Pareteum Wins $50 Million Global Expansion Contract with Streaming Media Brand
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 GlobalSmart 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.
Pareteum Investor Relations Contacts:
Chief Financial Officer
+1 212 984 1096
Laura W. Thomas
+1 703 930 4282
European- Global IR
+1 416 837 0075
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SOURCE Pareteum Corporation
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