NEW YORK, April 27, 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 its Global Mobility Cloud Platform has been chosen by THYNGS Wireless, LLC as its Internet of Things ("IoT") management and connectivity platform under a new three-year agreement.
THYNGS Wireless, LLC, a newly launched multi-SIM based IoT solution for the Smart City future is launching with KAPTYN, a leading Smart Mobility company whose growing portfolio of technology contracts has taken them to four US cities including 90% of the Las Vegas taxi market, boasting over 60 million rides since inception and 2,000 cars in service at any given time. KAPTYN also holds presence in New York, becoming one of the first vendors approved for the NYC Taxi and Limousine Commission's Vehicle Safety Technology Pilot Program. Under terms of the three-year agreement, THYNGS will utilize Pareteum's Global Mobility Cloud Platform to provide wireless network connectivity and device data management in support of new and existing KAPTYN IoT deployments.
"THYNGS and KAPTYN share our vision of a connected world. Each day, millions of devices become vital sources of information that can help monitor and improve the efficient operations of our cities and the health and welfare of their citizens, and we are pleased to have been selected to support these visionary organizations as they deploy their IoT programs," said Hal Turner, Pareteum's Executive Chairman.
KAPTYN is led by Andrew Meyers, Co-founder and Chief Executive Officer, a seasoned veteran of the for-hire transportation sector who's strategic vision is to drive KAPTYN's growth and development by providing the Taxi industry the tools necessary to compete in the new digital demand-driven world.
"Connectivity and software is extremely applicable to the heart of the car. We're creating a foundation of codes that is adaptable to any specific need of the industry. Our software is designed to make a credible sync with the vehicle itself, which is able to exchange data with the insurance provider and manufacturer. Going forward the commercial sector needs to be able to build with the sync in the car itself and not third party devices, that's exactly what KAPTYN provides," added Andrew Meyers.
Sergio Fernandez de Cordova, investor & Co-founder of THYNGS and KAPTYN, commented, "The opportunity of IoT is vast as its benefits are becoming clearer to municipalities looking to modernize their infrastructure to connect all things to fleet operators such as taxis and buses where our technology is helping to improve safety and convenience. After our evaluation of available solutions in the marketplace, we chose Pareteum's Global Mobility Cloud because it allows us to uniquely leverage a single platform combining multi-location wireless connectivity with a robust subscriber management system which enables us to better support our growing network of devices today and into the future."
"Earlier this year we significantly upgraded the capabilities of our Global Mobility Cloud Platform, enabling support for advanced messaging functionality required by internet-enabled and connected devices such as IoT. Today's contract is further evidence that the industry is beginning to take notice of our new capabilities, something we are committed to building into a valuable new revenue stream for the Company," added Vic Bozzo, Chief Executive Officer of Pareteum.
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, SaaS and IoT markets. Mobile Network Operator (MNO) customers include Vodafone, the world's second largest mobile operator by customer count, Zain, the 4th largest mobile operator in the world in terms of geographical presence and other Tier 1 operators, MVNO customers such as Lebara and Lowi, and partners including Cleartech and Expeto. For more information please visit: www.pareteum.com.
About THYNGS Wireless
THYNGS Wireless, LLC provides comprehensive, innovative, smart, secure and reliable, multi-SIM based IoT solutions to cities throughout the world and specific industry segments such as energy, automotive, industrial, hospitality, healthcare, retail, entertainment and financial services. Today, THYNGS' portfolio of clients/partners are enabling municipalities, smart city and fleet operators, providing safer services for employees and customers in addition to more secure and cost effective transactions for all operators in the IoT vertical with a SIM based connectivity solution. For more information please visit: www.thyngswireless.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