ORANGE, Conn.--(BUSINESS WIRE)--Tangoe, Inc. (NASDAQ: TNGO), a leading global provider of Connection Lifecycle Management (CLM) software and related services, today announced that its Board of Directors has authorized an additional share repurchase program under which the company may repurchase up to $30 million of its outstanding common stock from time to time on the open market or in privately negotiated transactions. The $30 million authorization includes approximately $2.3 million of remaining repurchase capacity under the company’s prior, $20 million repurchase program authorized in November 2012.
“The additional stock repurchase program reflects the continued strength of Tangoe’s balance sheet as well as our strong free cash flow to support growth and increase shareholder value,” stated Albert Subbloie, president and CEO of Tangoe. “We continue to believe that the company is well positioned to gain market share due to the overall demand for our CLM solutions driven by the rollout out of our enhanced Matrix Connection Lifecycle Management suite.”
The timing and amount of any shares repurchased will be determined by Tangoe’s board and 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 retired.
The repurchase program will be funded using Tangoe’s working capital. As of September 30, 2014, Tangoe had cash and cash equivalents of $48.9 million. Tangoe had approximately 38.8 million shares of common stock outstanding as of October 31, 2014.
Tangoe (NASDAQ:TNGO) is a leading global provider of Connection Lifecycle Management software and services to a wide range of global enterprises and service providers. The company's Connection Lifecycle Management technology, Matrix, is an on-demand suite of software and services designed to turn on, track, manage, secure, and support various connections in an enterprise's connection lifecycle, including mobile, fixed, machine-to-machine, cloud software and services, enterprise social, and IT connections.
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 10, 2014. 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.