Pareteum Corporation has announced that the company has raised $17.5 million in Senior Secured Convertible Notes to drive sales and growth. The net proceeds to the company will be about $14 million and it is used for new product development, general corporate purposes, working capital and growth initiatives.
Paratum Corporation is basically a leading communication platform that offers end to end solutions and services to its valued clients. The company provides its communication solutions and services to the IoT, early stage innovators, telecommunications infrastructure providers, early stage investment and communication service providers.
The company offers cutting-edge services to its worldwide clientage to deliver content enablement, SMS Messaging, media, voice, video and data to its clients with the help of its robust communication platforms.
The company offers companies complete freedom to create, scale and deliver innovative communication experiences across their platforms.
More information about the company’s Senior Secured Convertible Notes can be found on the company’s Form 8-K dated June 8, 2020 that is in line with the Securities and Exchange Commission of the United States (US).
Interim Chief Executive Officer (ICEO) of Pareteum, Bart Weijermars said, “This financing strengthens Pareteum’s balance sheet, provides working capital, and allows us to reinvest in growing the business. Our team is focused on delivering exceptional customer experiences during this challenging market environment.”
“Our software platform benefits new and existing customers by enabling them to meet their growing competitive requirements for global connectivity and collaboration.” Bart further added in his statement
We now have the ability to invest further in our proprietary technology, which will well position the Company to capitalize in this disruptive and growing global marketplace,” Interim Chief Executive Officer (ICEO) of Pareteum Bart further added in his statement.