Tangoe (TNGO) Approves $20M Buyback Plan
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Tangoe, Inc. (NASDAQ: TNGO), a leading global provider of Communications Lifecycle Management (CLM) software and related services, today announced that its Board of Directors has authorized a share repurchase program under which the company may repurchase up to $20 million of its outstanding common stock from time to time on the open market or in privately negotiated transactions.
The timing and amount of any shares repurchased will be determined by Tangoe’s management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when Tangoe might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with Tangoe’s stock plans and for other corporate purposes.
The repurchase program will be funded using Tangoe’s working capital. As of September 30, 2012, Tangoe had cash and cash equivalents of $55.7 million. Tangoe had approximately 37.9 million shares of common stock outstanding as of November 2, 2012.
The timing and amount of any shares repurchased will be determined by Tangoe’s management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when Tangoe might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with Tangoe’s stock plans and for other corporate purposes.
The repurchase program will be funded using Tangoe’s working capital. As of September 30, 2012, Tangoe had cash and cash equivalents of $55.7 million. Tangoe had approximately 37.9 million shares of common stock outstanding as of November 2, 2012.
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