Investment from Edison Venture Fund and Axiom VenturePartners to accelerate strategic growth of domestic and internationalsales initiatives
ORANGE, Conn., Feb. 10, 2006 — Tangoe, Inc.,the leading global provider of enterprise telecommunications expensemanagement (TEM) software and services, today announced the completionof a follow-on investment of $2.7 million. The round was led with a $1million investment by current investor Edison Venture Fund ofLawrenceville, N.J., and included a $1.5 million contribution fromAxiom Venture Partners of Hartford, C.T. Additional investments fromothers totaled $200,000. Tangoe will utilize the working capital fromthe latest round to fuel expanding domestic and international sales andmarketing activities.Providing a scalable technology foundation that spans a completerange of integrated TEM processes, Tangoe’s flagship software solution,the Communications Management Platform (CMP), provides companies withincreased visibility into, and control of, their voice, data, andwireless telecommunications spend—often the third largest expensewithin an organization. By utilizing Tangoe’s CMP, organizationsexperience significant savings while better managing theirtelecommunications resources and their associated costs.
“With comprehensive product capabilities and entrepreneurial salesdrive, Tangoe has become the leading provider of telecom expensemanagement software and solutions in a rapidly emerging market,” notesGary Golding, EVF general partner. “This drive, combined withstate-of-the-art CMP technology, is helping Tangoe attract top employeetalent as well as the leading financial partners required to maintainits position as the TEM vendor of choice for Global 2000 enterprises.”
“With its innovative technology and strategic plan for continuedinternational expansion, we believe that Tangoe will continue to growas a leader in the telecom expense management market,” said AlanMendelson, general partner at Axiom Venture Partners. “Tangoe’s abilityto deliver exceptional voice, data, and wireless savings is validatedby the company’s rapid growth and market acceptance.”
“Our strategic approach to managing voice, data, and wireless costshas fueled Tangoe’s rise as the vendor of choice for many of theworld’s leading corporations and service providers and has enabled usto dominate and shape the TEM market,” said Tangoe president and CEO AlSubbloie. “By consistently supporting our strategic initiatives, EdisonVenture Group has been, and will continue to be, a vital component inour growth and success. The addition of Axiom Venture Partners alsobrings additional depth and experience with high-tech, growthcompanies. This financing round is another milestone in the continuedgrowth of Tangoe and its position as the global leader oftechnology-based TEM solutions.”
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, serviceproviders, and other financing sources to build successful companies.Edison provides capital and value-added services to expansion stage ($5to $20 million revenue), information technology businesses. Initialinvestments range from $4 to $7 million. Edison typically serves as asole or lead investor in financings up to $10 million. In addition toproviding expansion capital, Edison funds management buyouts,recapitalizations, spinouts and secondary stock purchases.
Edison’s 18 investment professionals are based in Lawrenceville, NJ,West Chester, PA, and McLean, VA. Industry specialties includeapplication software, communications, financial services, healthcareand pharmaceutical IT and electronics. Edison’s successes includeAxent, Best Software, BTG, Dendrite, DPM, E-Transport, Gain Capital,Marcam, Princeton Financial, Vocus, and many other informationtechnology leaders, which have a combined market value exceeding $5billion. Edison currently has $450 million under management and isactively making new investments. For more information visitwww.edisonventure.com.
About Axiom Venture Partners
Axiom Venture Partners provides capital and strategic assistance torapidly growing high technology companies. Axiom’s professionals bringsubstantial investing experience and industry expertise to the venturecapital process. With over $200M in capital under management, the firmseeks to consider investment proposals in two main industry areas. Thefirst is high technology which includes communications, software,internet infrastructure, and information technology. Biotechnologyconstitutes the second area. Located in Hartford, Connecticut, Axiominvests actively throughout the United States in early or late stagecompanies. Approximately fifteen Axiom portfolio companies havesuccessfully completed IPO’s in recent years and a number of others arepositioned for IPO’s when appropriate market conditions prevail. Giventhis success, Axiom’s investment returns rank near the top of itsindustry. Axiom is actively investing its third Partnership, AxiomVenture Partners III.
Tangoe, Inc., the global leader in Telecom Expense Management (TEM)solutions, develops and supports software products and consultingservices that enable organizations to better understand, manage, andcontrol their enterprise-wide voice, data, and wirelesstelecommunications services and their costs. Tangoe’s flagship softwareproduct, the Communications Management Platform (CMP), provides atechnology foundation that enables dramatic cost reductions, whichsignificantly contribute to organizational profitability. Fortune 1000organizations nationwide depend on Tangoe software and services tooptimize their telecommunications expense management processes. Namedfor two consecutive years as a Deloitte Rising Star, Tangoe isheadquartered in Orange, Connecticut and provides solutions in theUnited States through direct and partner sales channels, andinternationally through partner sales channels.
Additional information about Tangoe products, services, and partnerscan be found at tangoe2016.wpengine.com, or requested via e-mail email@example.com, or by calling (203) 789-0088.
Tangoe is a registered trademark of Tangoe, Inc.