various communication channels such as LinkedIn, Facebook, Twitter and Google+. "Contacts+" has been downloaded from Google Play over 750,000 times and received over 5,100 5-star ratings. The application is available in 20 languages.

As part of a seed equity financing round, TMT has acquired 671,194 preferred shares in Gentoo for an aggregate consideration of US$250,000. Assuming the seed equity round is fully subscribed, TMT's fully diluted equity stake in Gentoo will be 6.25%.

The agreements between the parties include pre-emption rights, liquidation preferences and other rights and protections in favour of TMT customary for preferred stock holders. The acquired preferred shares may be converted at any time into Gentoo's common shares at a 1:1 conversion rate.

The rapid growth in the use of smartphones and tablet devices, coupled with an increased level of communication via social networks, has resulted in an ever-increasing contact information overload.

Nowadays, the majority of information consumed by users on their smartphones on a daily basis is driven or generated by the users' contacts. Contapps simplifies the way people communicate with and organise information related to their peers by providing a smart "people-centric" platform, which automatically aggregates all contact-related information and services in one place.

Alexander Selegenev, Executive Director of TMT Investments, commented: "Gentoo has created what is probably the best contacts app for Android. The company has exciting plans, including launching Contapps on other platforms, and TMT is delighted to contribute to the company's further growth."

At 11:24am: [LON:TMT] TMT Group share price was -0.01p at 1.47p

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