BERLIN (Reuters) – German distant connectivity software program firm TeamViewer stated on Tuesday it had acquired Upskill, a U.S. firm that specialises in augmented actuality purposes for front-line employees.
The deal marks the third takeover by CEO Oliver Steil since TeamViewer, headquartered in Goeppingen, was floated in Sept. 2019 by non-public fairness backer Permira. Phrases weren’t disclosed for the transaction.
Steil stated in an interview that the Upskill takeover would strengthen TeamViewer’s presence in the US, its largest market by billings. He was nonetheless out there for offers that may widen its vary of merchandise.
“We’re considering complementary groups with complementary capabilities,” Steil stated. TeamViewer lately raised a 300 million euro ($360 million) mortgage, has money available and robust money stream that may be put to work, he added.
Steil had flagged his curiosity in increasing into augmented actuality and good gadgets when TeamViewer reported annual outcomes final month, and forecast that its enterprise would develop by round a 3rd this 12 months.
With the acquisition of Upskill, TeamViewer acquires the power to assist employees utilizing good glasses and handheld gadgets to examine manufacturing unit tools, in addition to a consumer checklist that features Boeing and Merck KGaA.
“Our present prospects will profit from an accelerated product growth roadmap, world attain, and extra options and options throughout the TeamViewer portfolio,” stated Upskill CEO Brian Ballard.
Upskill, based in 2010, is privately held and has raised a complete of $53 million in enterprise backing in line with Crunchbase. ($1 = 0.8324 euros)
(Reporting by Douglas Busvine; Modifying by Caroline Copley and Louise Heavens)