Pareteum Notches US$5.5-million Contract

Pareteum (NYSEA:TEUM), a company engaged in global cloud software, announced on Tuesday (July 31) that it has landeda three year US$5.5 million contract from an e-commerce company based in the United Kingdom.

Pareteum will be assisting the e-commerce company’s growth by providing its flagship platform, Global Software Defined Cloud (GSDC), that has various features including an e-commerce software enablement solution. The platform further incorporates a provision for multiple products and multi-level commission structure for agents, sub-agents and retailers.

Pareteum said that the multi-tiers of reporting and commission rating would propel its clients into new demographic areas while enhancing services for its current customers.

“We share a common vision of connecting any device, any network, anywhere, and, we will arm all of those who stand with us, with the best software, applications, solutions and services in the industry. Pareteum will continue to deliver connectivity and solutions for all,” Hal Turner, Executive Chairman of Pareteum said in a release.

It has to be noted that Pareteum has notched several contracts in July alone totaling over US$30.5 million.

In particular, the contracts Pareteum obtained came from Singapore, North Africa, Asia Pacific and a US$3.5 million contract extension that was announced July 26 with an existing customer in Brazil.

The company said in the release that it recently introduced new features on its platform including the ability of flexible payment options and it now provides transactions processing for multiple currencies in a variety of countries.

“These new capabilities will facilitate the connection of thousands of subscribers every month on Pareteum’s Global Cloud Platform with interfaces and bundled connections from all over the world,” Vic Bozzo, CEO of Pareteum said in a release.

Following the announcement on Tuesday, Pareteum gained 0.84 percent and closed the trading at US$2.85. The company has a buy ranking on TradingView with 14 verticals in favor, 10 neutral and two against.

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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.