TeamViewer shares plunge after $720m deal to buy 1E

(Sharecast News) - Shares in TeamViewer plunged on Tuesday as the remote-working software maker said it was buying 1E from Carlyle Group for $720m. Carlyle bought a majority stake in 1E in 2021 with the company's founder, Sumir Karayi, keeping a significant minority stake. The company supplies real-time diagnosis, remediation and automation to fix tech issues.

1E Chief Executive Officer Mark Banfield will become a member of TeamViewer's board and chief commercial officer, Germany-based TeamViewer said, adding that it expects the deal to close early next year after regulatory approvals.

"This transformational transaction positions TeamViewer as a strong player in the digital workplace market by integrating TeamViewer's remote access and support expertise with 1E 's autonomous IT platform," the company said in a statement.

"The combined offering enhances customer benefits by proactively preventing IT issues and providing efficient remote expert support to resolve them. Together with 1E, TeamViewer will deliver an industry-leading, one-stop-shop for IT operations, intelligent endpoint management and enhanced user experience in the digital workplace."

Reporting by Frank Prenesti for Sharecast.com