Release date: 5/7/2015
Orange, Conn., May 7, 2015 — Tangoe (NASDAQ: TNGO), a leading global provider of Connection Lifecycle Management (CLM) software and related services, announced that it has signed a definitive asset purchase agreement to acquire IBM’s Emptoris Rivermine Telecom Expense Management business. The transaction is expected to close on May 31, 2015.
IBM’s Rivermine TEM business includes comprehensive fixed and mobile telecom expense management software and related services, as well as a global blue chip customer base. The business fits particularly well within the core of Tangoe’s broader Matrix solution suite, which helps clients turn on, track, manage, secure, and support their IT assets, expense, and usage including mobile, fixed, machine-to-machine, cloud software and services, enterprise social, and IT. We believe that there are many potential synergies from this acquisition that can be realized over the next 6-12 months. Following the anticipated close of the acquisition, the IBM Rivermine TEM customers will be able to benefit from the combined company’s global presence, a strengthened relationship between Tangoe and IBM, and Tangoe’s significant investment in technology to support this important marketplace.
“We are very excited to announce our agreement to acquire IBM’s Rivermine TEM business, including its highly skilled global workforce and blue chip customer base,” said Al Subbloie, president and CEO of Tangoe. “We see tremendous potential for this transaction to strengthen our long-time business relationship with IBM and deliver increased value to our clients in the short and longer term via our scale and comprehensive service capabilities, best practices, global presence, and our broader IT expense management solution portfolio. We expect that the combination will also make us more competitive in federal government pursuits, a result of the recent expansion by the IBM Rivermine TEM business.”
Longer term, we expect that this acquisition will extend incremental value to the Rivermine TEM client base through Tangoe’s broader Matrix solution portfolio and by delivering visibility and control for their other IT expenses including cloud, IT, and M2M, to help them reduce expenses, increase operational efficiency, and improve productivity, freeing them to focus on the transformative aspects of their IT.
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 platform, 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.
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, future financial position, future revenue, projected costs, prospects, plans, and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “would,” “target,” 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 anticipated acquisition of IBM’s Rivermine Telecom Expense Management business, which is subject to the satisfaction of certain conditions to closing, and benefits that may be realized from such acquisition. 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 Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 16, 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.