Pareteum Awarded 3-Year Contract to Mobile Enable a Rapidly Expanding Internet of Things Provider
• Enabling the $66 billion API economy through Pareteum’s Global Mobility Cloud Platform
• Mobility for APIs wherever they originate, on any network, anywhere
NEW YORK, NEW YORK, September 6, 2017 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing mobile Cloud Communications Platform company, today announced it has been awarded a 3-year contract for its Global Mobility Cloud services from a West Coast enterprise API-based CPaaS (Communications Platform as a Service) provider to power mobility, voice, messaging and infrastructure.
Pareteum’s Global Mobility Cloud Platform enables this new customer to seamlessly provide mobile connectivity to its unified communication service and developer API which serves sectors from banking to social media, call centers, consumer facing applications and APP store products. Pareteum will receive recurring monthly fees for each subscriber on its platform, as well as transactional revenue each time an application (app) developed on the customers’ API platform exchanges content using mobile connectivity to complete communication or monetize any transaction.
“Our customer is rapidly expanding to serve the growing 50,000-plus API developer community. These developers represent millions of applications that need to be mobile enabled and we believe Pareteum’s mobility platform and connection is the best solution for this app market and the billions of new wireless devices and subscribers that will grow along with it,” stated Vic Bozzo Pareteum’s CEO. “Pareteum is doing for the IoT and unified communication business what we have already done for the MVNO and MVNE business, providing seamless connectivity on any network, anywhere, anytime.”
“We’ve recently seen the API economy, and, the companies that serve it become some of the highest growth tech firms. As the worlds’ population becomes even more mobile and wirelessly connected, it is estimated the average person will touch up to 1,000 wireless devices daily from every countertop, to every store, to every car, to every appliance encountered. It is our intention, through relationships like this being announced today, to provide the application exchange and developers’ mobile platform of choice for the API economy. Pareteum’s fully integrated cloud platform is delivering innovation, growth, and quantifiable value to our customers in the API economy through complete digital turnkey solutions. These customer successes will continue to translate into healthy growth and profitability for our Company,” stated Hal Turner, Executive Chairman of Pareteum.
The global telecom API market was $66 billion in 2016 and is expected to grow at a CAGR of 22% to $219 billion by 2022.
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. 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.
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Chief Financial Officer