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Pareteum Corporation (NASDAQ:TEUM) Experiencing Accelerated Momentum in the New Contracts as a Result of the Sales Surge

Pareteum Corporation (NASDAQ:TEUM) stock closed the day at $3.70 on a volume of 2.9Million shares. The stock has been trending upwords and is above its 200 days Moving average. Here is the latest update from the company.

Pareteum has seen an accelerated momentum in new contracts as it has made two separate announcements of both significant increases in their 36-month contract revenue backlog. As a result, the cloud-based communication platform has therein experienced a jump on its shares as they gained 17.9%.

What Happened?

Pareteum Corporation is on a rapid growth having a mission to connect every individual as well as everything, and for now, it seems they are well placed to ensure their objectives are achieved sooner or later. Their recent jump in shares followed two announcements that the company had made merely a few days ago.

On Thursday, the company made an announcement that it had closed FY2018 with six other three-year contracts with the new as well as existing customers that is worth $15 million. The number was achieved in the last two weeks of last year which brought the company’s 36-month contract revenue backlog to a total of $615 million.

As if that wasn’t enough, the cloud-based communication platform made another announcement almost immediately saying that the company had signed another 12 new contracts in January which brought a total of $49 million in their 36-month contract revenue backlog.

New Agreements Raising Management Optimism

The management is getting optimistic about the company’s momentum as the number of new contracts keeps on adding up. Rob Mumby, Pareteum chief revenue officer, said that the strong position of the company at the end of last year has been exceeded by further strong growth in this year and hence indicates that the company has a large scale of open opportunities.

Furthermore, he added that the company is experiencing great success and that the addition of the new contracts, there would only be confidence in accelerating the growth of the company, expanding their reach as well as empowering business worldwide.

Also, Hal Turner, Executive Chairman, and Principal Executive Officer mentioned during the release that the new contracts emphasize how easy doing business with TEUM is as well as showing a step closer towards their mission in connecting every person via open mobility as well as applications everywhere.

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