Germany based TeamViewer a remote connectivity software organization is reported to have acquired a United States based company—Upskill, which hold specialization in augmented reality applications for front-line workers.
This deal makes the third acquisition for Chief Executive Officer, Oliver Steil ever since TeamViewer which is currently headquartered in Goeppingen which was backed by private equity Permira, though the terms for the transaction were never disclosed.
Various reports suggested that in an interview Steil state that the acquisition will help TeamViewer to strengthen its position in the United States which is largest markets as per billings. Although he still held stronghold in the markets in depth deals which would help in expansion the range of products.
“We are interested in complementary teams with complementary capabilities,” Steil expressed. The company, TeamViewer has raised almost USD 360 million i.e. 300 million euro loan, which has strong cash flow that can utilized for the better work, he continued. Moreover, he flagged his gained interest in expansion of the augmented reality, IoT and smart devices when TeamViewer filed its annual reports in the February, 2021, and addressed the possibility of their business growth to its third in the year 2021.
This acquisition of Upskill and TeamViewer, will help TeamViewer with the ability to support personnel using mobile devices and smart glasses for better factory equipment, along with the client’s list which includes Boeing and Merck KGaA. Upskill was founded in the 2010, which is privately held company and has raised around USD 53 million through fund backings, as per various reports.
TeamViewer was launched in the year 2005, on an ideology on focusing on the cloud-based technologies in order to enable remote support online and collaborating across the globe. The company understands that in order to thrive in the upcoming years, business might need remote desktop support remote access, and online platform to connect with the world. The company believes that the application should be a catalyst to promote and enhance individual’s ideas to overcome the challenges. Currently, many people are collectively using TeamViewer technology which has resulted to be in billions all around the world and in future will do so.
“Our existing customers will benefit from an accelerated product development roadmap, global reach, and additional solutions and features within the TeamViewer portfolio,” stated Brain Ballard the CEO of Brian Ballard.