(RTTNews) - TeamViewer (TMVWF.PK, TMVWY.PK) said that it agreed to buy Ubimax, a provider of Wearable Computing and Augmented Reality solutions for the frontline workforce, for a total consideration of 136.5 million euros on a cash and debt free basis, partially paid in cash and partially in shares.
TeamViewer noted that the cash component is 85.8 million euros and will be fully financed from available cash on balance sheet.
The closing of the transaction is expected to occur within the third quarter 2020.
In addition, the founders of Ubimax will receive 1.07 million 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.
TeamViewer, a provider of remote connectivity platform, said that its preliminary billings for the second-quarter rose to 105.9 million euros from 73.1 million euros last year.
Ubimax serves more than 200 enterprise customers around the globe Founded 2014 in Bremen. It provides an AR-based one-stop shop to its customers.
Ubimax's more than 90 employees across offices in Germany, the US and Mexico sell products to around 200 enterprise customers across different industries worldwide. In the last twelve months, Ubimax grew billings to 9.1 million euros as of 30 June 2020. Ubimax is expected to further accelerate its growth in the next year.
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