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BERLIN (Reuters) – German remote connectivity software company TeamViewer said on Tuesday it has acquired Upskill, a U.S. company specializing in augmented reality applications for frontline workers.
The deal marks the third takeover by CEO Oliver Steil since Goeppingen-based TeamViewer was launched in September 2019 by private financial backer Permira. Terms of the transaction were not disclosed.
Steil said in an interview that the takeover of Upskill would strengthen TeamViewer’s presence in the United States, its largest market in terms of billing. He was always on the lookout for offers that would expand his product line.
“We are interested in complementary teams with complementary capabilities,” said Steil. TeamViewer recently raised a loan of 300 million euros ($ 360 million), has liquidity and a strong cash flow that can be used, he added.
Steil had signaled its interest in expanding into augmented reality and smart devices when TeamViewer released its annual results last month and forecast its business to grow by around a third this year.
With the acquisition of Upskill, TeamViewer acquires the ability to support workers using smart glasses and wearable devices to inspect plant equipment, as well as a customer 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 Brian Ballard, CEO of Upskill.
Upskill, founded in 2010, is privately held and has raised a total of $ 53 million in venture capital according to Crunchbase. ($ 1 = 0.8324 euros)
Reporting by Douglas Busvine; Editing by Caroline Copley and Louise Heavens
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