ORANGE, Conn.--(BUSINESS WIRE)--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.
Additional information about Tangoe can be found at www.tangoe.com. Tangoe is a registered trademark of Tangoe, Inc.
Statements in this press release regarding Tangoe's intention to repurchase shares of its common stock from time to time under the stock repurchase program, the intended use of any repurchased shares and the source of funding are forward-looking statements. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of Tangoe's stock prevailing from time to time, the amount of Tangoe’s cash commitments, the nature of other investment opportunities presented to Tangoe from time to time, Tangoe’s cash flows from operations, general economic conditions, and other factors identified in Tangoe’s Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 14, 2012. Additional information will also be set forth in our future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We do not intend, and undertake no duty, to release publicly any updates or revisions to any forward-looking statements contained herein.