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Established retailer turns to Pareteum for combined cloud platform and connectivity solution for MVNO services
Pareteum delivers 90% savings in operating costs plus significant bundled offering control and branding flexibility to its customers
Increasing demand for Pareteum’s cloud services from global MVNO market expected to reach $73 B by 2020
NEW YORK, NEW YORK, September 12, 2017, TEUM – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing mobile Cloud Communications Platform company, today announced that it has been selected to provide its Global Mobility Cloud Platform and connectivity to an established mobile virtual network operator (MVNO), a retailer of IP telephony technology for mobile phones, phone cards, and internet service through hundreds of internet kiosks in airports, railway stations and shopping malls around the world.
Pareteum will supply its new customer with Managed Services and seamless connectivity solutions through its Global Mobility Cloud Platform. Providing full control of the entire IT system and network infrastructure through an easy to use cloud-based interface, Pareteum is saving the customer up to 90% in operating costs with significant bundled offering control and branding flexibility.
The customer, which has been selling services to hundreds of thousands of travelers per year for last 20 years throughout the USA, Europe, and South America, is now enabled by Pareteum to truly take control of its own customers’ experience, expand its reach, focus on customer acquisition, and launch new distribution centers. Through any one connection point, the tourism retailer can now expand its customers’ connectivity worldwide, enabling its customers to continue to subscribe and use their travel phone globally long after their initial trip has concluded.
“We are very pleased to have been chosen to work with this established veteran of the mobile consumer retail business with a presence in transportation hubs around the world where many subscribers originate,” said Vic Bozzo, CEO. “When fully ramped, we expect this new customer to be servicing hundreds of thousands of recurring subscribers a month, representing a low seven figure contract in its initial 3-year term that can easily grow into the mid-to-upper seven-digits upon auto-renewal in the following years.”
Hal Turner, Pareteum’s Executive Chairman, commented, “The implication of this contract is that we are very effectively executing our mobility cloud strategy for global connectivity. In this, the age of the connected and constantly moving customer, our core focus is to deliver what we believe is the world’s best enhanced, cost effective and highly differentiated mobility cloud platform, with unique messaging and security capabilities, to serve the needs of the growing global mobile, MVNO, Enterprise and IoT markets.”
“The frequency with which we are signing contracts of this size and duration is very encouraging. We are diversifying our customer base with companies that are positioned for high growth in their own segments, thus organically fueling our growth as their subscriber bases expand,” Turner added.
The global MVNO market is expected to reach $73 billion by 2020, according to Grand View Research, with global MVNO subscribers expected to exceed 300 million by 2020, at a CAGR of 10.7% from 2014 to 2020.
About Pareteum Corporation
The mission of Pareteum Corporation (NYSE American: TEUM) is to connect “every person and everything”. Organizations use Pareteum to energize their growth and profitability through cloud communication services and complete turnkey solutions featuring relevant content, applications, and connectivity worldwide. By harnessing the value of communications, Pareteum serves retail, enterprise and IoT customers. Pareteum currently has offices in New York, Sao Paulo, Madrid, Barcelona, Bahrain and the Netherlands. 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.