TeamViewer has found a new, prominent partner: Google Cloud.

The aim of the cooperation is to provide applications in the field of augmented reality for the Google Cloud, with which companies can digitize their business processes, according to a message from TeamViewer.

Susanne Preuss

Business correspondent in Stuttgart.

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A first application is said to be “Assisted Order Picking”, which is supposed to facilitate the hands-free picking of goods, in which the user combines the Google Glass glasses with the “Vision Picking Software” from TeamViewer. The main target group are grocery stores and other retailers who have to put their online orders together. The head-up display function means that employees have both hands free to find, remove and pack the item, which improves order picking efficiency by 15 to 40 percent, is the promise.

Carrie Tharp from Google Cloud points out that shopping behavior has changed significantly as a result of the pandemic and that processes now have to be adapted: “Retailers are looking for technologies that can be implemented quickly on the one hand, and they are also on the other hand help to modernize their business processes, ”says Tharp.

The stock rose quickly

It is not initially clear what potential this results for TeamViewer.

But the TeamViewer share, listed in the M-Dax, quickly rose by more than 4.5 percent shortly after publication - albeit from a very low level.

Since TeamViewer announced last week that the third quarter had not gone as well as expected, the price had dropped from around 24 to 14 euros.

Alfredo Patron, who is responsible for the development of new businesses at TeamViewer, makes it clear that the solution for retailers should only be a first step: “In the near future we want to expand our partnership and also use the technology to improve production, field service and supply chain processes use in other industries. "

The company is changing anyway - the partnership with Google Cloud is another step on this path.

While the software provider based in the Swabian town of Göppingen is known to the general public for the possibility of remote maintenance of computers, it is becoming increasingly clear that TeamViewer is venturing into new business areas.

New competitors

TeamViewer has repositioned itself primarily through the acquisition of young technology companies in the field of augmented reality.

Business, which is still developing and is based on the optical interplay of reality and data, does not even make up 5 percent of sales so far.

TeamViewer meets new competitors, but also new customer groups who invest according to different criteria and often need much longer decision-making paths when implementing processes than one was used to in the IT business.

There is no shortage of prominent partners.

In the early summer, TeamViewer allied itself with SAP to develop solutions in the industry, and recently the collaboration with Siemens Healthineers was announced.

Such long-term prospects are apparently too vague for investors. In addition, TeamViewer has already performed worse than expected for two quarters in a row with its traditional business. At the beginning of August, the price fell below the issue price of EUR 26.25 that the first investors paid for a TeamViewer share in autumn 2019. The share peaked at the beginning of July 2020 when it became clear that the long and sudden lockdown at the beginning of the pandemic had given TeamViewer a real boom.

Not all customers from the pandemic stayed with TeamViewer, the effect was even greater than management had expected. Missing the prognosis two times is likely to have led to a considerable loss of confidence in the capital market, is also the realization in the company itself they adapt to the understatement otherwise practiced in Swabia and prefer to surprise investors with the fact that business is going better than expected.

The plus numbers would still not be small if it fits for the year as a whole.

The business volume - measured by Teamviewer annex to the billings, the invoiced sales - is expected to increase from 460 million euros in the previous year to 535 to 555 million euros.

The adjusted operating profit margin is still expected to reach 44 to 46 percent.