Total 36-month revenue backlog now stands at $114,000,000+ and growing
NEW YORK, NEW YORK, TEUM, – Pareteum Corporation (NYSE American: TEUM), (“Pareteum” or the “Company”), the rapidly growing mobile Cloud Communications Platform company, today announced that during the month of October the Company signed contracts scheduled to add $20,500,000 to its 36-month contracted revenue backlog. These revenues are planned for accounting recognition, following SaaS accounting guidelines and mark a 22% increase over the $94,000,000 revenue backlog announced on September 27, 2017
Contracts that meaningfully contributed to the accelerating growth of the Pareteum’s revenue backlog in the last 30 days include:
- $12,000,000 contract with a leading telecommunications company in Sub-Saharan Africa to enable Mobile Virtual Network Operator (MVNO) and Internet of Things (IoT) connectivity, announced October 23, 2017
- $2,000,000 contract with an established U.S.-based competitive local exchange carrier (CLEC) for global connectivity to serve the enterprise market, announced October 26, 2017
- $3,000,000 contract with one of the world’s largest Communications Platform as a Service (CPaaS) companies for expansion into Latin America, announced October 27, 2017
- $3,000,000 contract with leading India-based travel SIM reseller, announced October 30, 2017
“Pareteum’s performance is highlighted by the growth of our 36-month contracted revenue backlog, currently standing at over $114,000,000, and which represents a compound annual growth rate (CAGR), measured from the end of 2016’s fourth quarter through October 2017 of 393%! I am very pleased with this performance by Pareteum because it reflects the value delivered to the communications service providers, enterprise, and IoT customers, worldwide by our innovative mobile networked solutions delivered from our Managed Services, Global Mobility Cloud, and IoT – Application Exchange + Developer’s platforms. Our vision is to enable and secure communications, transactions and applications for the connected world via our globally deployed cloud services. This vision is underwritten by our mission: Any Device, Anywhere. We expect to continue to translate both our vision and mission into clear and valuable solutions for our customers, enabling them to capture more market share and compete on their terms. We expect these achievements to continue the growth and march to profitability for our shareholders. We are a mission driven business and our mission is to win in the marketplace,” said Hal Turner, Pareteum’s Founder, Principal Executive Officer, and Board Chairman. Turner added, “With my Pareteum Co-Founder, Vic Bozzo, Pareteum’s CEO, we have assembled the team that has driven these results and we expect to accelerate our performance in the coming months.”
Vic Bozzo, Pareteum’s Co-Founder and CEO, added, “Across geographies the fastest growing application markets, including IoT, application programming interfaces (APIs), and platforms, Pareteum enables mobile virtual networks. These contracts, signed over the last 30 days underscore Pareteum’s short and long term potential as one of the fastest growing cloud communications companies in the world. It is for this reason that we have added approximately $85 million to the 36-month contracted revenue backlog since October of 2016. I join Hal in calling out the performance of our TEUM and especially the future it represents for our continued growth.”
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.