NEW YORK, Dec. 21, 2016 /PRNewswire/ -- Pareteum Corporation (NYSE MKT: TEUM) ("Pareteum," or the "Company"), a leading international provider of mobile networking software and services, today announced it has secured an expanded Global Cloud Platform services agreement with its largest European customer. The new contract, an extension of its existing MVNE relationship with Vodafone Enabler S.L.(VEE), will allow for the creation and launch of unique Mobile Virtual Network Operator (MVNO) service offerings backed by a Tier-1 network operator's global roaming services operation. These services, together with the first MVNO customer rollout, are expected during the first quarter of 2017.
"With our enhanced, market-leading cloud-based global mobility platform, Pareteum is now unlocking tremendous new opportunities for operators looking to create new global MVNO revenue streams by eliminating the limitations of location," said Hal Turner, Pareteum's Executive Chairman. "Because Pareteum's mobility platform already powers our European customer's MVNO brands, we are now in the process of quickly launching these services together with the first MVNO customer. Through a combination of our leading-edge technology and strong industry relationships, we are now better positioned to benefit from the MVNO market estimated to be worth $89.25 billion by 2022, according to new research published by Global Market Insights, Inc."
The new MVNO service will take full advantage of existing carrier network and worldwide roaming agreements and will run on Pareteum's cloud based platform, allowing for prepaid and postpaid services outside of the MVNO's traditional operating geography. One of the greatest challenges facing MVNO's looking to create and deploy new services is that the physical and geographic boundaries of provisioning services outside of home country can be difficult and cost prohibitive. The new MVNO services platform supports a diversity of users including brands, enterprises, IoT devices and those on 4G networks, representing substantial new revenue generating opportunities for Pareteum. Services under the new agreement are already being provisioned and new subscriber additions are expected to begin in the first quarter of 2017. The expanded agreement also paves the way for additional brands looking to go global and benefit from Pareteum's extensive mobile services platform and the network reach of this tier one global carrier.
Luis Jimenez Tunon, Chief Executive of Vodafone Enabler added, "We have moved to the next logical step in our partnership with Pareteum. We started with a platform to enable our existing MVNO and Lowi.es businesses using their enablement platform and our positive experience has enabled us to now open our opportunities to other Vodafone properties and global roaming and to embrace our joint IP transformation. This natural expansion is a result of the focused effort by both teams to bring additional opportunities to the VEE platform throughout the Vodafone Group."
"We are excited to extend our relationship with our largest customer and to play a critical role in their ambitious global expansion plans," said Vic Bozzo CEO of Pareteum. "Today's agreement further demonstrates the momentum and traction we are seeing in the market, driven by our unique ability to enable our customers to extend their offerings and for the first time, empowering MVNO brands to break free of their geographical bounds."
About Pareteum Corporation:
Pareteum Corporation, and its subsidiaries provide a complete mobility cloud platform, utilizing messaging and security capabilities for the global Mobile, MVNO, Enterprise and IoT markets. Pareteum's large MVNE customers, include Vodafone (the world's second largest mobile operator by customer), Zain (the 4th largest mobile operator in the world in terms of geographical presence), Cleartech, Expeto and other Tier 1 and MVNO customers. For more information please visit: www.pareteum.com.
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.
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SOURCE Pareteum Corporation