Pareteum Acquires Mobile Engagement Solutions Provider Devicescape
Acquisition enhances Pareteum Cloud Platform and Smart Network with targeted location capabilities
NEW YORK, May 8, 2019 /PRNewswire/ -- Pareteum Corporation (Nasdaq: TEUM), a rapidly growing global cloud software communications platform company with a mission to connect every person and every(thing)TM, today announced it has acquired Devicescape, the San Francisco-based mobile location and engagement solutions provider.
The acquisition equips Pareteum customers, including IoT and communications service providers, B2C brands, and smartphone application developers, to engage and connect end users and devices at countless public places across the world.
The Devicescape software solution triggers presence alerts when devices enter venues, allowing Pareteum customers to deliver location-specific mobile engagements such as in-application advertising, coupons, or reminders. It also enables the collection of unique and highly valuable first-party location data.
These location-targeted end user experiences are powered by Devicescape's Curated Virtual Network (CVN), a software-based aggregation of pre-existing Wi-Fi access points situated in millions of places worldwide.
The patented CVN software adds beacon functionality without the need for new infrastructure by automatically tagging each access point with rich contextual data, including geographic location, venue type, venue name, and performance quality.
Additionally, the software crowd-sources the discovery of new access points and venues. This adds a unique and continuously expanding layer of location intelligence to the Pareteum Cloud Platform and Smart Network.
The acquisition strengthens Pareteum's intellectual property portfolio considerably, with the addition of 33 patents globally, and adds key engineering and executive talent, including Devicescape CEO Dave Fraser, and CTO John Gordon.
Hal Turner, Executive Chairman and Principal Executive Officer at Pareteum commented, "This latest acquisition adds another dimension to the experiences Pareteum is able to power for our communication service providers, Smart City, and IoT customers through our Super API. Location awareness is set to become fundamental to mobility services and Devicescape is an excellent fit with our cloud software-based, infrastructure-free model for the provision of compelling connected experiences. I am delighted to welcome Dave and his staff to the TEUM."
"I am excited that Devicescape has become part of Pareteum, not least because of our shared ambition to provide customers with everything they need to create connected services which will change the way people experience and interact with their world," said Dave Fraser, CEO at Devicescape. "I look forward to working with Hal and the TEUM to make this vision a reality."
"The acquisition of Devicescape will be fully accretive from day one," said Pareteum President Denis McCarthy, who is leading the acquisition process. "It enhances our engineering capability as we continue to accelerate customers into production, and it promises to drive yet more of the innovation which keeps customers buying from us."
About Pareteum Corporation:
Millions of people and devices are connected around the world using Pareteum's Global Cloud Communications Platform, enhancing their mobile experience. Pareteum unleashes the power of applications and mobile services, bringing secure, ubiquitous, scalable, and seamlessly available voice, video, SMS/text messaging, and data, media and content enablement to our customers, making worldwide communications services easily and economically accessible to everyone. By harnessing the value of our cloud communications platform, Pareteum serves enterprises, communications service providers, early stage innovators, developers, IoT, and telecommunications infrastructure providers. Pareteum envisions a new mobile communications experience imagining what will be, and delivering now. Pareteum currently has offices in North America, South America, Spain, Bahrain, Singapore, Indonesia, Germany, Belgium, United Kingdom, Russia, and the Netherlands. For more information please visit: www.pareteum.com.
About Devicescape:
Devicescape uses the world's largest Wi-Fi beacon network to deliver the power of high-accuracy consumer presence detection to app and SDK publishers. With independent reach into millions of places of interest, Devicescape presence awareness creates monetization and value-add opportunities at every end user visit. Whether for data gathering, attribution, high-performance in-venue location advertising, or automatic connectivity, Devicescape delivers the power of presence everywhere it counts.
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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Rayleigh Capital
European- Global IR
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SOURCE Pareteum Corporation
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