NEW YORK and NEW HAVEN, Conn./June 9, 2003 - Comerica (NYSE: CMA), a leading financial services company, and Tangoe, the leader in providing Telecom Expense Management solutions, announced today that Comerica's Technology and Life Sciences Division has provided Tangoe with a $1 million credit facility, consisting of a $700,000 line of credit and a $300,000 term loan.
"We are pleased to provide this credit facility to Tangoe, which supplies enterprises with technologies to cost-effectively manage their communications expenditures," said Katharine Kappler, senior vice president, Comerica Technology and Life Sciences Division. "We are committed to providing flexible financing to venture-backed companies, and we have the resources and expertise to grow with them through their entire lifecycles."
In little more than three years, Tangoe has established itself as the leader in Telecom Expense Management solutions, a reputation resulting from its successful track record of reducing enterprise customers' spending on telecom services - often by as much as twenty to thirty percent. The company's services and robust, enterprise-class software, based on state-of-the-art technology, deliver a triple-digit return on investment for most enterprises. Tangoe closed its $3 million second round of equity financing, led by Edison Venture Fund, in August 2002.
"We've been quite impressed with Comerica's ability to understand our market and meet our financing needs in a timely manner," said David Eldredge, Tangoe CFO. "These funds, along with our equity capital, will allow us to continue product enhancements and deliver exceptional returns on investment to our growing customer base."
"Comerica is considered one of the top technology banks in the country, so we are pleased it has added Tangoe to its portfolio," said Gary Golding, general partner, Edison Venture Fund. "Tangoe's software dramatically reduces voice and data spending through automation and the company's strong management team has demonstrated its ability to capitalize on the market's need to control communications expenditures."
About Tangoe
TANGOE, (www.tangoe.com) the leader in Telecom Expense Management (TEM) solutions, provides market leading software products and services to enterprises directly and through partner delivery channels. TANGOE products and services are designed to help companies implement integrated solutions that enable large organizations to manage voice and data communications services and supporting labor, resulting in dramatic cost reductions that contribute directly to the bottom line. Global organizations including Aon Corporation, Ecolab, PerkinElmer, and MeriStar Hotels and Resorts depend on Tangoe products and services to help manage their communication costs. Tangoe is headquartered in New Haven, Connecticut. Additional information about Tangoe's products, services and partners can be found at www.Tangoe.com, or requested via email at sales@tangoe.com or by calling (203)-789-0088, extension 305.
About Comerica's Technology and Life Sciences Division
Comerica's Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts. From 18 offices located across the U.S., Comerica's Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with nearly $56 billion in assets as of March 31, 2003.
Media Contacts:
Andrew Dennis
Tangoe
(203) 789-0088 x305
andrew.dennis@Tangoe.com
or
Adrienne Moch
Pacifico (for Comerica)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank
(408) 556-5111
keith_turner@comerica.com
