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  • Tangoe, Inc. Secures $8 Million in Venture Capital Funding

    November 28th, 2006 No comments

    Tangoe, Inc., the leading global provider of enterprise telecommunications expense management (TEM) software and services, recently announced that it has closed an $8 million Series E round of funding. North Atlantic Capital of Portland, ME, a late stage venture capital firm investing in technology-enabled business services, led the funding round with a $6 million investment. Additional investments from Edison Venture Funds, Axiom Venture Partners, and other existing Tangoe investors totaled $2 million. Tangoe will utilize the working capital from the latest round to fuel the continued expansion of its TEM managed services practice and it’s mobile and wireless expense management offerings.

    The company further announced the election of David Coit, managing director and partner at North Atlantic Capital, to its board of directors.

    “Tangoe has taken a leadership role in the emerging TEM market, leveraging its strength in automation technology to define the market and to successfully guide businesses towards optimal visibility and control of their communications expenditures,” said David Coit, managing director of North Atlantic Capital. “With patented technology, expanded product and service offerings, a growing list of global channel partners, and a veteran leadership team, Tangoe is ideally positioned to dominate the voice, data, and wireless expense management marketplace.”

    Tangoe will continue to focus on technology and automation as the foundation for bringing order and clarity in order to eliminate the chaos many enterprises currently experience when trying to manage their telecom expenses,” said Tangoe president and CEO Al Subbloie. “With the support of venture firms like North Atlantic Capital, Tangoe is able to expand our managed services capabilities and accelerate the speed at which we deliver new product offerings for the management of wireless devices and mobile services across the enterprise.”

    Tangoe, Inc., the global leader in Telecom Expense Management (TEM) solutions, delivers software products and consulting services that enable organizations to better understand, manage, and control their enterprise-wide voice, data, and wireless telecommunications services and their costs. Tangoe’s flagship software product, the Communications Management Platform (CMP), provides a patented technology foundation that enables dramatic cost reductions, which significantly contribute to organizational profitability. Global 2000 organizations worldwide depend on Tangoe software and services to optimize their telecommunications expense management processes. In 2006, Tangoe placed at No. 105 on the Inc. 500 list, ranked No. 64 on Deloitte’s Fast 500, and was named the second fastest growing Connecticut technology company in the Deloitte Technology Fast 50. Tangoe is headquartered in Orange, Connecticut and provides solutions in the United States through direct and partner sales channels, and internationally through partner sales channels.

    For more information, please visit: www.tangoe.com

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