ORANGE, Conn.--(BUSINESS WIRE)--Tangoe, Inc. (NASDAQ:TNGO), a leading global provider of IT Expense Management (ITEM), which includes Telecom Expense Management (TEM), Managed Mobility Services (MMS), and Cloud Expense Management, today announced that it has entered into an agreement for a strategic partnership with Vodafone.
Tangoe plans to acquire ownership of Vodafone’s existing TEM technology and transfer a majority of Vodafone’s TEM employees. Vodafone plans to use Tangoe to service its existing TEM customers and to deliver Tangoe’s solutions as its preferred provider. The transactions are subject to the satisfaction of customary closing conditions and are expected to close within 60 days.
“We are very excited about the synergy this strategic partnership can bring to current and future clients, as the Vodafone TEM business fits particularly well within the core of Tangoe's broader solution suite,” said Al Subbloie, president and CEO of Tangoe. “We see tremendous potential to deliver additional value to Vodafone’s global base of enterprise customers through Matrix, which helps clients gain visibility, control, and financial management of critical IT assets, services, and usage.”
Vodafone Global Enterprise Chief Executive Jan Geldmacher said, “Telecom expense management is an important element in Vodafone’s total communications strategy. All parties stand to gain as Vodafone and Tangoe combine their reach and expertise to deliver world-leading TEM services to enterprise customers.”
Tangoe (NASDAQ:TNGO) is a leading global provider of IT Expense Management, which includes Telecom Expense Management (TEM), Managed Mobility Services (MMS), and Cloud Expense Management software and services to a wide range of global enterprises and service providers. Matrix is Tangoe's technology and services platform designed to help companies transform the management of IT assets, services, expenses and usage to create business value, increase efficiency and deliver a positive impact to the bottom line.
Tangoe is a registered trademark of Tangoe, Inc.
About Vodafone Group
Vodafone (LSE:VOD) is one of the world’s largest telecommunications companies and provides a range of services including voice, messaging, data and fixed communications. Vodafone has mobile operations in 26 countries, partners with mobile networks in 57 more, and fixed broadband operations in 17 markets. As of 31 December 2015, Vodafone had 461 million mobile customers and 13 million fixed broadband customers.
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, prospects, plans, and objectives of management are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "target," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about our planned strategic partnership with Vodafone and our planned assumption of certain of Vodafone’s Telecom Expense Management assets, which are subject to the satisfaction of certain conditions to closing, and benefits that may be realized from such transactions. We may not actually achieve the expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the expectations disclosed in the forward-looking statements we make. More information about potential factors that could affect our business and financial results is contained in our latest Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 9, 2015. 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.