TeamViewer says the acquisition 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,” TeamViewer said in a statement on Wednesday.

“With Ubimax, the Technical Account Manager’s (TAM) 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) from 24% to 27% driven by strong growth of the AR market,” TeamViewer said in its statement.

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,” Steil said.

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.

“Along with my founding partners Jan Junker and Percy Stocker, we are very pleased to become members of the TeamViewer family and to jointly drive use case expansion and global growth.”