Pareteum Expands Into African Market Adding $12,000,000 to its Revenue Backlog with Mobile Virtual Network Enabler Agreement
· On-boarding of subscribers expected to commence in Q2 2018
· Over 750,000 subscribers scheduled for retail mobile services
NEW YORK, NEW YORK, October 23, 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 telecommunications company in Sub-Saharan Africa to provide Pareteum’s Managed Services Platform. During the first 3 years of the contract, Pareteum is scheduled to generate approximately $12,000,000 in revenue from this agreement. The Company anticipates the annual value of the contract to increase, and at a faster rate, in its 4th and 5th years, as customer enrollment accelerates, adding more monthly recurring revenues.
Pareteum’s Managed Services Platform will enable this African telco to provide wireless services to existing and new Mobile Virtual Network Operators (MVNOs) in its geographic market, serving the needs of consumer mobile, Internet of Things (IoT), and wireless broadband services in the region. The initial on-boarding of subscribers is expected to commence in the second quarter of 2018.
“We are aggressively pursuing new geographic markets, particularly those in which wireless leapfrogs traditional systems including landline phone connections, as is the case in Africa. Sub-Saharan Africa is the second-largest mobile technology market after Asia and the fastest growing one, with the GSMA forecasting the region's mobile users will reach 346 million by 2017. With this one contract, we expect to capture 750,000 subscribers, establishing a foothold in a market that offers us enormous expansion opportunities,” said Hal Turner, Executive Chairman of Pareteum.
Vic Bozzo, Chief Executive Officer of Pareteum, added, “We continue to expand our global footprint, as our recent successes in other markets including Europe, the Middle East, and South America serve as customer success examples for prospective partners and customers in new markets. By creating and serving cloud-based mobile solutions at the speed of need, Pareteum is able to enter into long-term, high-margin. recurring revenue contracts with visionary players in the telco space. These are the players who look to work with Pareteum to offer their customers mobile connectivity to access information, communications in all forms, IoT, and entertainment, anytime and anywhere.”
About Pareteum Corporation
The mission of Pareteum Corporation (NYSE American: TEUM) is to connect “every person and everything”. Organizations use Pareteum to energize their growth and profitability through cloud communication services and complete turnkey solutions featuring relevant content, applications, and connectivity worldwide. 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. |
