It's a sunny forecast for -based telecom expense management solutions provider Tangoe Inc., which recently announced the acquisition of Argentin-based telecom solutions provider Symphony Teleca's TEM business, the company's fourth acquisition this year.
Shares of Tangoe Inc., with headquarters at 35 Executive Blvd., reportedly jumped Thursday, according to CNBC.com, after the company announced better-than-expected results for its second quarter. Tangoe Inc. reported net income of $338,000 or 1 cent per share, during 2Q, up from a loss of $2.3 million, or 48 cents per share, in 2Q 2011.
The company, which helps businesses reign in telecommunications costs, among other services, reported total 2Q revenue of $36.3 million, up 39 percent from 2Q 2011 revenue of from $26 million; GAAP operating income of $0.5 million; and non-GAAP operating income of $4.4 million, up 52 percent year-over-year. Adjusted earnings were $4.2 million, or 10 cents per share, according to a company release.
Tangoe reportedly paid about $41 million for Symphony Teleca.
In January, the company acquired San Diego-based TEM solutions maker ProfitLine Inc. for $23.5 million, and Anomalous Networks, of Montreal, Canada, for an undisclosed sum. And in February it acquired British telecom ttMobiles Ltd. for an undisclosed sum.