Technology Expense Management Gets a Boost Amid COVID-19 Economic Crisis
Tangoe reports growth as enterprises seek greater control of expenses
Tangoe, one complete solution for order, invoice, inventory and expense management across telecom, mobile and cloud environments, reported growth, as companies look to take control of expenses and rein in unnecessary spending amid the economic downturn brought on by COVID-19. Tangoe grew its customer base by 16%, while increasing its retention rate to more than 90% in the first half of 2020. The news comes on the heels of the company’s annual user conference, Tangoe Live, which took place virtually on June 16.
“Tangoe’s momentum, despite the economic downturn impacting companies around the world, is exemplary of Tangoe’s expanding relevance in today’s complex enterprise technology landscape”
“We all have an obligation to help during these times and the role Tangoe plays in helping companies reduce costs, optimize IT budgets and save money is more important than ever,” said Bob Irwin, Tangoe CEO. “Our goal is to help companies work smarter and be confident in their decisions. As we grow, we continue to invest in bringing our customers the best people and technology in the business. It’s working.”
Tangoe’s growth, despite the global pandemic, is reflective of a broader trend in companies increasingly employing technology expense management as a critical tool to help battle the economic headwinds brought on by COVID-19.
Highlights from the first half of 2020 include:
- Grew its customer base by 16% year over year.
- Increased customer retention, achieving a 90%+ renewal rate from brands like IBM, Whole Foods, Eaton and LinkedIn, despite challenging global market conditions.
- Launched free initiative to help businesses reduce costs and realize as much as 30% immediate savings as they navigate the economic crisis.
- Continued to invest in cloud innovation, implementing key enhancements to the cloud platform focused on improving security, reporting and alerts, navigation and customer support, as well as a new user interface.
- Maintained leadership in cloud expense management, with nearly 50% pipeline growth since the beginning of the year.
- Ramped up automation capabilities to deliver more cost savings for customers, including new robotic process automation (RPA) capabilities, workflow and business rules engines, artificial intelligence (AI) and APIs deployed across its customer base.
- Strengthened leadership team with strategic appointments, including Arun Shivdasani, a seasoned financial executive with 25 years of global finance experience, as Chief Financial Officer and Brandon Henning, a 20-year product management veteran, as Chief Product Officer.
“Tangoe’s momentum, despite the economic downturn impacting companies around the world, is exemplary of Tangoe’s expanding relevance in today’s complex enterprise technology landscape,” said Henning. “Tangoe plays a critical role helping companies better manage their technology orders, invoices and inventory for telecom, mobile and cloud.”