Another tech firm relocates
Another tech firm is relocating offices to Cyprus, as TangoMe, a leading US consumer services and applications software provider, announced plans to establish a presence in Limassol.
TangoMe Inc., which raised funding of $300 mln and has an estimated annual revenue of $350 mln a year, will transfer highly skilled roles to Cyprus, including software developers, mobile engineers, and data architects.
More than 60 employees are currently working in Cyprus, and the company plans to employ over 100 people by the end of the year. TangoMe’s decision to set up shop in Limassol was announced in a joint statement Thursday with Invest Cyprus, the government authority for attracting foreign investment.
George Campanellas, Chief Executive of Invest Cyprus, said: “The decision by TangoMe to choose Limassol as its new office location is a resounding vote of confidence in Cyprus and proves our credibility as a ‘tech island’, a destination that allows tech companies to establish operations here, reach exciting new markets and grow in scale.”
Chair and founder of TangoMe Uri Raz said: “Having this new location in Limassol is another step in our strategic expansion.
“Cyprus fits the bill as an attractive jurisdiction for ambitious tech companies like ours who want to establish an alternative base in Europe.
Raz said the Cyprus site manager is one of the most senior Tango employees, Alex Eshchenko, who joined the firm in 2015.
“His mission is to make the Cyprus branch one of the biggest offices of Tango.”
TangoMe’s chair praised help from the authorities.
“The facilitation and aftercare service offered by Invest Cyprus has been really helpful because it was able to act as our partner on the ground throughout the whole set-up process.”
Cyprus’ geographical location, at the crossroads of Europe, Asia and Africa, and its highly skilled, multi-lingual workforce, robust legal framework and business-friendly environment make it the ideal investment destination for tech and business, said
Campanellas.
In earlier comments to the Financial Mirror, Invest Cyprus’ Chair Evgenios Evgeniou said authorities have been concentrating on diversifying foreign investments.
Especially after the demise of the Citizenship for Investment scheme, Invest Cyprus has focused on bringing in Tech and Fintech companies and their executives with a five-year plan launched in 2019.
Evgeniou said: “Cyprus has introduced a new strategy for attracting foreign companies and skilled talent.
“The strategy focuses on high technology, shipping, pharmaceutical, innovation, and research and development companies”.
And the agency is pleased to see its efforts bearing fruit, as a new business cluster of technology companies is developing.
“We are confident that, despite the challenges in the global economy, the international business clusters will continue to grow in the years to come.”
Highlighting the impact of foreign investments, which is of pivotal importance for sustainable development, Evgeniou said that existing investors act as ambassadors of Cyprus.
TangoMe is one of many Big Tech companies that recently relocated to Cyprus, such as Paris-based Murex, a leading European software producer in trading, treasury, risk, and post-trade operations for financial markets.
Other major international ICT firms operating in Cyprus include NCR, Amdocs, Wargaming, eToro, and 3CX.
About Tango Me
Tango is a live-streaming platform where inspiring streamers get the tools they need to manage and grow their virtual empire.
Using state-of-the-art live video and messaging fuelled by a digital economy, Tango has become the leading platform in this new and exciting space.
With over 400 employees across the United States, Israel, Cyprus, Ukraine, Russia, and Belarus, Tango has emerged as one of the most innovative and influential companies in trending creative entertainment.