Pareteum Achieves $100 Million in New Sales Agreements During March
PRNewswire
April 04, 2019 7:00am Comments
NEW YORK, April 4, 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), today announced that new contracts closed during the second half of March 2019 contributed in excess of $80 million to the company's expanding 36-month contractual revenue backlog (36MCRB).
Showcase contracts announced during the second half of March with a digital services provider based in the Middle East and Africa Region, and a digital currency-based connectivity provider in the US powered a record $100 million month for Pareteum in newly signed 36MCRB agreements.
Additional new contract wins from the second half of March include:
International customer loyalty connectivity services for one of Europe's largest banks and its Mobile Virtual Network Operator brand
Cloud communications platform and connectivity services for a new US Mobile Virtual Network Operator
Cloud communications platform for a European carrier services provider
IoT and consumer connectivity services for a European smart city hub
Cloud communications platform and connectivity for a provider of secure wallet and digital currency-based mobile services
Executive Chairman and Principal Executive Officer of Pareteum, Hal Turner, commented, "We have developed, built, and delivered software services for a wide range of customers and we are rapidly moving into new markets and territories with 'communications reimagined' services. This record performance, our very first $100 million new 36MCRB sales month, reflects the strong value customers derive as they continue to buy our services. All Pareteum TEUMATES have had a hand in the performance and I congratulate each of our colleagues."
Pareteum's Chief Revenue Officer, Rob Mumby, added, "We continue to win great new customers while positioning ourselves to become increasingly strategic to existing customers with our highly flexible cloud communications services."
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.
36-Month Contractual Revenue Backlog Definition:
36-Month Contractual Revenue Backlog (36MCRB), is a Non-GAAP financial measure. It is measured on a forward-looking 36-month snapshot view, monthly, and is generated by the Company's Communications Services Providers, Enterprises, and IoT customers who use communication as a service platform products and services from the company's portfolio. 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 (connections), in some cases including subscriber (connections) usage, during the term of the agreement, and, their resulting monthly recurring contractual revenue. There can be no assurances that we reach the total contract revenue backlog. Timing of revenue recognition may vary from actual results.
