Tangoe (News - Alert), a provider of Communications Lifecycle Management (CLM) software and services, announced that it has completed the acquisition of Symphony Teleca’s Telecom Expense Management Business (TEM Business).
As part of the acquisition deal, Tangoe will be paying $41.0 million (approx.) in cash with less certain adjustments and $30 million (approx.) at closing. $4.5 million (approx.) is the sum Tangoe is required to pay in six months and $6.5 million (approx.) in 12 months, both with less certain adjustments. Tangoe may also be paying an additional $4 million in cash under an earn-out payable based on the achievement of revenue targets for the acquired business for periods through June 30, 2013.
“We are very excited to announce the acquisition of Symphony Teleca’s TEM Business, which we expect will enhance Tangoe’s relationship with key channel partners and further expand our customer base globally. The rich product development legacy of Symphony Teleca’s TEM Business complements our innovation focus and its offices in Dallas, TX, Nashville, TN and Bangalore, India extend Tangoe’s worldwide presence and regional expertise”, said Al Subbloie (News - Alert), president and CEO of Tangoe, in a statement.
Symphony Teleca was formed by the merger of Symphony Service Corp., a provider of product development services for Independent Software Vendors (ISVs), and Teleca, a supplier of product development services and solutions for mobile appliance Original Equipment Manufacturers (OEMs) and telecommunications operators. The merged company employed more than 6,100 personal working in 35 offices located across Asia, Australia, Europe and the Americas.
Symphony Teleca’s TEM solution provides an on-premise license model, Software- as- a- Service (SaaS (News - Alert)), or as a managed service. Its products offer lower costs for customer service, improve asset management and provide visibility for IT and telecommunications costs.
Tangoe added that Symphony Teleca’ TEM Business will increase the advantage of its own mobile device management (MDM) and real time expense management (rTEM) solutions and the company has the proven ability to successfully identify and integrate acquisitions, which it believes is among the core competencies that made it an industry leader.
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Edited by Brooke Neuman