Social Media Provider Enables Smartphone Services with Pareteum's Global Cloud
(4 months ago)
NEW YORK: Pareteum Corporation (NYSE American: TEUM), ("Pareteum" or the "Company"), the rapidly growing Cloud Communications Platform company, today announced it has been awarded a three-year agreement to provide customer-branded services for a social media application service provider.
This new award adds $1,000,000 million in incremental revenue to the 36 Month Contractual Revenue Backlog of $147,000,000, as of December 31, 2017.
Pareteum's newest customer is a UK-based company with a long history of providing Interactive Voice Response (IVR), Telecoms, Mobile, and Credit Card Services. This new mobile social media application will facilitate the pairing of two user-based profiles utilizing proprietary database and subscriber enrollment. These subscribers may simply invite someone to connect using either a talk or text button, which then generates a request to connect. If the request is accepted, a phone number will be generated that either party can use to reach the other. Pareteum is the enabler and provider of the capabilities for this connection. Pareteum's platform is seen as a way to accelerate product capabilities while meeting end-user quality requirements.
"Pareteum's unique mobile-integrated technology enables us to work with mobile operators to offer the market high-quality services simply, quickly and at a fair price. The contract will result in millions of new Connections from online subscribers on top of the pure mobile telephone subscribers we service. We are now seeing more and more of the API driven companies, of similar size and magnitude, that require connectivity. This is a large and growing addressable market that we expect to yield multiple wins, just as we have announced today," stated Pareteum CEO, Vic Bozzo.
"The technologies coming out of Silicon Valley today from Artificial Intelligence (AI) to Machine Learning (ML), Blockchain and Social Media are creating a requirement for a single pane of glass for management, control, analytics, settlement and subscriber branding. Social Media companies are also beginning to embrace cryptocurrency as a new form of monetization beyond advertising. This is where we are focusing our development efforts in 2018. The results are clear and the demand for our product set is growing," stated Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum.