© Reuters. Aerial view of the town of Narsaq in South Greenland
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)
Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. As a result, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.
Fusion Media or any person involved with Fusion Media assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.