TeamViewer acquires U.S. augmented reality software firm Upskill

(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.

The deal would expand TeamViewer’s footprint in its largest market, the United States, Steil said: “The enterprise (augmented reality) market is huge and growing rapidly, and we are perfectly positioned to tap that potential.”

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.

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