Pareteum Corporation, the rapidly growing global cloud communications platform company, announced recently that it has been awarded a 3-year contract with an India-based telecommunications company. Pareteum will enable its newest client to expand into the Internet of Things (IoT) market, using Pareteum's platform and connectivity, adding $ 5 million in contractual revenue over the course of 36 months.
Pareteum's Global Cloud Services Platform (GCSP) and Connectivity solution will provide machine-to-machine (M2M) communication and connectivity for IoT devices, enabling connections (subscribers and their connectivity usage) to send and receive data at any time regardless of their location, always connected to the best signal available and at the best rate for that connection. Pareteum will power the advancement of these communication services to help this telecommunications provider further personalise their services, across their diverse clientele, from retailers to manufacturers.
"Our newest client is quickly expanding to provide connectivity and enablement for the growing IoT device market in India," stated Vic Bozzo, Pareteum's CEO. "We are confident that Pareteum's platform will empower our client with a combination of capacities and connectivity that will propel fast, customisable and efficient communication across any network, anywhere, anytime."
"Pareteum has once again proven to be the platform of choice for the IoT market economy. Our award-winning technology, focused on IoT excellence, will continue in its growth trajectory, translating into additional revenue for our company," stated Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum.
According to a report by Nasscom, the Indian IoT market is set to grow to $15 billion by 2020.