– Marks the latest contract in Pareteum’s $100,000,000 backlog to begin converting into earned revenues
– Pareteum receives recurring monthly fees for each subscriber on its platform, and transactional revenue each time an app developed on the API platform is monetized
NEW YORK, NY / ACCESSWIRE / October 25, 2017 /TEUM, – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing mobile Cloud Communications Platform company, today announced that it has begun live service with its Global Mobility Cloud for a new customer, a west coast-based enterprise application programming interface (API)-based CPaaS (Communications Platform as a Service) provider to power mobility, voice, messaging, infrastructure and Internet of Things (IoT). The 3-year contract for services was announced on September 6, 2017.
Pareteum’s Global Mobility Cloud Platform is enabling this new customer to seamlessly provide mobile connectivity to its unified communication service and developer API which serves a wide range of sectors including banking, social media, call centers, consumer facing applications and APP store products. Pareteum is receiving recurring monthly fees for each subscriber on its platform, as well as transactional revenue each time an application (app) developed on the customer’s API platform exchanges content using mobile connectivity to complete communication or monetize any transaction.
“We are pleased to be able to rapidly deploy and begin service to these APIs through our Global Mobility Cloud to help our customer deliver bundled connectivity and mobility to their enterprise developer community,” stated Vic Bozzo Pareteum’s CEO. “We are delighted to be on a pathway to recognizing revenue so quickly.”
“The successful development, use, and management of APIs is central to IoT developers seeking to unlock monetization of enterprise applications. Our Global Mobility Cloud is a unified platform that provides connectivity at the speed these type of suppliers need. The growth of the global telecom API market from $66 billion in 2016 to an estimated $219 billion by 2022, will largely be driven by an estimated 37 billion IoT devices in the world by 2020. Pareteum is powering this move to connect all things,” said Hal Turner, Executive Chairman of Pareteum.
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.