NEW YORK, April 9, 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)TM, today announced it launched seven new customers into production during March 2019.
This brings to 15 the total number of customers deployed into commercial service during the three months to March 31st, 2019.
The announcement caps a first quarter during which Pareteum grew its 36-month Contractual Revenue Backlog (36MCRB) of signed sales agreements to a new total of $938 million.
Strong growth in new sales transactions reflects the recent strategic acquisitions of Artilium and iPass. These acquisitions have deepened Pareteum's capabilities and created a rich seam of cross- and up-sell opportunities with existing customers, as well as significantly expanding the overall addressable market.
The seven new customers now harnessing Pareteum to power their commercial services include:
- A US service provider using the Pareteum cloud platform and network to provide mobility services, including the capability for provisioning multiple numbers, to consumer and enterprise markets
- A provider of mobility and security solutions for families, utilizing the API interface to Pareteum's cloud platform and network to deliver connectivity to customers buying their specialist devices in the US market
- A UK-based service provider using Pareteum's Mobile Virtual Network Operator platform to launch a social influencer-driven mobility offering
- A fast-growing US mobile virtual network operator using the API interface to the Pareteum platform to power highly flexible, no-contract connectivity services to the consumer market
- A provider of mobile engagement and sponsored data solutions to B2C brands and mobile operators which is using Pareteum's network to support global services
- A US mobile virtual network operator using Pareteum's cloud platform and network capabilities to deliver contract-free mobility services
- A UK-based mobile virtual network operator which is migrating its existing operation to the Pareteum cloud platform
Pareteum's Executive Chairman and Principal Executive Officer Hal Turner commented, "We have delivered a phenomenal first quarter, powering innovative new 'Communications Re-imagined' service launches from a wide array of customers. Our ability to help customers break into new markets fast, without the need for heavy investment in infrastructure, means we quickly become strategic partners, driving excellent opportunities for further up-sell."
Vic Bozzo, Chief Executive Officer at Pareteum added, "This past quarter has seen us build significant additional momentum for our 36-Month Contractual Revenue Backlog. As we move into the next quarter we will continue to drive hard on both execution and new sales."
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
+1 646 810 2182
European- Global IR
+1 416 837 0075
SOURCE Pareteum Corporation