Pareteum Enters Eastern European Market with Mobile Virtual Network Enabler Agreement Adding $24,000,000 to Revenue Backlog - Over 2 million subscribers scheduled for retail mobile services and IoT smart cities
- On-boarding of subscribers to commence in Q2 2018
NEW YORK, NY / ACCESSWIRE / September 26, 2017 / Pareteum Corporation (NYSE American: TEUM), (''Pareteum'' or the ''Company''), the rapidly growing mobile Cloud Communications Platform company, today announced that it has signed a 5-year agreement with a leading Eastern European telecommunications company with broad holdings in the telecommunications, broadcasting, real estate and industrial markets, to provide the Pareteum Managed Services Platform.
Pareteum's Managed Services Platform will enable this Eastern European telco to provide wireless services to existing and new Mobile Virtual Network Operators (MVNOs) in its geographic market, serving the needs of consumer mobile, enterprises and Internet of Things (IoT) devices to enable the move to a wirelessly connected smart city in the region. The initial on-boarding of subscribers is expected to commence at the beginning of second quarter 2018.
''With this, our latest international contract, we are significantly expanding our global footprint and our subscriber opportunity with more than 2,000,000 subscribers. While the first three years of the contract are scheduled to generate approximately $24,000,000 in revenues for Pareteum, we anticipate the five year value of the contract to more than double this amount, as customer enrollment accelerates, adding more monthly recurring revenues. Moreover, in this agreement, we are participating both in our traditional revenue through our Managed Services Platform, and also sharing in network services revenue,'' stated Vic Bozzo, Chief Executive Officer of Pareteum.
''Eastern Europe is accelerating its transition to digital communications applications and services for consumers and enterprises. This newly signed agreement reflects our opportunity to partner with well established, experienced groups that have strong regional market access. Pareteum's Managed Services, Global Mobility Cloud Services, and Application Exchange and Developer's Platform fills the immediate market need. These new economies in Eastern Europe parallel projects we are seeing in other parts of the world including large investments in wireless infrastructure, IoT for smart cities, and more data applications for consumer services. This new mobile connectivity drives access to information, communication in all forms, and entertainment in our lives, anytime and anywhere,'' said Hal Turner, Executive Chairman of Pareteum. ''We have a long track record of operating success with similar agreements in Spain, where we provide a range of critical and highly demanded retail wireless services. We have also executed a similar agreement for Brazil, a market we recently entered through a new contract signed in May.''