Permira acquires TeamViewer

Permira has formed a newco in order to acquire the global provider of secure remote support software. The investment will support the company's growth plans, both in its core customer base in western Europe and North America, and in emerging markets including Latin America and the Asia Pacific region.

Both GFI and Insight may continue to retain equity in the ongoing TeamViewer business in partnership with Permira. Insight first backed US-based GFI in 2005. 

The deal is expected to close in July 2014.

Last month, Permira acquired Sulzbach-based CABB International from Bridgepoint in a deal said to be worth in excess of €800m, equating to an entry multiple of around 8.5x EBITDA.

Company
Founded in 2005 and headquartered in Göppingen, TeamViewer can connect any device or server around the world within a few seconds. The company claims to have more than 130 million active users, including 200,000 commercial users, across 100 countries. Its remote support product has been installed on more than 500 million devices. 

People
Holger Felgner is CEO of TeamViewer. Richard Sanders is partner and co-head of the TMT Group at Permira, while Jörg Rockenhäuser is partner and head of Germany at the GP. Walter Scott is CEO of GFI. Jeff Horing is managing director at Insight.

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