U.K.-based 1E, which detects software problems on desktop PCs remotely, has been acquired by Germany-based remote-working company TeamViewer for $720 million.
This is TeamViewer’s biggest acquisition so far and will allow it to expand its North American market. 1E, which was sold to Carlyle Group in 2021, has several large U.S. customers, including HP and Nike.
According to a statement issued during its sale in 2021, Carlyle acquired a majority stake in 1E, with the company’s founder, Sumir Karayi, retaining a significant minority stake. The terms of the deal, expected to close in 2025, were not disclosed.
By enabling large organizations to update their Windows systems automatically, 1E’s products reduce the cost of running software, typically across desktop PCs on corporate networks. TeamViewer’s remote-work software similarly provides software support.
1E’s CEO Mark Banfield will join TeamViewer’s board and become its chief commercial officer, according to a statement.
TeamViewer CEO Oliver Steil said in a statement: “With the acquisition of 1E, TeamViewer will enter a new era of intelligent endpoint management by providing customers with a smart solution for preventing and tackling technology issues with minimal friction.”
1E said it has annual recurring revenue of $77 million (as of September 2024), with more than 99% of sales coming from enterprise customers.
