German distant connectivity software program firm TeamViewer stated on Tuesday it had acquired Upskill, a U.S. firm that specialises in augmented actuality functions for front-line staff.
FILE PHOTO: The brand of software program firm TeamViewer AG is pictured throughout TeamViewer’s preliminary public providing (IPO) on the Frankfurt Inventory Alternate in Frankfurt, Germany, September 25, 2019. REUTERS/Ralph Orlowski/File Photograph
02 Mar 2021 04:25PM
BERLIN: German distant connectivity software program firm TeamViewer stated on Tuesday it had acquired Upskill, a U.S. firm that specialises in augmented actuality functions for front-line staff.
The deal marks the third takeover by CEO Oliver Steil since TeamViewer, headquartered in Goeppingen, was floated in Sept. 2019 by personal 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 USA, its largest market by billings. He was nonetheless out there for offers that may widen its vary of merchandise.
“We’re fascinated by complementary groups with complementary capabilities,” Steil stated. TeamViewer just lately raised a 300 million euro (US$360 million) mortgage, has money available and powerful money circulate that may be put to work, he added.
Steil had flagged his curiosity in increasing into augmented actuality and good units 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 flexibility to assist staff utilizing good glasses and handheld units to examine manufacturing facility gear, in addition to a consumer record that features Boeing and Merck KGaA.
“Our present clients will profit from an accelerated product improvement roadmap, international attain, and extra options and options inside the TeamViewer portfolio,” stated Upskill CEO Brian Ballard.
Upskill, based in 2010, is privately held and has raised a complete of US$53 million in enterprise backing in accordance with Crunchbase. (US$1 = 0.8324 euros)
(Reporting by Douglas Busvine; Modifying by Caroline Copley and Louise Heavens)
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