Tangoe Announces Additional Share Buyback

(RTTNews) - Tangoe, Inc. (TNGO), a provider of Connection Lifecycle Management or CLM software and related services, said its Board of Directors has authorized an additional share repurchase program under which the company may repurchase up to $30 million of its outstanding common stock from time to time on the open market or in privately negotiated transactions.

The $30 million authorization includes approximately $2.3 million of remaining repurchase capacity under the company's previous $20 million repurchase program authorized in November 2012.

The repurchase program will be funded using Tangoe's working capital. As of September 30, Tangoe had cash and cash equivalents of $48.9 million.

The firm had about 38.8 million shares of common stock outstanding as of October 31.