Pareteum Awarded $5 Million Contract from India-Based Telecom Company
3-Year Initial Term for Internet of Things Enabled by Global Cloud Services Platform
NEW YORK, NEW YORK – PRNewswire – May 9, 2018 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing Global Cloud Communications Platform company, announced today that it has been awarded a 3-year contract with an India-based Telecommunications company. Pareteum will enable its newest client to expand into the Internet of Things (IoT) market, using Pareteum’s platform and connectivity, adding $5 Million in contractual revenue over the course of 36 months.
Pareteum’s Global Cloud Services Platform (GCSP) and Connectivity solution will provide machine-to-machine (M2M) communication and connectivity for IoT devices, enabling connections (subscribers and their connectivity usage) to send and receive data at any time regardless of their location, always connected to the best signal available and at the best rate for that connection. Pareteum will power the advancement of these communication services to help this Telecommunications provider further personalize their services, across their diverse clientele, from retailers to manufacturers.
“Our newest client is quickly expanding to provide connectivity and enablement for the growing IoT device market in India,” stated Vic Bozzo, Pareteum’s CEO. “We are confident that Pareteum’s platform will empower our client with a combination of capacities and connectivity that will propel fast, customizable and efficient communication across any network, anywhere, anytime.”
“Pareteum has once again proven to be the platform of choice for the IoT market economy. Our award-winning technology, focused on IoT excellence, will continue in its growth trajectory, translating into additional revenue for our Company,” stated Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum.
According to a report by Nasscom, the Indian IoT market is set to grow to $15 billion by 2020.
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.
Pareteum Investor Relations Contacts:
Chief Financial Officer
T UAE: +971 (0) 55 997 0427 | T UK: +44 (0) 870 490 5443 | T CAN: +1 416 900 3634