Tango Continues Strong Growth and Business Momentum in 2020
December 17, 2020
In an Unprecedented Business Climate, Tango Grows Customer Base by 45%, Expands Global Partner Network
Tango, the leader in store lifecycle management (SLM) and integrated workplace management system (IWMS) solutions, today announced significant growth in 2020, including a 24% increase in revenue in its SaaS business, a 45% increase in new customers over 2019, and the strategic expansion of its global partner network. The company also invested more in product innovation than any other previous year. Tango’s growth occurred despite an unprecedented business climate where the global pandemic created challenges and uncertainty in the U.S. and around the globe.
“COVID-19 has had a profound impact on businesses, forcing them to re-evaluate nearly every facet of their operations in the face of an uncertain future,” said Pranav Tyagi, President and CEO of Tango. “Our team was able to continue supporting our existing customers without interruption and lend assistance to others across the industry. As real estate executives grappled with the complexities and unknowns of shifting markets, Tango has been able to provide insight and guidance to help them understand the new normal for their business, and quickly make informed decisions based on strategic data insights, and recover from the crisis sooner.”
During the spring, Tango introduced two free tools to help retail organizations make key decisions regarding their portfolio and location strategies. A free portfolio assessment, leveraging artificial intelligence and machine learning predictive models, helped retailers quickly determine the health of their store fleet and make more informed location decisions. And with the free COVID-19 Location Benchmark Tool, retailers got an at-a-glance view of their exposure to the pandemic at a location, chain and competitive level in order to make critical reopening decisions. Tango also offered existing customers complementary configuration and data extraction to help address specific business challenges they may have experienced as a result of the pandemic.
Significant Customer Growth in Strategic Industry Verticals
New customers include leading enterprises from around the globe in all of Tango’s key industry segments, highlighted by notable wins in financial services, retail/restaurant, healthcare, high tech and manufacturing. Closing out the year, Tango’s customer roster includes two of the top three companies in the world, two of the top three real estate portfolios, and three of the top four real estate service providers.
Expanded Partner Network Increases Tango’s Global Footprint
As part of its mission to deliver cost-effective and market-differentiating real estate, lease and facilities solutions to a wide range of customers across specific industries and geographies, Tango continues to expand its global partner ecosystem with best-in-class organizations, including three of the Big 4 consulting firms, three of the top four real estate services firms, and a mix of top-tier and boutique accounting firms.
Innovation Fuels Business Momentum
The product innovations and category events that fueled business momentum during 2020 included:
- The introduction of TangoLabs. In June, Tango cemented its commitment to leading retail and corporate real estate technology advancement with the launch of TangoLabs. This R&D hub provides a collaborative and innovative environment to develop and deliver ground-breaking business solutions made possible through emerging technology.
- High Demand for innovative Space Management tools. Tango’s Space Management product gained major traction in the marketplace as companies prioritized return-to-work strategies that would help ensure the safety of their workforce. In addition, forced to consider a post-pandemic “new normal,” many companies tapped into Tango’s next-generation software solutions to help reimagine the workplace of the future, including their physical and virtual footprint.
- Private companies confront looming lease accounting standards. Leveraging Tango’s software and expertise, private companies have achieved compliance with the new FASB ASC 842 and IFRS 16 lease standards, while state and local governments have complied with GASB 87.
- New Predictive Analytics package. This month, Tango announced a new predictive analytics package that provides retailers of all sizes access to the most advanced, accurate models to support their real estate decision making. Tango’s depth of experience developing and deploying predictive models utilizing artificial intelligence and machine learning moves well beyond statistical modeling into the discovery of previously unknown variable relationships that provide substantially, more insight and value around geographic markets, allowing organizations of any size to maximize the potential of their brand and stay ahead of the competition.