Pareteum Awarded $4 Million Contract from Diversified Enterprise in Asia
3-Year Global Cloud Platform Agreement to Support Internet of Things Services
NEW YORK, NEW YORK – PRNewswire – May 8, 2018 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), announced today that it has signed a 3-year, $4 million, contract with a diversified enterprise client in the manufacturing, banking and construction sectors. The established customer will use the Pareteum Global Cloud platform to provide service for their wireless Internet of Things requirements.
Pareteum’s GCSP solution enables our client’s enterprise customers to operate from a single software and connectivity platform to manage wireless devices, and, to provision, monitor and manage all the connectivity for their Internet of Things initiatives in Asia. Under the terms of the 3-year contract, Pareteum will receive monthly recurring fees and wireless connectivity service fees for all devices that are managed by Pareteum’s cloud platform. Pareteum’s GCSP solution provides a global interface that will facilitate customer optimization and choices in quality and pricing for the addition of new wireless devices wherever they operate.
Traditionally, wireless models have not been able to address the existing market need for diversifying options and plans for individual devices. Pareteum’s offering is noteworthy to the Internet of Things space in that customers can use its platform to treat each device as unique and therefore apply different rules, policies and connectivity options to each one, depending on the need and the best option available at that specific moment. The granular billing and metering provided by Pareteum’s platform creates the opportunity for enterprise clients to better serve the needs of their customers.
Vic Bozzo, CEO of Pareteum commented, “Managing of Internet of Things and the respective devices has become a large part of what we do and its made possible by the flexibility created by our software team. We can continue to see unlimited opportunity in the world as wireless controls everything.”
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum stated, “TEUM’s ecosystem, including our partnerships and reach, now enable the virtual elimination of geographic boundaries. Delivery of our award-winning services can be served around the globe through our unique and award-winning technology. We expect our goal of ‘wireless everywhere’ and smart city and smart enterprise business models to quickly scale in these markets.”
According to Statista the global revenue business process outsourcing and information technology outsourcing market aggregated to approximately $88.9 billion in 2017.
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, Ribbon Communications (Sonus+GenBand), NetNumber, 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.
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