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In The Media
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2011 CNBC segments featuring Schatz:
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Author: Rob Varnon
Date: January 17, 2012
Publication: CTPost.com
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Tangoe Inc., the Orange-based telecom expense management firm that went public over the summer, may continue on its buying spree after making two acquisitions in the last two months, Chief Executive Officer and President Al Subbloie said Tuesday.
Tangoe, after raising $67 million in July as part of its initial public offering, has bought two privately held companies in the span of two months. It acquired California-based ProfitLine for $23.5 million in December and followed that last week with the purchase of of Montreal-based Anomalous Networks Inc., in a deal valued at up to $9 million. The price could fall to $7 million due to variables within the contract's structure, Subbloie said.
"We were pretty forthright," Subbloie said in a telephone interview, referring to the company's intentions for going public. "We raised it to do strategic mergers and acquisitions."
Shares of Tangoe gained 1 cent to close at $14.71 in Tuesday trading on the Nasdaq Stock Market.
Tangoe provides software to manage mobile devices for corporations and had already completed five acquisitions before its IPO last year. He said the company is seeking to make additional acquisitions, without providing details other than to say they would not be outside the company's expertise in the telecom device sector.
Being a public company with the ability to raise money through the IPO has been a nice change, Subbloie said, recounting how on previous deals the company had to arrrange with several banks to get funding for a purchase.
"I got tired of doing three deals for every one," he said.
The new companies bring customers and new technology to Tangoe, he said. ProfitLine was a direct competitor that will add to the customer base; Anomalous brings new technology, he said.
He said the Montreal company created an application that tracks usage of mobile devices and provides a real-time warning to the user if roaming charges or other higher rates are about to kick in, helping clients avoid what's known as "bill shock."
Paul Schatz, president of investment advisory Heritage Capital, said he expects Tangoe to be acquired sometime down the road, because it's a small company in a niche area of technology where the barrier to entry doesn't seem that high a cost.
But Schatz said Tangoe is clearly a company in growth mode.
"It's a post IPO success, for sure," he said, pointing out Tangoe's shares have done well in a difficult environment.
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Author: Rob Varnon
Date: January 9, 2012
Publication: newstimes.com
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The housing and mortgage crisis continues to weigh on the state's economy and Bank of America's balance sheet as the financial institution has 6,100 Connecticut mortgage customers, many of whom are behind on their payments.
The bank is holding an outreach event Jan. 19-21 at the Bridgeport Holiday Inn, 1070 Main St. A similar event is planned for Hartford on the same weekend.
T.J. Crawford, a spokesman for the bank, said customers were sent fliers representing a mix of people already in modification programs and those who have not taken part in one and are 60 days or more late. He said none of those sent fliers are current on original loans. The event is open to any Bank of America customer who is finding it difficult to pay the mortgage, he added.
Bank of America, one of the largest mortgage lenders in the nation, has held similar events across the country and Crawford said about 60 percent of participants who bring required documentation to the event get a decision on a modification within a few days.
"Bottom line, this event can mean some form of closure for many of our distressed borrowers," Crawford said in an email.
While 6,100 homeowners sounds like a lot, Woodbridge-based investment adviser Paul Schatz, president of Heritage Capital, said it sounds like a reasonable number for a large institution like Bank of America.
"If you extrapolate out around the country, 6,100 is within the band of normalcy," Schatz said. "There are millions of houses under water."
But he also said the behemoth Bank of America has been slow to deal with this problem, which continues to plague it.
"I think Bank of America is way behind the curve when it comes to addressing foreclosures and delinquent mortgages," he said, adding this event "is a step toward unclogging the bowels at the bank."
Shares of Bank of America gained 9 cents to close at $6.27 in trading on the New York Stock Exchange Monday.
Getting things moving in the housing market and the state's economy will require more than just these efforts by Bank of America, said New Haven-based Economist Donald Klepper-Smith, of DataCore Partners.
"At this point, you really can't get meaningful progress in the local housing market without progress in the labor market," Klepper-Smith said.
High unemployment has pushed more families into delinquincy and added to the growing list of foreclosures banks and local communities are dealing with, he said.
What's needed are for banks and borrowers to work out deals that will help eliminate the growing housing inventory, helping free up financial institutions to provide more lending as the bad loans are taken off the books.
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Author: ET Now
Date: January 9, 2012
Publication: ET Now
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What do you make of the US economic data? Are you pleasantly surprised that for an economy, which was on a verge of a recession, now the economic data is robust, resilient and is surprising everyone on the upside?
Robust and resilient are your terms, not mine. I am not the least bit surprised at the economic data. I did not think in August we were heading into recession. I do not think now we are going to all of a sudden return to the go-go years of the 1990s.
My macro thesis is the US economy is going to continue to slog along anywhere from -0.5% GDP to +2% for the next couple of years. I do not see a recession coming this year. These bouts of good news will be balanced by almost daily weekly or monthly trial and tribulations that of Europe. GDP is going to be stuck in this range, at least through the entire of 2012.
You got the Merkel and Sarkozy meet as well today. What is it that the market is pricing in? Can we see anything meaningful by way of leverage for the EU nations?
My thesis about Europe, Euro and the EU is that it is going to change and the only thing that is going to cure Europe's problems is time. It is going to take years and years if not a decade to cure Europe's problems. What the central banks around the world and governments are trying to do will smooth the jagged edges around the outside. However, the core problems cannot be fixed by a magic wand of the Fed, the ECB, the BoJ or the governments.
It took us 20-30 years to get into this trouble. It is going to take at least a third of the time to get out of the trouble. People have to be patient and put up with some
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© 2012 Heritage Capital, LLC. 