Pareteum has announced it is acquiring Belgian software company Artilium for $104.7 million (approx. £77.7 million).
The American cloud communications company has been working as part of a successful partnership with Artilium since October 2017.
Artilium has been reporting steady growth; its half-year 2017 results revealed it generated €5.5 million (approx. £4.8 million), an increase of 7.8 percent from its 2016 revenue of €5.1 million (approx. £4.5 million).
TomTom and BT are a few companies who are customers with Artilium, who run mobile virtual network enabler (MVNE) and mobile virtual network operator (MVNO) services.
Meanwhile, Pareteum provides SaaS services to communications service providers, enterprises, and the Internet of Things (IoT) and machine-to-machine connected things and devices.
Companies that are partners with Pareteum include HP, Vodafone, Cisco, T-Mobile, and Mahindra.
The two companies have collaborated on at least 18 opportunities, with Pareteum estimating that over $65 million (approx. £48 million) being added to the company’s 36-month revenue backlog.
Bart Weijermars, CEO of Artilium will remain in his current position during Pareteum’s acquisition of his company.
Jan-Paul Menke, Non-Executive Chairman of Arlitium mentioned about the acquisition will enable both companies to expand in more markets.
Menke said: “With the now significantly enhanced operating capabilities of the combined companies, we expect even more opportunities to become available and further improve the outlook for shareholder growth and value to be reflected in our business.
“Bart and I have had a positive and constructive experience in working with Robert H. Turner and his Pareteum “TEUM” to now create a very powerful platform company, and, it is one that we feel has the capability for significant future growth.”
Robert H. Turner, Founder, Executive Chairman and Principal Executive Officer of Pareteum added: “Since October 2017, we have operated in a strategic alliance with Artilium, which has had materially positive results.
“We will now turn our attention to accelerating this as one company. It has been a pleasure and great honour to work with Jan-Paul Menke and Bart Weijermars to combine our companies. The vision of open mobility and open applications now takes a demonstrable leap forward.”