German proprietary software for remote access to and remote control and maintenance of computers and other devices company, TeamViewer said on Tuesday 2nd March that it had acquired Upskill, a company based in the U.S. that specializes in augmented reality applications for front-line workers.
The deal closes the third takeover by CEO Oliver Steil since TeamViewer, headquartered in Goeppingen, drifted in September 2019 by private equity backer Permira. Terms of the transaction were not shared with the public.
The agreement would allow expansion of TeamViewer in its largest market, the United States. Stiel stated, “The enterprise (augmented reality) market is huge and growing rapidly, and we are perfectly positioned to tap that potential.”
Steil had expressed his interest in expanding into augmented reality and smart devices when TeamViewer reported annual results last month with forecasts that its business would advance by around a third this year.
With the acquisition of Upskill, TeamViewer has gained the ability to support workers using smart glasses and handheld devices to inspect factory equipment, including 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. While TeamViewer was founded in 2005 whose functionality has been increased step by step.