German multinational remote connectivity solutions provider TeamViewer said it is set to acquire wearable computing company Ubimax to expand its augmented reality (AR) and internet of things (IoT) offerings for enterprises.
Financial terms of the deal were not disclosed.
The acquisition will help increase TeamViewer’s total available market size from €10 billion to €40 billion by 2023, while its compounded annual growth rate rises 3% to 27% through the growing AR market, a statement said.
The deal will also accelerate development of new solutions for industry-specific use cases, with a focus on data analytics and artificial intelligence-backed solutions, it added.
“Our joint product portfolio will offer enterprise customers a unique one stop shop for securely connecting devices, workers and processes in numerous industries,” Oliver Steil, CEO of TeamViewer, said.
Founded in 2005, TeamViewer currently employs over 1,00 people, and has more than 5,00,000 subscribers -- its software is installed in over 2.2 billion devices globally.
Additionally, the deal will add to the company’s clientele, bringing in international blue chip companies such as Deutsche Post DHL, BMW and Coca-Cola Hellenic Bottling Company, the statement said.
“Ubimax’s leading AR platform and our proven experience in industrial workflow integration perfectly complement TeamViewer's product portfolio,” Hendrik Witt, CEO and co-founder of Ubimax, said.
Founded in 2014, German company Ubimax employs about 90 people across Germany, Mexico and the US, and caters to industrial workers, selling products such as the industrial AR platform Frontline and other wearable computing devices.
Serving more than 200 enterprise customers across the globe, the firm also offers consultancy services, and assists on-field workers with order picking from warehouses and visualising concrete instructions on its wearable smart glass.
Separately, Ubimax is also expected to continue its partnership with German eyewear organisation Fielmann to offer individual prescriptions for its smart glasses.