NEW YORK, Feb. 14, 2018 /PRNewswire/
-- Pareteum Corporation (NYSE American:
TEUM),("Pareteum" or the "Company"), the rapidly growing
Cloud Communications Platform company, today announced that it is
has been awarded a 3-year contract to provide its Global Cloud
Platform for a Connected Home and Office Project in the
United Kingdom.
Once fully ramped it will pass through 250,000 homes and offices
and the contract will add $1.5
million to the 36-month contractual revenue backlog.
Additional revenue opportunities exist with connections for data to
the established provider of smart home and office automation
systems.
Pareteum enables this brand service provider to integrate the
Global Cloud Platform to their Smart Control Hubs. For the
first time this Internet of Things (IoT) provider can manage and
meter its customers' connectivity with granularity. Under the
terms of the agreement, Pareteum will be paid monthly for every
subscriber that runs on the platform and any additional applicable
transaction fees. The client currently serves tens of thousands of
customers with a combination of existing customers and new
customers being migrated to the Pareteum Cloud.
Vic Bozzo, CEO of Pareteum
commented, "The market is expanding for IoT and the most important
aspect for the service providers is to be able to offer the service
plans the customers want and let the market drive the requirement
as opposed to that being driven by the limitations of the network
billing systems. We are proud of our sales team for this
latest win and we see the IoT and smart metering market as a robust
growth area for us moving forward."
According to a Transparency Market Research, the global market
for home automation is expected to witness an outstanding 26.3%
CAGR from 2014 to 2020. The market has been projected to rise from
a valuation of $4.41 billion in 2013
to $21.6 billion by the end of
2020.
Hal Turner, Executive Chairman
and Principal Executive Officer of Pareteum stated, "We are
witnessing the expansion of 'all connected things' and the growing
needs for monitoring and alerts, especially in homes and
businesses. Data is the key to all value in the future. The
way we leverage Machine Learning to drive insights from this data
will change the way the providers we service think, act, approach
and engage their customers. Predictive analytics drives
better service bundles that are individually engineered.
Pareteum is emerging as the partner of choice in the market for
these comprehensive solutions."
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