Marlin Equity Partners has reached a deal to buy Tangoe Inc. for approximately $242.6 million in cash. As part of the deal, the firm plans to combine the target with its existing portfolio company Asentinel, a software-as-a-service (SaaS) provider of telecommunications expense management (TEM) services.

Tangoe, headquartered in Orange, Connecticut, develops software that covers: voice and data services, mobile devices and usage, cloud-based software, infrastructure services, and information technology connections. The agreement to merge Tangoe with the firm’s existing company Asentinel will create a company with more than 1,300 clients managing more than $38 billion in IT and telecom spending. From bill error and usage management to text plan changes and voice optimization, Asentinel looks for ways to help its clients reduce their telecom expenses. The newly combined company will operate under the Tangoe brand.

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