Pareteum Awarded $1.5 Million Connected Home and Office Project in United Kingdom
NEW YORK, Feb. 14, 2018 /PRNewswire/ — Pareteum Corporation (NYSE American: TEUM),(“Pareteum” or the “Company”), the rapidly growing Cloud Communications Platform company, today announced that it is has been awarded a 3-year contract to provide its Global Cloud Platform for a Connected Home and Office Project in the United Kingdom.
Once fully ramped it will pass through 250,000 homes and offices and the contract will add $1.5 million to the 36-month contractual revenue backlog. Additional revenue opportunities exist with connections for data to the established provider of smart home and office automation systems.
Pareteum enables this brand service provider to integrate the Global Cloud Platform to their Smart Control Hubs. For the first time this Internet of Things (IoT) provider can manage and meter its customers’ connectivity with granularity. Under the terms of the agreement, Pareteum will be paid monthly for every subscriber that runs on the platform and any additional applicable transaction fees. The client currently serves tens of thousands of customers with a combination of existing customers and new customers being migrated to the Pareteum Cloud.
Vic Bozzo, CEO of Pareteum commented, “The market is expanding for IoT and the most important aspect for the service providers is to be able to offer the service plans the customers want and let the market drive the requirement as opposed to that being driven by the limitations of the network billing systems. We are proud of our sales team for this latest win and we see the IoT and smart metering market as a robust growth area for us moving forward.”
According to a Transparency Market Research, the global market for home automation is expected to witness an outstanding 26.3% CAGR from 2014 to 2020. The market has been projected to rise from a valuation of $4.41 billion in 2013 to $21.6 billion by the end of 2020.
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum stated, “We are witnessing the expansion of ‘all connected things’ and the growing needs for monitoring and alerts, especially in homes and businesses. Data is the key to all value in the future. The way we leverage Machine Learning to drive insights from this data will change the way the providers we service think, act, approach and engage their customers. Predictive analytics drives better service bundles that are individually engineered. Pareteum is emerging as the partner of choice in the market for these comprehensive solutions.”
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. Our platform services partners (technologies integrated into our Cloud) include: HPE, IBM, Sonus, Oracle, Microsoft, and other world class technology providers. All of the relevant customer acquired value is derived from Pareteum’s award winning software, developed and enhanced for many years. 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.
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.
Pareteum Investor Relations Contacts:
Chief Financial Officer
View original content with multimedia:http://www.prnewswire.com/news-releases/pareteum-awarded-15-million-connected-home-and-office-project-in-united-kingdom-300598504.html
SOURCE Pareteum Corporation