NEW YORK, May 16, 2017 /PRNewswire/ -- Pareteum Corporation (NYSE MKT: TEUM), ("Pareteum" or the "Company"), a leading international provider of mobile networking software and services to the Mobile Network and Internet of Things markets, today announced that it has been selected by a leading financial services and marketing company under a seven-year services agreement.
Under terms of the new Software-as-a-Service agreement, our customer plans to host a number of communications service providers and enterprise business customers that will enable companies to provide mobile wireless services creating new brands and applications. These Mobile Virtual Network Operators (MVNOs) also plan to offer Internet of Things (IoT) services on Pareteum's Managed Services platform as a complete turnkey mobile service to its retail end users including consumers, Enterprises and other third parties. The new agreement includes paid in advance service establishment fees and guaranteed recurring monthly service revenues with a minimum total contract value of approximately $2 million. Our customer-supplied business forecasts project a minimum of 3 million subscribers and supported connected devices within a three-year period and generating revenue in the 8-figures range. The new Managed Services platform will be locally hosted and connected to the largest wireless network in the country and includes Pareteum's ability to extend its Global Mobility Cloud Platform to the LatAm region. The initial on-boarding of subscribers is expected to commence in the fourth quarter of 2017.
"Brazil represents a major market opportunity for Pareteum. With the execution of this new agreement we have a well-positioned and established market partner which is poised to leverage its existing digital payments business in support of new brands and service applications throughout Brazil and LatAm. Pareteum has established a number of relationships in Brazil and now with this agreement completed, we will deploy our Managed Services platform and provide services with our new partner extending to our wide array of relationships. Our client expects to grow by entering the mobile communications and IoT markets, fully engaging the growing number of partners and potential customers we have already cultivated in Brazil. We look forward to serving the needs of our latest client and to quickly scaling-up the number of subscribers and devices on our newest platform," said Hal Turner, Executive Chairman of Pareteum.
Vic Bozzo, Chief Executive Officer of Pareteum, added, "With our latest international deployment, we are significantly expanding our global footprint. There is no doubt that the Brazilian market is large and brings with it many unique opportunities. In collaboration with established new customers combined with our existing partner network, we see an opportunity to add several million devices to our platform within the next three years driving meaningful revenue growth."
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, Software-as-a-Service and IoT markets. The Company's software solutions allow any organization to harness the power of a wirelessly connected world by delivering seamless connectivity and subscriber management capabilities that provides end-to-end control of millions of connected devices. Mobile Network Operator (MNO) customers include Vodafone, the world's second largest mobile operator by customer count, Zain, one of the largest mobile operators in the Middle East, as well as MVNO customers such as Lebara and Lowi. 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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SOURCE Pareteum Corporation