Pareteum Corporation (NYSE American: TEUM), the rapidly growing mobile Cloud Communications Platform company, announced that its previously awarded $24 Million agreement with a leading Eastern European telecommunications company has been extended to now include Smart City.
A Smart City is an urban area that uses different types of electronic data collection sensors to supply information used to manage assets and resources efficiently. This includes data collected from citizens, devices, and assets that is processed and analyzed to monitor and manage traffic and transportation systems, power plants, water supply networks, waste management, law enforcement, information systems, schools, libraries, hospitals, and other community services. The smart city concept integrates information and communication technology with various physical devices connected to the network (the Internet of Things or IoT) to optimize the efficiency of city operations and services and connect to citizens. Smart City technology allows city officials to interact directly with both community and city infrastructure and to monitor what is happening in the city and how the city is evolving.
The Smart City award will add an incremental $8 Million revenue over the next five years. The overall program with the Eastern European telecommunications company is currently in deployment and activation. The Smart City initiatives include clean air monitoring, first responder networks, smart grid, smart meters, energy management, location tracking and high bandwidth Internet.
Vic Bozzo, Chief Executive Officer of Pareteum, commented, "We are really pleased with our progress with our leading Eastern European telecommunications client and this incremental contract award further demonstrates our abilities and expertise in connectivity and the Internet of Things enablement of mobility, messaging and security. This new contract adds an incremental $8 million in revenue and we look forward to participating in additional growth as we build out this Smart City."
Hal Turner, Founder and Executive Chairman of Pareteum, stated, "The Smart City vision is a significant one and so is the global market opportunity. Smart Cities are interconnected, sustainable, low carbon cities striving to be more competitive, livable and attract more investment than traditional counterparts. We believe our connectivity and IoT's enablement position us well to succeed in this emerging opportunity. The vision spans mobility, transport, buildings, infrastructure, energy and water management, security, even healthcare and governance and is expected to grow to $1.5 trillion in 2020."
Pareteum Corporation | http://www.pareteum.com