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TeamViewer acquires the US augmented actuality software program firm Upskill

10/10

© Reuters. Aerial view of the town of Narsaq in South Greenland

2/10

BERLIN (Reuters) – German remote connectivity software company TeamViewer announced on Tuesday that it had acquired Upskill, a US company that specializes in augmented reality applications for front-line employees.

The deal is the third takeover by CEO Oliver Steil since TeamViewer, headquartered in Göppingen, was floated on the stock exchange by the private equity investor Permira in September 2019. The terms of the transaction were not disclosed.

Steil said in an interview that the acquisition of Upskill would strengthen TeamViewer's presence in the US, which is the largest market by billing. He was still in the market for offerings that would expand his range of products.

"We are interested in complementary teams with complementary skills," said Steil. TeamViewer recently took out a $ 300 million ($ 360 million) loan, has cash and strong cash flow to turn around, he added.

Steil had expressed interest in expanding into augmented reality and smart devices when TeamViewer released annual results last month and forecast that its business would grow by around a third this year.

With the acquisition of Upskill, TeamViewer will have the opportunity to support employees with intelligent glasses and handheld devices in the inspection of factory equipment, as well as a customer list with Boeing (NYSE 🙂 and Merck KGaA.

"Our existing customers will benefit from an accelerated product development roadmap, global reach and additional solutions and features in the TeamViewer portfolio," said Brian Ballard, CEO of Upskill.

Upskill was founded in 2010 and is privately owned. The company has raised a total of $ 53 million in venture capital, according to Crunchbase. ($ 1 = 0.8324 euros)

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