NEW YORK, March 28, 2019 /PRNewswire/ -- Pareteum
Corporation (Nasdaq: TEUM), a rapidly growing global cloud
software communications platform company with a mission to
connect every person and every(thing)™, today announced that
its solution has been selected to power the international expansion
of one of the Middle East and
Africa region's leading digital
services brands.
Pareteum's newest customer is launching a business model,
enabled by Pareteum, that serves Middle
East and African origin digital content and services, to
citizens of those regions who are now residing in the UK and US.
This new partnership enables rapid expansion, without geographic
limitation and infrastructure investments. Addressing the
identified high demand from its subscribers, this customer will
launch its innovative cross-border services, using Pareteum's
Global Software Cloud Platform, which are expected to begin in
June 2019. These services will
include fixed and mobile communications, subscription and
pay-per-view streaming media, mobile payment gateways, and smart
home services.
Pareteum's cloud platform solution, following the successful
integration of recent acquisitions, delivers complete API driven
solutions for Enterprises, Communications Services Providers, and
the IoT market through developers and their applications, and
combines connectivity, including mobile service management (prepaid
and postpaid services) with Smart-managed, global Wi-Fi and
cellular access, including full operational support, as a
service.
The initial phase of the contract is valued in excess of
$50 million, which is incremental to
Pareteum's 36-month contractual revenue backlog. Platform charges
will be billed on a monthly per subscriber basis, and subscriber
network usage, including Wi-Fi, billed on a prepay basis.
"This is a showcase significant strategic win for Pareteum which
further proves the value of our recent acquisitions in driving
cross- and up-sell opportunities within our addressable markets and
rapidly growing customer base," said Vic
Bozzo, CEO at Pareteum.
Hal Turner, Executive Chairman
and Principal Executive Officer commented, "This latest partnership
provides another great example of how Pareteum empowers brands to
interact with customers to deliver targeted, locally relevant
services and experiences, on a global basis. With our Global Smart
Network, and Global Software Experience Platform, our brand
partners can provide rich digital services from anywhere, to
anywhere. Geographical boundaries no longer matter."
About Pareteum Corporation:
Millions of people and
devices are connected around the world using Pareteum's Global
Cloud Communications Platform, enhancing their mobile experience.
Pareteum unleashes the power of applications and mobile services,
bringing secure, ubiquitous, scalable, and seamlessly available
voice, video, SMS/text messaging, and data, media and content
enablement to our customers, making worldwide communications
services easily and economically accessible to everyone. By
harnessing the value of our cloud communications platform, Pareteum
serves enterprises, communications service providers, early stage
innovators, developers, IoT, and telecommunications infrastructure
providers. Pareteum envisions a new mobile communications
experience imagining what will be and delivering now. Pareteum
currently has offices in North
America, South America,
Spain, Bahrain, Singapore, Indonesia, Germany, Belgium, United
Kingdom, Russia, and
the Netherlands. For more
information please visit: www.pareteum.com.
36-Month Contractual Revenue Backlog Definition:
36-Month Contractual Revenue Backlog (36MCRB), is a Non-GAAP
financial measure. It is measured on a forward-looking 36-month
snapshot view, monthly, and is generated by the Company's
Communications Services Providers, Enterprises, and IoT customers
who use communication as a service platform products and services
from the company's portfolio. 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 (connections), in some
cases including subscriber (connections) usage, during the term of
the agreement, and, their resulting monthly recurring contractual
revenue. There can be no assurances that we reach the total
contract revenue backlog. Timing of revenue recognition may vary
from actual results.
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.
Media Inquiries
Press@pareteum.com
Pareteum Investor Relations Contacts:
Ted O'Donnell
Chief Financial Officer
+1 212 984 1096
InvestorRelations@pareteum.com
Laura W. Thomas
Investor Relations
+1 703 930 4282
Carrie Howes
Rayleigh Capital
European- Global IR
+1 416 837 0075
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SOURCE Pareteum Corporation