Investment firm Edison Ventures announced its exit from Tangoe, a Communications Lifecycle Management software company. Edison sold the last of the shares it held in the Connecticult-based firm which it acquired in 2002. Edison's total investment in Tangoe was USD 8 million. Upon its exit, however, Edison was able to get cash proceeds amounting to ten times its investment cost of the firm or USD 80 million. Tangoe went public in 2011.
Edison Ventures General Partner Gary Golding lauded the efforts of Al Subbloie and the rest of the Tangoe team. "Al Subbloie exemplifies the best of the entrepreneurial spirit and has been an inspiration to all of the Edison team and portfolio company CEOs. He and his management team have created an impressive industry leader, which is consistent with Edison's goal for every investment," he said in a press release.
Edison Venturese is a private equity firm that caters to late-stage information technology firms. Other companies in its portfolio included Axent, Best Software and Liberty Technology.
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