Leading India-Based Travel SIM Reseller Selects Pareteum’s Global Mobility Cloud for MVNO Creation
Pareteum’s first direct customer in India
Statistica reports smartphone users in India estimated to reach 299.24 million in 2017
Contract adds 150,000 subscribers annually over 3 years and $3,000,000 additional backlog
NEW YORK, NEW YORK, October 30, 2017 - Pareteum Corporation (NYSE American: TEUM), (“Pareteum,” or the "Company"), the rapidly growing mobile Cloud Communications Platform company, today announced that it has been selected to help an established Indian SIM provider, for travelling subscribers, to create its own cross-border MVNO by offering platform services and connectivity. Servicing customers in the global Indian market with mobile, currency exchange, and travel insurance products, their retail stores throughout airports in Mumbai, Delhi, Hyderabad, Kochi, Bengaluru and several other cities will be fully enabled by Pareteum to provide cross border global SIM cards managed through the Pareteum Global Mobility Cloud Platform.
The contract is scheduled to add $3,000,000 to Pareteum’s revenue backlog over a 36 month period, with contract deployment planned in the first quarter of 2018. By using Pareteum’s Global Mobility Cloud Platform and connectivity, this customer, servicing the global Indian traveler, will be powered to focus on their customer acquisition initiatives and launch new distribution centers around the world. Currently selling hundreds of thousands of SIM cards per year, this customer will now be poised to take control of their customer experience. Whereas their customers have been using SIM cards for the duration of their global travels, they can now use them as primary or secondary connections forever, resulting in long term, recurring revenues.
“We are pleased to be chosen to help transform this well-known India-based reseller into a true MVNO and help them access and control new markets for their customers around the world. Once fully ramped, they will be servicing hundreds of thousands of recurring subscribers a month on Pareteum’s Global Mobility Cloud Platform,” commented Pareteum CEO Vic Bozzo.
“The need for a single pane of glass to control global mobile subscribers is creating increasing demand for Pareteum’s cloud-based solutions. Pareteum’s customer success platform, serving the needs of the constantly connected mobile customer, focuses on bringing innovative mobile networked services to anybody or any device, anywhere in the world on a single platform,” said Hal Turner, Pareteum’s Executive Chairman.
The global MVNO market is expected to reach $73.20 billion by 2020, according to Grand View Research.
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.
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.
Contractual Revenue Backlog Definition
Contractual revenue backlog is measured on a forward looking 36 month snapshot view monthly, and, is generated by each of the Company’s Managed Services, Global Mobility 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 recurring revenue.
|
