BERLIN (Reuters) – German remote connectivity software company TeamViewer said on Tuesday it had acquired Upskill, a U.S. company that specialises in augmented reality applications for front-line workers.
The deal marks the third takeover by CEO Oliver Steil since TeamViewer, headquartered in Goeppingen, was floated in Sept. 2019 by private equity backer Permira. Terms were not disclosed for the transaction.
Steil said in an interview that the Upskill takeover would strengthen TeamViewer’s presence in the United States, its largest market by billings. He was still in the market for deals that would widen its range of products.
“We are interested in complementary teams with complementary capabilities,” Steil said. TeamViewer recently raised a 300 million euro ($360 million) loan, has cash on hand and strong cash flow that can be put to work, he added.
Steil had flagged his interest in expanding into augmented reality and smart devices when TeamViewer reported annual results last month, and forecast that its business would grow by around a third this year.
With the acquisition of Upskill, TeamViewer acquires the ability to support workers using smart glasses and handheld devices to inspect factory equipment, as well as a client list that includes Boeing and Merck KGaA.
“Our existing customers will benefit from an accelerated product development roadmap, global reach, and additional solutions and features within the TeamViewer portfolio,” said Upskill CEO Brian Ballard.
Upskill, founded in 2010, is privately held and has raised a total of $53 million in venture backing according to Crunchbase. ($1 = 0.8324 euros)
Reporting by Douglas Busvine; Editing by Caroline Copley and Louise Heavens