Cloud company Pareteum rises after it scores $100 million in news sales deals

Pareteum Corp (NASDAQ:TEUM) stock climbed Thursday after the cloud software company announced that new contracts closed during the second half of March 2019 contributed $100 million to the company’s 36-month contract revenue backlog.

Investors sent shares in the New York cloud communications platform company up about 3% to $5.05.

READ: Pareteum Corp rises after it scores sales deal with Citrix Systems

Contracts announced during the second half of March with a digital services provider in the Middle East and Africa, and a digital currency connectivity provider in the US powered a record $100 million month for Pareteum in newly signed 36-month contract revenue agreements.

Additional new contract wins from the second half of March include cloud communications platform and connectivity services for a new US mobile virtual network operator. Pareteum also signed a deal with a European carrier services provider and a European smart city hub.

“We continue to win great new customers while positioning ourselves to become increasingly strategic to existing customers with our highly flexible cloud communications services,” said Rob Mumby, chief revenue officer at Pareteum.

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