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Tangoe, Inc. (NASDAQ: TNGO), a leading global provider of Communications Lifecycle Management (CLM) software and related services, today announced that its Board of Directors has authorized a share repurchase program under which the company may repurchase up to $20 million of its outstanding common stock from time to time on the open market or in privately negotiated transactions.
“The share repurchase program emphasizes our continued commitment to building long-term shareholder value and our confidence in the growth potential of Tangoe,” stated Albert Subbloie, president and CEO of Tangoe. “The combination of the continuing strong demand for CLM solutions along with the expansion of Tangoe’s leadership position driven by the compelling value proposition of our suite of integrated solutions, positions the company to maintain its momentum worldwide.”
The timing and amount of any shares repurchased will be determined by Tangoe’s management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when Tangoe might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with Tangoe’s stock plans and for other corporate purposes.
The repurchase program will be funded using Tangoe’s working capital. As of September 30, 2012, Tangoe had cash and cash equivalents of $55.7 million. Tangoe had approximately 37.9 million shares of common stock outstanding as of November 2, 2012.
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. 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.