Pareteum Initiates Services for 11 Customers
Adds New Connections and Revenue
NEW YORK, Oct. 30, 2018 /PRNewswire/ -- Pareteum Corporation (Nasdaq: TEUM), a cloud software platform company, today announced that 11 previously-awarded contracts in its 36-Month Contractually Committed Revenue (36MCCR) went live from June to September 2018. These contracts, with a conversion rate of 100%, contributed to Pareteum's expected $8 million in revenues and 2.9 million connections for the third quarter 2018.
Pareteum has initiated services for 11 customers:
June 2018
- Global Connect, a communication services internet of things company
- Mobile Virtual Network Operator of prepaid communications plans
July 2018
- Asia full-service provider of enterprise and consumer telecommunication services
- National Mobile Virtual Network Operator
- India-Based Mobile Virtual Network Operator
- Singapore-Based Mobile Solutions Company
- North-African based MVNE provider
August 2018
September 2018
- Wing Tel Communications Inc., US mobile virtual network operator & provider
- Secure Watch, home security network company
Pareteum's Chief Technology Officer Ali Davachi and Chief Revenue Officer Rob Mumby agree: "Pareteum aims to enable as many people to globally connect with open applications and mobility networking as possible; this brings form and function to the company's mission of using any device, no matter where they are in the world. The best way to achieve this is to sign on new customers and let Pareteum's technology take over to serve their needs," said Davachi; Mumby emphasized, "This announcement of Pareteum's new services rollout means we are achieving our sales mission and bringing value to the people and institutions that have invested in us. We recently announced $500 million in 36-month contractually committed revenue, and today's news confirms we are converting to revenue and connecting more companies and people, as scheduled and planned."
About Pareteum Corporation:
Pareteum Corporation (Nasdaq: 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, Singapore, and the Netherlands. For more information please visit: www.pareteum.com.
36-Month Contractually Committed Revenue (36MCCR)
Formerly termed 36-Month Contractual Revenue Backlog (36MCRB), Pareteum has renamed 36MCRB to 36-Month Contractually Committed Revenue (36MCCR).This is a Non-GAAP measure on a forward looking 36-month snapshot view monthly, and, is generated by each of Pareteum's Managed Services, Global Software Defined 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 contractual revenue. There can be no assurances that we reach the total contractually committed revenue backlog. Revenue recognition is impacted by customer conditions and GAAP SaaS 606 rules, and may have timing variances.
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
+1 212 984 1096
[email protected]
Stephen Hart
Hayden IR
+1 917 658 7878
Carrie Howes
Rayleigh Capital
European- Global IR
+1 416 837 0075
SOURCE Pareteum Corporation
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