Orange-Based Software Company Tangoe Announces Layoffs

Orange, CT - Software company Tangoe, which is headquartered in Orange, announced this week it is laying off 10 percent of its workforce and shutting down unnamed "underutilized facilities."

The company, which recently pulled out of a deal to move into a proposed office building on local property owned by Stew Leonard's, employs more than 2,000 people. It had hoped to move into the proposed four-story building on Marsh Hill Road by early 2017.

"A thorough strategic review of our business revealed opportunities to optimize our operations and improve efficiencies," said James Foy, the company's acting CEO, in a statement. "The actions we are announcing today underscore our commitment to maintaining a profitable and sustainable business model."

Tangoe sells software that helps businesses manage expenses, IT systems and telecommunications.

The restructuring will cost the public company about $3.6 million, officials say. Additionally, Tangoe says it will "restate its financial statements for the years 2013 and 2014, and the first three quarters of 2015" in the near future.

In May, Chairman and CEO Al Subbloie abruptly resigned from the company "after being informed of the Board's conclusion that the Company in the longer term would benefit from a transition to a new CEO." Foy was named acting CEO at that time and the company began a search for a new CEO.