According to a recent announcement, Pareteum Corporation, a mobile Cloud Communications Platform company, has secured a three year contract with a European global provider of IoT security to network providers and Electronic Sims embedded directly in IoT devices.
The new contract reportedly will extend the reach of this communication services provider by enabling the use of Pareteum's Global Mobility Cloud for "Connections" to its IoT devices. Pareteum will receive recurring platform fees and transactional usage fees for each device that is connected. The devices cover a spectrum of uses, including home automation systems, security and alarm systems, intelligent logistics systems, climate and atmosphere control monitoring, as well as smart health monitoring devices.
Vic Bozzo, CEO of Pareteum said, "This $4 million contract caps off a strong sales performance this month and continues to establish Pareteum as a thought leader in mobility and communications platform as a service (CPaaS). We are excited about the opportunity to provide connections for hundreds of thousands of devices under this contract."
In conjunction with the recently announced China-focused MVNO ($1 million) and the major Eastern European Smart City ($8 million), Pareteum has added over $13 million to its 36-month contractual revenue backlog in December.
"The big deal in December, foreshadowed during our Q3 earnings call, ended up as three transactions, each of which demonstrates the value seen by our customers in our solutions, which is why they continue to increase services orders with us,” said Hal Turner, Executive Chairman and Principal Executive Officer, Pareteum. “Most importantly, we segue from a highly successful 2017 into 2018, expected to be a year of increasing growth, knowing that we are recognized within our industry and markets for services innovation. We have sold solutions that take us, through our cloud services, into Smart Cities and cryptocurrency secure payment transactions capabilities. Additionally, our sold solutions bring us into facets of Artificial Intelligence, with the machine learning capabilities of the predictive analytics applied to the massive volumes of data we are handling. The shear volumes of data will geometrically accelerate, creating a spiraling viral impact, as more and more connections are added to our cloud. Pareteum has the comfort of knowing the highly scalable nature of its software and how it is optimized for just these opportunities. Finally, we conclude our 2017 sales campaigns with the firm knowledge that it is our mobility cloud and its ability to drive connections, without the requirement of heavy infrastructure and capital expenditures, that attracts the communications services providers and application developers to our growing applications exchange and developers model. It is this full suite of services developed and developing in 2017 that have us looking forward to a successful 2018."
Ken Briodagh is a writer and editor with more than a decade of experience under his belt. He is in love with technology and if he had his druthers would beta test everything from shoe phones to flying cars.Edited by
Ken Briodagh
