Pareteum Corporation (NASDAQ: TEUM) is a global cloud software communications platform company. Shares jumped 16.93% on Friday, February 15, 2019. Over the past three months, Pareteum has seen an average daily volume of 1.09 million shares. However, on Friday, 7,799,101 shares traded hands, equating to $29.09 million in dollar volume.
Shares surged Friday after Pareteum announced that it closed twelve customer agreements in January 2019 including both new customers and upselling existing customers. Pareteum will offer connectivity and mobile services as well as integrated solutions for its clients. Rob Mumby, Chief Revenue Officer of Pareteum, commented, “With the addition of these new agreements, we’re confident we will continue accelerating our growth as the market’s first choice for cloud software communications solutions, expanding our ever-growing reach, empowering businesses worldwide.” Here is the full press release detailing the twelve agreements closed by Pareteum in January 2019:
Pareteum Corporation Press Release:
NEW YORK, Feb. 15, 2019 /PRNewswire/ — Pareteum Corporation (TEUM), a rapidly growing global cloud software communications platform company with a mission to connect “every person and every(thing)”, today announced that it closed twelve agreements in January including new customers as well as upselling to our existing customers.
These twelve new customer agreements signed in January 2019 include the following applications, solutions, and use cases:
- Integrated solutions for US based company offering enterprise and consumer mobile services
- Connectivity and mobile services for US based communications company upselling existing virtual Private Branch Exchange (PBX) customers a solution for mobile in Business to Business (B2B) sector
- Integrated Solutions for US based communications provider adding Mobile Virtual Network Operator (MVNO) services to their existing consumer and enterprise subscribers
- Integrated Solutions for a US based Mobile Virtual Network Operator (MVNO) using our Application Programming Interfaces (APIs) to expand their connectivity and mobile feature set
- US based Enterprise service provider adding Mobile Virtual Network Operator (MVNO) services to their existing customers
“Pareteum is experiencing great success with developers and enterprises for our cloud software solutions,” said Rob Mumby Chief Revenue Officer. “With the addition of these new agreements, we’re confident we will continue accelerating our growth as the market’s first choice for cloud software communications solutions, expanding our ever growing reach, empowering businesses worldwide.”
Pareteum Executive Chairman and Principal Executive Officer Hal Turner commented, “We love our customers, whether they are simply buying more from us or are new customer relationships deriving value from the significant savings and new revenues we help them generate. These new January agreements reinforce how easy it is to do business with TEUM and is yet another step in our mission to connect every person and “every(thing)” through open mobility and applications everywhere.”
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 services 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.
Contractual Revenue Backlog Definition:
Contractual Revenue Backlog, or just Backlog, a Non-GAAP measure is measured on a forward looking 36-month snapshot view monthly, and, is generated by each of the Company’s Managed Services, Global Software Defined 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 contractual revenue. There can be no assurances that we reach the total contract revenue backlog. Timing of revenue recognition may vary from actual results.
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.
Article By: Andrew Rego