Pareteum Wins Seven-Year Contract

Pareteum, a provider of mobile networking software and services, said it has won a seven-year services contract from an unnamed Brazilian financial services and marketing company. Under the software services agreement the customer plans to host a number of communications service providers and enterprise business customers that will enable companies to provide mobile wireless services creating new brands and applications. These operators also plan to host Internet of Things, a network of connected devices, services on Pareteum’s platform.

The new agreement includes paid in advance service establishment fees and guaranteed recurring monthly service revenues with a minimum total contract value of approximately $2 million, Pareteum said. The customer-supplied business forecasts project a minimum of 3 million subscribers and supported connected devices within a three-year period and generating revenue in the 8-figures range. It will begin to accept subscribers under the pact in Q4.

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