Pareteum Awarded $3.5 Million Agreement by British Multinational Conglomerate
3-Year Contract Provides Branded Group Mobility Services
NEW YORK, Aug. 14, 2018 /PRNewswire/ -- Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing Global Cloud Software company, delivering award winning mobile enablement solutions, announced today that a British multinational conglomerate group company based in London, United Kingdom (UK), has selected Pareteum's Global Software Defined Cloud (GSDC) in a 3-year $3.5 Million Agreement to offer mobile and wireless connectivity services to their retail customer base, expanding services across the UK. The group owns the UK's second largest wholesaler serving 125,000 independent retailers from 64 warehouses nationwide, and additional businesses in the UK and other geographies.
Pareteum's GSDC enables our new British multinational customer to operate from an integrated software platform and to offer services to its full group of companies for Cloud Enabled Mobility services. Under the terms of the contract, service deployment is expected by the end of September 2018, and, 2018 revenue contribution from this agreement is expected at approximately $125,000. The balance of the backlog is expected to be recognized over the ensuing 33 months from January 1, 2019, and, may exceed the backlog balance on this one contract based upon more connections (subscribers) being activated, and more variable data usage consumption.
Vic Bozzo, Chief Executive Officer of Pareteum, stated, "Our market-leading technology will continue to attract more customers, as Pareteum's single source GSDC unlocks immediate revenue opportunity for businesses. We are driving hard to grow our customer base and market share, as we innovate and integrate the latest technology the market has to offer into our platform."
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, commented, "We are very pleased to add this substantial UK based multinational group company to our growing roster of customers. This selection of Pareteum by a company that generates approximately $4 billion in revenue across a wide range of business sectors and geographies, reinforces that we are rapidly becoming a partner of choice because of the power of our Global Software Defined Cloud and our high-end software, offered as a superAPI. With the ability to deliver cutting-edge services, our strategies are expected to enable and accelerate the world's shift to an open mobility and application network."
About Pareteum Corporation:
Pareteum Corporation (NYSE American: TEUM) is a rapidly growing Global Software Defined Cloud company with a mission to connect "every person and everything." Organizations use Pareteum to energize their growth and profitability through our Global Software Defined Cloud and complete turnkey solutions featuring relevant content, applications, and connectivity worldwide. Our Cloud platform services partners (technologies integrated into our cloud) include: HPE, IBM, Ribbon Communications (Sonus+GenBand), NetNumber, Oracle, Microsoft, and other world class technology providers. All of the relevant customer acquired value is derived from Pareteum's leading Global Software Defined Cloud, delivering award-winning mobile enablement, regardless of the user's location or network. 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.
Pareteum Investor Relations Contacts:
Ted O'Donnell
Chief Financial Officer
(212) 984-1096
[email protected]
Stephen Hart
Hayden IR
(917) 658-7878
Carrie Howes
Rayleigh Capital
Dubai- London
T UAE: +971 (0) 55 997 0427 | T UK: +44 (0) 870 490 5443 | T CAN: +1 416 900 3634
SOURCE Pareteum Corporation
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