Pareteum Corp (NYSEAMERICAN:TEUM) has announced that it managed to secure a 3-year deal to provide its customer-branded services to a UK-based company.
The new deal will allow the company to provide its customer-branded services to the UK-based firm which provides numerous services including credit card, mobile, Telecoms, and Interactive Voice Response (IVR). The new three-year contract facilitates the provision of customer-branded services designed for social media application service provider. The new contract also adds $1 million to Pareteum’s contractual revenue which had a backlog of $147 million as of the end of 2017.
The new social media application for mobile platforms will allow two user-based profiles to be paired so as to take advantage of subscriber enrollment and proprietary database. Subscribers will be able to invite their friends to connect via the text or talk button which prompts up a request to connect.
A phone number is generated when the invite is accepted and this will help each of the two parties to reach each other. Pareteum will be the provider of the features that will enable such connections. The platform is seen as a method of speeding up the product capabilities while making sure that the quality requirements of the end-user are met.
“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,” stated Vic Bozzo, the CEO of Pareteum.
Mr. Bozzo also added that the company is experience demand for connectivity from more and more companies especially those that are API-driven. He also revealed that the services offered by his company represent a growing market from which the company expects to benefit a lot, especially in the future.
Hal Turner, the Principal Executive Chairman at Pareteum stated that the new technologies from Silicon Valley, such as Blockchain and AI are creating a need for a single pane of glass for subscriber branding, settlement, analytics, control, and management. Pareteum is adapting to move in that direction so that it will be able to cater to the needs of the customers.
Pareteum stock closed the latest trading session on Monday at $2.66 after a 6.01 percent drop from the previous close.