Pareteum Ends 2017 with a Record $147 Million Contractual Revenue Backlog
Revenue Backlog Scheduled Over the Next 36 Months
389% Compounded Annual Growth Rate (CAGR) for 2017
NEW YORK, NEW YORK, January 3, 2018 – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing Cloud Communications Platform company, today announced that it has executed agreements that represent a 36 Month Contractual Revenue Backlog (see the definition below) of a record $147,000,000, as of December 31, 2017. Bolstered by 28 newly signed customer agreements in 2017, totaling $117,000,000 in 36 Month Contractual Revenue Backlog, the fourth quarter of 2017 represents an increased 58% over the third quarter of 2017 contract agreement executions. The Compounded Annual Growth Rate (CAGR) of Pareteum’s 36 Month Contractual Revenue Backlog is 389% since January 1, 2017.
“Across geographies and the fastest growing application markets including Internet of Things (IoT), Application Programming Interfaces (APIs), and Connectivity to enable mobile virtual networks, we are proud of our results-oriented sales team for delivering these industry leading results. The technology innovations and product enhancements we made this year allow us to enter 2018 poised to make another quantum leap forward in our business.” stated Pareteum CEO, Vic Bozzo.
“These contracts establish Pareteum as one of the fastest growing Cloud Communications companies in the world. The excitement of adding Blockchain capabilities, Artificial Intelligence (AI) and Machine Learning (ML) solutions, and, then applying these services to enable our customers, defines the opportunities we see ahead. In addressing these market segments, broadly including businesses, Smart City municipalities and the Internet of Things developer communities, we see material progress coming. We are appreciative for the support of our shareholders as we completed the transition to a full Software as a Service Cloud company in 2017. Our results are, we believe, derived from how our services and solutions solve customer problems, saving materially in operations expense, and most importantly creating faster revenue for our customers, while opening new sources of revenue that would have previously required multiple vendors and complex system integrations,” stated Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum.
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.
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.
Investor Relations Contact:
Chief Financial Officer