UNAUDITED PRO FORMA COMBINED FINANCIAL STATEMENTSPro Forma Combined Financial Statements • August 14th, 2015 • Tangoe Inc • Services-prepackaged software
On May 6, 2015, the Company entered into an Asset Purchase Agreement (“APA”), with International Business Machines Corporation (“IBM”), a Delaware corporation, pursuant to which the parties agreed to the purchase by the Company of certain assets and liabilities of IBM’s Rivermine Telecommunications Expense Management business (“Rivermine”) through an asset purchase (the “Rivermine Acquisition”). The Rivermine Acquisition closed on May 31, 2015. At the closing of the Rivermine Acquisition, the Company acquired Rivermine for aggregate consideration of $22.0 million payable at closing. As part of the APA, IBM is paying the Company $1.2 million related to the deferred revenue balance.
