Pareteum Announces Expanded European MVNE Contract to Launch First Global MVNO Service
PR NewswireDecember 21, 2016
NEW YORK, Dec. 21, 2016 /PRNewswire/ -- Pareteum Corporation (NYSE MKT: TEUM) ("Pareteum," or the "Company"), a leading international provider of mobile networking software and services, today announced it has secured an expanded Global Cloud Platform services agreement with its largest European customer. The new contract, an extension of its existing MVNE relationship with Vodafone Enabler S.L.(VEE), will allow for the creation and launch of unique Mobile Virtual Network Operator (MVNO) service offerings backed by a Tier-1 network operator's global roaming services operation. These services, together with the first MVNO customer rollout, are expected during the first quarter of 2017.
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"With our enhanced, market-leading cloud-based global mobility platform, Pareteum is now unlocking tremendous new opportunities for operators looking to create new global MVNO revenue streams by eliminating the limitations of location," said Hal Turner, Pareteum's Executive Chairman. "Because Pareteum's mobility platform already powers our European customer's MVNO brands, we are now in the process of quickly launching these services together with the first MVNO customer. Through a combination of our leading-edge technology and strong industry relationships, we are now better positioned to benefit from the MVNO market estimated to be worth $89.25 billion by 2022, according to new research published by Global Market Insights, Inc."
The new MVNO service will take full advantage of existing carrier network and worldwide roaming agreements and will run on Pareteum's cloud based platform, allowing for prepaid and postpaid services outside of the MVNO's traditional operating geography. One of the greatest challenges facing MVNO's looking to create and deploy new services is that the physical and geographic boundaries of provisioning services outside of home country can be difficult and cost prohibitive. The new MVNO services platform supports a diversity of users including brands, enterprises, IoT devices and those on 4G networks, representing substantial new revenue generating opportunities for Pareteum. Services under the new agreement are already being provisioned and new subscriber additions are expected to begin in the first quarter of 2017. The expanded agreement also paves the way for additional brands looking to go global and benefit from Pareteum's extensive mobile services platform and the network reach of this tier one global carrier.
Luis Jimenez Tunon, Chief Executive of Vodafone Enabler added, "We have moved to the next logical step in our partnership with Pareteum. We started with a platform to enable our existing MVNO and Lowi.es businesses using their enablement platform and our positive experience has enabled us to now open our opportunities to other Vodafone properties and global roaming and to embrace our joint IP transformation. This natural expansion is a result of the focused effort by both teams to bring additional opportunities to the VEE platform throughout the Vodafone Group."
"We are excited to extend our relationship with our largest customer and to play a critical role in their ambitious global expansion plans," said Vic Bozzo CEO of Pareteum. "Today's agreement further demonstrates the momentum and traction we are seeing in the market, driven by our unique ability to enable our customers to extend their offerings and for the first time, empowering MVNO brands to break free of their geographical bounds."