Sep 12, 2013
LAWRENCEVILLE, NJ, September 12, 2013 – Edison Ventures proudly announces that it has exited Tangoe, Inc. (Nasdaq TNGO) of Orange, CT. Edison invested a total of $8M in Tangoe, with its initial investment in 2002. Tangoe completed its IPO in 2011. Edison’s investment in Tangoe generated total cash proceeds to Edison of $80M, or 10X investment cost for Edison.
Tangoe is a leading global provider of Communications Lifecycle Management (CLM) software and services to a wide range of global enterprises. CLM encompasses the entire lifecycle of an enterprise’s communications assets and services, including planning and sourcing, procurement and provisioning, inventory and usage management, mobile device management, invoice processing, expense allocation and accounting, and asset decommissioning and disposal.
“Al Subbloie exemplifies the best of the entrepreneurial spirit and has been an inspiration to all of the Edison team and portfolio company CEOs. He and his management team have created an impressive industry leader, which is consistent with Edison’s goal for every investment”, commented Gary Golding, a General Partner of Edison Ventures and member of Tangoe’s board of directors. “Al Subbloie is always happy to give back and we look forward to his involvement with Edison in the future. He is an active mentor to several current Edison portfolio company CEOs and serve’s with me on Operative’s board of directors” added Chris Sugden, Managing General Partner of Edison.
In addition to Tangoe, IPOs by Edison portfolio companies include Axent, Best Software, BTG, Dendrite, Gain Capital, Liberty Technology, MAPICS, Marcam, Visual Networks and Vocus. Edison’s active portfolio companies in the communications sector include Fiberlink, FinePoint, Snap, Telarix and VoxMobile. Notable exits include Comm Site, DSET, Eastern Telelogic, M5 Networks, PCS One, Relay and Visual Networks.
About Tangoe
Tangoe (NASDAQ: TNGO) is a leading global provider of Communications Lifecycle Management (CLM) software and services to a wide range of global enterprises. CLM encompasses the entire lifecycle of an enterprise’s communications assets and services, including planning and sourcing, procurement and provisioning, inventory and usage management, mobile device management, invoice processing, expense allocation and accounting, and asset decommissioning and disposal. Tangoe’s Communications Management Platform (CMP) is an on-demand suite of software designed to manage and optimize the complex processes and expenses associated with this lifecycle for both fixed and mobile communications assets and services. Tangoe’s customers can also manage their communications assets and services by engaging Tangoe’s client service group.
