TeamViewer acquires Ubimax to create the global leader in connectivity solutions and industrial workplace technology
- TeamViewer and Ubimax combine leading connectivity, Augmented Reality and Internet of Things technologies
- Ubimax’s industry-specific solutions allow frontline workforce to wear IT at work resulting in efficiency gains and process improvements
- Acquisition significantly broadens TeamViewer’s offering for enterprise customers
- Total Addressable Market (TAM) will increase with Ubimax to EUR 40 billion in 2023
- Transaction valued at EUR 136.5 million, consideration in cash and shares
- TeamViewer continues strong billings growth in Q2 with plus 45%
Goeppingen, July 15, 2020 – TeamViewer today announces that it has signed a definitive agreement to acquire Ubimax, the leader in Wearable Computing and Augmented Reality (AR) solutions for the frontline workforce. With this acquisition, TeamViewer will significantly expand its AR and Internet of Things (IoT) offering with industry-specific solutions for enterprise customers. These products provide substantial process improvements and productivity gains for all customers, including many international blue-chip companies. With Ubimax, the TAM’s size will increase by EUR 10 billion to EUR 40 billion in 2023. The combination will also accelerate the TAM’s annual growth rate (CAGR) to 27% from 24% driven by strong growth of the AR market.
Oliver Steil, CEO of TeamViewer, said: “We are very excited by this strategically important acquisition – the first transaction in TeamViewer’s history. Together with Ubimax, we will create the global leader in connectivity solutions and industrial workplace technology. Our joint product portfolio will offer enterprise customers a unique one-stop shop for securely connecting devices, workers and processes in numerous industries. We warmly welcome the Ubimax founders and the whole team at TeamViewer, as we truly share a hands-on mentality and a culture of innovation.”
Hendrik Witt, CEO and co-founder of Ubimax, said: “We are very much looking forward to joining TeamViewer’s successful journey. Ubimax’s leading Augmented Reality platform and our proven experience in industrial workflow integration perfectly complement TeamViewer’s product portfolio. Together with my founding partners Jan Junker und Percy Stocker we are very pleased to become members of the TeamViewer family and to jointly drive use case expansion and global growth.”
Ubimax serves more than 200 enterprise customers around the globe
Founded 2014 in Bremen, Ubimax provides an AR-based one-stop shop to its customers. Ubimax’s leading solutions allow industrial workers to wear IT at work which leads to significant efficiency gains and process improvements. Its portfolio includes the industrial AR software platform Frontline, wearable computing devices and consultancy services. The Frontline product suite is like a toolbox for non-office workers: It helps them in their actual tasks, such as order picking in a warehouse, by visualizing concrete instructions and information on the smart glass and thus improving productivity. At the same time, the solution enables enterprise customers to manage their workflows and communicate with their frontline workers. Ubimax’s more than 90 employees across offices in Germany, the US and Mexico sell these products to around 200 enterprise customers across different industries worldwide. In the last twelve months, Ubimax grew billings to EUR 9.1 million as of 30 June 2020. Ubimax is expected to further accelerate its growth in the next year.
Building on success of TeamViewer Pilot Together with Ubimax, TeamViewer will be able to further expand its offering to enterprise customers and support the digitalization of shop floors with wearable computing devices, tailor-made software and applications. The acquisition enables TeamViewer to accelerate the development of new industry-specific use cases, focusing on Data Analytics and Artificial Intelligence. The new offering will build on the strong traction of TeamViewer Pilot, an AR solution with intuitive usability for mobile phones and tablets. Additionally, Ubimax’s broad customer base especially amongst international blue-chip companies, such as Deutsche Post DHL, BMW or Coca-Cola Hellenic Bottling Company, will provide TeamViewer with new business opportunities in its enterprise segment. Ubimax will continue its strategic partnerships, especially with Fielmann, enabling Ubimax to offer individual prescription lenses in smart glasses with Ubimax software.
Founders enter into long-term commitment
TeamViewer will acquire 100% of Ubimax for a total consideration of EUR 136.5 million, partially paid in cash and partially in shares. The cash component amounts to EUR 85.8 million and will be fully financed from available cash on balance sheet. In addition, the founders of Ubimax will receive 1,070,931 new TeamViewer shares to be issued against contribution in kind from the existing authorized capital. Subscription rights are excluded. The newly issued shares are subject to a three-year lock-up agreement with yearly partial vesting, underlining their long-term commitment to TeamViewer. Subject to ordinary conditions, the closing of the transaction is expected to occur within the third quarter 2020.
Strong billings growth in the second quarter 2020
According to preliminary and unaudited figures, TeamViewer’s growth remained strong in the second quarter 2020 – despite a normalization of extra demand for remote access and working from home triggered by measures to contain the COVID-19 pandemic. With Q2 billings of EUR 105.9 million (Q2 2019: EUR 73.1 million) 1H 2020 billings were up 59% year-over-year at EUR 225.7 million (1H 2019: EUR 141.6 million).
Stefan Gaiser, CFO of TeamViewer, said: “Following another strong quarter, this acquisition ticks all the boxes for us. The transaction significantly increases our competitive edge and can comfortably be financed from our cash position. Together with the Ubimax founders and supported by our strong financial performance we will continue to assess acquisition opportunities in the future.”