Oliver Steil, CEO of TeamViewer, says: "This first acquisition in the history of TeamViewer is a strategically important step for us. Ubimax and TeamViewer stand for digitalization 'made in Germany'. Together, we are creating a global market leader for Industry 4.0 solutions. We provide our customers with tailor-made offerings from a single source to securely connect every device, every worker and every process in various industries. Both companies share a culture characterized by innovation and entrepreneurial spirit. We warmly welcome the founders of Ubimax and the entire team at TeamViewer."

Hendrik Witt, CEO and co-founder of Ubimax, says: "We are delighted to be able to play an active role in shaping TeamViewer's successful future. Ubimax's leading augmented reality platform and our many years of experience in optimizing industrial work processes ideally complement TeamViewer's product portfolio. Together with my founding partners Jan Junker and Percy Stocker, I am very much looking forward to driving global growth and expanding the range of applications as part of the TeamViewer family."

More than 200 corporate customers worldwide use Ubimax solutions. The company was founded in Bremen in 2014 and offers its customers in various industries AR-based products to improve manual work processes. Ubimax' technology is used in the working environment of skilled workers in industry and is used on wearables such as data glasses. In addition to these wearables and consulting services, the product portfolio primarily includes the AR software platform Frontline. Ubimax has over 90 employees at locations in Germany, the USA and Mexico and sells products to over 200 corporate customers from various industries worldwide.

Founders will make a long-term commitment

Under the terms of the agreement, TeamViewer will acquire 100% of Ubimax for a price of EUR 136.5 million, free of cash and debt, which will be paid partly in cash and partly in shares. The cash portion of EUR 85.8 million will be financed entirely from TeamViewer's cash and cash equivalents. In addition, the founders will receive 1,070,931 new TeamViewer shares, which will be issued from the authorized capital as part of a capital increase against contributions in kind. Shareholders' subscription rights are excluded. The new shares are subject to a lock-up period of three years and will be released in annual tranches, underlining the long-term commitment of the founders. The transaction is expected to be completed in the third quarter of 2020, subject to certain closing conditions.