The initially bought into Tangoe for $8m in 2002, and has generated total cash proceeds of $80m since the company’s IPO in 2011.
Tangoe describes its software and services as “Communications Lifecycle Management”, which cover planning and sourcing, procurement and inventory, usage management, mobile device management and asset decommissioning and disposal.
Edison general partner Gary Golding said, “[Tangoe president and CEO] 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.”
Edison managing general partner Chris Sugden added, “Subbloie is always happy to give back and we look forward to his involvement with Edison in the future.
“He is an active mentor to several current Edison portfolio company CEOs and serve’s with me on Operative’s board of directors.”
Edison Ventures closed its latest fund in February last year on $249m, having already invested more than one fifth of it in tech-based companies.
The Edison VII fund portfolio delivered 50 per cent revenue growth in 2011, with current fair value rising to 1.4 times the investment cost according to the firm.
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