Leader in Telecom Expense Management Continues Expansion in
Response to Market Growth; Transaction Financing Led by Investor
Growth Capital (IGC)
ORANGE, Conn.--(Business Wire)--
Tangoe, Inc., a leading global provider of enterprise
communications lifecycle management software and technology-enabled
services, today announced that it has completed a transaction with
Information Strategies Group, Inc. (ISG), a Parsippany, New
Jersey-based provider of telecommunications and IT expense processing
services and technologies. ISG will operate as a division of Tangoe.
With the addition of ISG, Tangoe provides technology-based software
and service solutions that enable global organizations to manage and
control communications and IT technology resources and related
expenditures, significantly reducing their costs. The transaction was
completed on July 28, 2008.
Tangoe now has approximately 300 clients utilizing the company's
technologies and technology-enabled services to better manage the
entire lifecycle of their fixed, mobile, and network communications.
Operational integration of the two companies is underway led by
Tangoe founder, President and CEO Al Subbloie. Former ISG managing
directors George Germano and Brian Leigh will continue their
involvement in the newly formed division of Tangoe as senior vice
president of billing solutions and senior vice president of business
development. All current Tangoe and ISG locations will remain in full
operation in support of the new organization.
ISG's call accounting product and billing chargeback and
allocations software and services practice further extend the depth
and breadth of Tangoe's established software and technology-enabled
managed services. The exceptional management expertise in billing and
processes that ISG has developed over the past decade, as well as
their experience in international and domestic communications cost
processing, further enhances Tangoe's award-winning CommCare managed
services offerings. As a result of the combination, ISG's existing
client base of IT and telecom invoice processing customers will also
gain access to Tangoe's suite of wireless lifecycle management
solutions while retaining their current solutions supported by current
account management and support teams. The combination of Tangoe and
ISG presents new telecom lifecycle management solution opportunities
to the marketplace and further establishes Tangoe as a leader in the
technology enabled managed services/communications lifecycle
management market.
"With this transaction, Tangoe has enhanced its position as a
premier provider of technology-based TEM solutions and services," said
Al Subbloie. "The synergies between Tangoe and ISG are such that
combining forces was a natural fit. Blending our expertise and product
capabilities will enable us to extend those capabilities to new and
growing markets. The expanded company's deep knowledge and expertise
in global communications, IT billing, invoice processing, billing
chargebacks, inventory management, and provisioning will help us
provide even greater services and solutions to our clients."
The transaction funding was led by Investor Growth Capital Limited
(IGC), a wholly owned venture capital arm of Investor AB, the largest
listed industrial holding company in the Nordic region. IGC joins
other major Tangoe investors which include Edison Venture Funds, Sevin
Rosen Funds, North Atlantic Capital, and Axiom Venture Funds. In
conjunction with the financing, Noah Walley from IGC has been
appointed to Tangoe's Board of Directors. "We are very pleased to add
IGC to Tangoe's already strong board and investor base," said Al
Subbloie. "We were attracted by their long track record of creating
sector-leading companies as well as their patient-capital approach. As
we look to strengthen our presence outside of North America we believe
their presence on the ground in Europe and Asia as well as their wider
global network will be of tremendous assistance."
The transaction was also supported by ORIX Venture Finance, a
subsidiary of ORIX Finance, a multi-billion dollar finance
organization. ORIX Venture Finance is a leading provider of debt
financing to venture-backed companies. "At ORIX, we look to support
growing companies backed by strong, experienced management teams and
knowledgeable sponsors. Tangoe has all of these aspects in place that
will help the company continue on its path as a leader in telecom
expense management. We were delighted to move quickly alongside IGC to
support this acquisition," said William D. Bishop of ORIX Venture
Finance.
About Tangoe
Tangoe, Inc., a global leader in telecommunications lifecycle
solutions, provides software and technology-driven services that
enable global organizations to procure, manage, and control their
fixed, mobile, and converged communications assets and their costs.
Tangoe's software and service solutions are built upon patented
technologies that enable dramatic cost reductions and process
efficiencies, which significantly contribute to organizational
profitability. Global 2000 organizations worldwide depend on Tangoe
solutions to more effectively manage their telecommunications
processes. In 2007, Tangoe was named No. 149 on the Entrepreneur Hot
500 ranking of America's fastest growing companies and was named the
fifth fastest growing Connecticut technology company in the Deloitte
Technology Fast 50. Tangoe has offices in Connecticut, Texas, New York
and New Jersey. Tangoe provides solutions in the United States through
direct and partner sales channels, and internationally through a
global network of certified business partners.
Additional information about Tangoe, its CommCare services,
patented technologies, and business partners can be found at
www.tangoe.com, or requested via e-mail at sales@tangoe.com, or by
calling (203) 859.9300.
Tangoe is a registered trademark and CommCare is a trademark of
Tangoe, Inc.
About Investor Growth Capital
Investor Growth Capital (IGC) is the wholly-owned venture capital
arm of Investor AB, the largest listed industrial holding company in
the Nordic region. IGC was formed in the mid-1990s to invest in
high-quality, growth-oriented companies, primarily in the IT and
Healthcare industries. Today its 30 investment professionals are
developing a portfolio whose value exceeds $800 million from offices
located in New York, Menlo Park, Stockholm, Hong Kong, Tokyo and
Beijing. Investor AB is a leading shareholder in a number of European
multinational corporations, including ABB, Astra Zeneca, Atlas Copco,
Electrolux, Ericsson and SEB. For almost a century Investor AB's
business philosophy has been to build best-in-class companies in
sectors where the group has strong knowledge and a networking
advantage. IGC shares that approach and benefits from Investor AB's
extensive global network of companies and senior managers. To learn
more visit http://www.investorgrowthcapital.com.
About ORIX Venture Finance
ORIX Venture Finance provides enterprise financing to mid- and
late-stage venture capital-backed companies via acquisition financing,
expansion capital, working capital term loans and credit lines, and
equity co-investments. The Venture Finance team, staffed with highly
seasoned venture lending professionals, meets the challenges facing
growth companies by structuring flexible financing packages ranging
from $5 MM to $50 MM that meet growing companies' unique needs. We are
a stable and reliable finance company dedicated to supporting the
growth and success of professionally backed companies with a range of
debt products. For more information, visit www.orixventurefinance.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that
involve substantial uncertainties and risks. These forward-looking
statements are based upon our current expectations, estimates and
projections about our business and our industry, and that reflect our
beliefs and assumptions based upon information available to us at the
date of this letter. We caution readers that forward-looking
statements are predictions based on our current expectations about
future events. These forward-looking statements are not guarantees of
future performance and are subject to risks, uncertainties and
assumptions that are difficult to predict. Our actual results,
performance or achievements could differ materially from those
expressed or implied by the forward-looking statements as a result of
a number of factors, including but not limited to, changes in:
economic conditions generally, changes in technology, legislative or
regulatory changes that affect us, the availability of working
capital, changes in costs and the availability of goods and services,
the introduction of competing products, changes in our operating
strategy or development plans, our ability to attract and retain
qualified personnel, and changes in our acquisition and capital
expenditure plans.
Philosophy PR + Marketing
Renee Maler, 925-968-9495
renee@philosophypr.com
Copyright Business Wire 2008
