Pareteum Accelerates Eastern European Expansion with Contract from Established Russian Operator
NEW YORK, Feb. 2, 2018 /PRNewswire/ --Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing Cloud Communications Platform company, today announced that is has signed a $1 million 3-year contract to provide its Global Cloud Services Platform to an established Russian Mobile Virtual Network Operator (MVNO). The agreement entails connectivity for roaming, airtime, voice and SMS to a broader addressable market of consumer, enterprise and mobile connections.
Utilizing Pareteum's Global Cloud Services Platform, this brand service provider will enable their mobile customers to connect and transact on mobile devices beyond their home region. Pareteum is powering the MVNO to expand its subscriber revenues through global connectivity and data, without the need for investment in additional infrastructure or software. Under the terms of the contract, Pareteum will be paid for every subscriber that runs on the platform monthly, and additionally for the connections they make with applicable transaction fees. The MVNO currently serves tens of thousands of customers and a combination of existing and new customers will be migrated to the Pareteum Cloud. The service is expected to go live before the second half of the year and will generate $1 million over the next 36 months in contractual revenue backlog.
Vic Bozzo, CEO of Pareteum commented, "We set in motion last year a strategy to acquire customers in every corner of the globe by giving them one simple platform and connectivity in as many places as we could through partnerships with incumbent Mobile Network Operators and Carriers. This latest win is specifically a result of the hard work of our talented sales force and market leading technology with simple interfaces and bundled connections."
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum stated, "The network effect (every new addition to our Cloud adds capability that was not there beforehand) continues with this announcement. Significantly, the recognition that the combination of connections, relevant new technology delivered through TEUM's Communications Platform as a Service (CPaaS), and the power of our Global Cloud, all bundled into one solution, able to connect anything anywhere, creates new revenue streams for Communications Service Providers (CSP), with their own branded offerings sourced through the Pareteum Global Cloud."
About Pareteum Corporation
The mission of Pareteum Corporation (NYSE American: TEUM) is to connect "every person and everything". Organizations use Pareteum to energize their growth and profitability through cloud communication services and complete turnkey solutions featuring relevant content, applications, and connectivity worldwide. Our platform services partners (technologies integrated into our Cloud) include: HPE, IBM, Sonus, Oracle, Microsoft, and other world class technology providers. All of the relevant customer acquired value is derived from Pareteum's award winning software, developed and enhanced for many years. By harnessing the value of communications, Pareteum serves retail, enterprise and IoT customers. Pareteum currently has offices in New York, Sao Paulo, Madrid, Barcelona, Bahrain and the Netherlands. For more information please visit: www.pareteum.com.
Forward Looking Statements:
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to Pareteum's plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about Pareteum's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of Pareteum may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, Pareteum also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from those projected or suggested in Pareteum's filings with the Securities and Exchange Commission, copies of which are available from the SEC or may be obtained upon request from Pareteum Corporation.
Contractual Revenue Backlog Definition:
Contractual revenue backlog is measured on a forward looking 36 month snapshot view monthly, and, is generated by each of the Company's Managed Services, Global Mobility Cloud, and Application Exchange & Developer's Platform customers. The Pareteum multi-year Software-as-a-Service agreements include service establishment and implementation fees, guaranteed minimum monthly recurring fees, as well as contractually scheduled subscribers, in some cases including subscriber usage, during the term of the agreement, and, their resulting monthly recurring revenue. There can be no assurances that we reach the total revenue backlog. The revenue backlog assumes timing of revenue recognition that may vary from actual results.
Pareteum Investor Relations Contacts:
Ted O'Donnell
Chief Financial Officer
(212) 984-1096
InvestorRelations@pareteum.com
Hayden IR
(917) 658-7878
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SOURCE Pareteum Corporation
