Wednesday, February 22, 2012

Tangoe taps UK’s ttMobiles for purchase

By Rodney Brown

Three months, three acquisitions for Tangoe Inc., which Tuesday announced it had purchased ttMobiles Limited, a UK-based provider of mobile communications management solutions and services for undisclosed terms.

Tangoe (Nasdaq: TNGO), a communications software company based in Orange, Conn., said in a release that it expected ttMobiles to add approximately $4.5 million in revenue, and adjusted its projections for its 2012 total revenue to be “in the range of $141.5 million to $143.5 million,” up from prior projections of $137 million to $139 million.

Aldo Rossi, co-founder of ttMobiles, will become the managing director of Tangoe’s European operations, and Tangoe said that most executive directors at ttMobiles will take corresponding roles at Tangoe’s European offices.

Just last month, Tangoe bought Canadian company Anomalous Networks for an undisclosed amount. Montreal-based Anomalous sells a real-time telecom expense management software that helps companies better predict telecom usage costs, avoiding “bill shock.”

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.

Publicly traded Tangoe held its IPO in July 2011, 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.