Pareteum Corp rises after it scores sales deal with Citrix Systems

Pareteum Corp (NASDAQ:TEUM) stock shot up Wednesday after the cloud software company announced a new sales agreement with Citrix Systems Inc (NASDAQ:CTXS).

Investors sent shares in the New York cloud communications platform company up nearly 4% to $5.26.

The agreement will see Citrix migrate employees to a cloud-based deployment of Pareteum’s iPass SmartConnect solution, which has been fully integrated with Citrix’s single sign-on solution to provide users with higher security. A phased rollout is currently underway.

READ: Pareteum Corp soars after 4Q earnings beat Street on strong revenue

Using the Pareteum solution on company issued and Bring Your Own Devices (BYOD), Citrix’s mobile employees will be able to securely connect to millions of Wi-Fi hotspots globally, automatically transitioning back to cellular when Wi-Fi is not available.

“Our move to a cloud-based deployment of Pareteum’s iPass SmartConnect aligns perfectly with our overall cloud strategy. With a growing mobile workforce, we needed a way to keep our remote workers cost-effectively connected, while ensuring our data is secure at all times,” said Shawn Genoway, senior director of IT at Citrix.

By integrating the Pareteum offering with its existing single sign-on solution (Okta), Citrix will be able to manage access controls so that employees will only need to sign in once to get connected to Wi-Fi across the globe.

Pareteum did not disclose the size of the deal, but senior company executive Christine Braelow, described it as a “significant sales transaction.”

The rapidly growing New York cloud communications platform company expects 2019 revenue of $105 million to $115 million.

Pareteum provides Software-as-a-Service (SaaS) and cloud infrastructure to communication service providers and businesses, as well as to Internet of Things and machine-to-machine connected devices.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Story by ProactiveInvestors