Pareteum Wins Global IoT Contract for its Cloud Services

Cloud communications platform company Pareteum Corporation has announced a new three-year contract with a global IoT security provider. The unnamed provider offers security services to network providers and electronic sims embedded into IoT devices. The new contract means they will be using Pareteum’s Global Mobility Cloud for connections to IoT devices. In return, Pareteum will receive recurring platform fees and per transaction fees for each connected device. The devices will range from home automation, security and alarm systems to intelligent logistic systems, smart health monitoring devices and climate and atmosphere control.

Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, said, “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.”

“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.”

In addition to the new deal, the company has recently announced a $1 million Chinese MVNO, and an $8 million Eastern European smart city deal.