Wednesday, January 11, 2012

Tangoe buys Montreal’s Anomalous Networks

By Rodney Brown

Tangoe Inc., a Connecticut communications software company, has purchased Canadian company Anomalous Networks for an undisclosed amount, the company reported in a release.

Montreal-based Anomalous sells its real-time telecom expense management software that helps companies better predict telecom usage costs, avoiding “bill shock,” according to Orange-based Tangoe. The software will add to the existing product offerings from Tangoe (Nasdaq: TNGO), officials said.

This is second acquisition by Tangoe in a  one month period. In late December, Tangoe paid $23.5 million to buy ProfitLine Inc., a provider of telecom expense and mobility management services. Tangoe paid cash for San Diego-based ProfitLine, with $14.5 million paid up front and $4.5 million being paid each at 12 months and 18 months.

Both purchases come less than a year after Tangoe’s initial public offering. In July, Tangoe held its IPO, raising $75 million, by selling 8.77 million shares at $10 per share. The company first announced the plans for an IPO in April 2010.

Before the IPO, venture backed Tangoe’s last round was a $13.5 million Series F round in August of 2008. Backing VC firms included Edison Venture Funds, which owns 21.5 percent of the company; Sevin Rosen Funds, which has 16.8 percent; Investor Growth Capital which controls 12.4 percent; and North Atlantic Capital with 9.9 percent ownership.