NEW YORK, Dec. 20, 2017 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing mobile Cloud Communications Platform company, today announced that it has secured a three year contract with a European global provider of IoT security to network providers and Electronic Sims embedded directly in IoT devices.
The new contract will extend the reach of this communication services provider by enabling the use of Pareteum's Global Mobility Cloud for "Connections" to their IoT devices. Pareteum will receive recurring platform fees and transactional usage fees for each device that is connected. The devices cover a spectrum of uses, including home automation systems, security and alarm systems, intelligent logistics systems, climate and atmosphere control monitoring, as well as smart health monitoring devices.
In conjunction with the recently announced China-focused MVNO ($1 million) and the major Eastern European Smart City ($8 million), Pareteum has added over $13 million to its 36-month contractual revenue backlog in December alone.
Vic Bozzo, CEO of Pareteum stated, "This $4 million contract caps off a strong sales performance this month and continues to establish Pareteum as a thought leader in mobility and communications platform as a service (CPaaS). We are excited about the opportunity to provide connections for hundreds of thousands of devices under this contract."
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, added, "The big deal in December, foreshadowed during our Q3 earnings call, ended up as three transactions, each of which demonstrates the value seen by our customers in our solutions, which is why they continue to increase services orders with us. Most importantly, we segue from a highly successful 2017 into 2018, expected to be a year of increasing growth, knowing that we are recognized within our industry and markets for services innovation. We have sold solutions that take us, through our cloud services, into Smart Cities and cryptocurrency secure payment transactions capabilities. Additionally, our sold solutions bring us into facets of Artificial Intelligence, with the machine learning capabilities of the predictive analytics applied to the massive volumes of data we are handling. The shear volumes of data will geometrically accelerate, creating a spiraling viral impact, as more and more connections are added to our cloud. Pareteum has the comfort of knowing the highly scalable nature of its software and how it is optimized for just these opportunities. Finally, we conclude our 2017 sales campaigns with the firm knowledge that it is our mobility cloud and its ability to drive connections, without the requirement of heavy infrastructure and capital expenditures, that attracts the communications services providers and application developers to our growing applications exchange and developers model. It is this full suite of services developed and developing in 2017 that have us looking forward to a successful 2018."
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.
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. There can be no assurances that we reach the total revenue backlog. The revenue backlog assumes timing of revenue recognition that may vary from actual results.