TeamViewer, the Germany based global vendor of enterprise connectivity app TeamViewer Tensor, has announced Q2 revenues growth that’s up 6% year on year in to €164.1m (£139m).
According to the company’s investor statement, TeamViewer enjoyed continued growth across all regions including enterprise revenues growth of up 19% year on year and SMB revenues up 3% in the quarter.
Oliver Steil, chief executive at TeamViewer, said Q2 was about pipeline deal conversion, leading to a 60% last-twelve-month (LTM) billings increase “in the highest value range”.
“Billings from new subscribers grew strongly and we noted an enhanced customer interest in operational technology and Frontline use cases as well as a higher demand for longer-term contracts,” said Steil.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was €67.5m in the quarter, representing a margin of 41%. The company said it had “continued confidence in achieving its full-year 2024 guidance”.
Michael Wilkens, chief financial officer at TeamViewer, said the company anticipated further improvements in profitability during the second half of the year.
“We have successfully extended the maturity of our €450m revolving credit facility in full by further two years until 2029,” he said.
“This reflects confidence in our business model and strategy, it further strengthens our maturity profile and it provides a sound foundation for sustained profitable growth.”
Customers enjoy use case success
According to the announcement, TeamViewer was able to replicate successful use cases across industries, win new large enterprise customers and expand existing contracts, with particular momentum in the Americas.
“For example, Performance Food Group, a US food and beverage distributor, leverages TeamViewer Tensor for an attractive OT use case to remotely connect to industrial refrigeration units for maintenance and problem solving,” according to TeamViewer.
Other wins included a Fortune 500 pharmaceutical company and US operations of a global consumer goods manufacturer that implemented TeamViewer Frontline vision picking projects in their warehouses, the vendor said.
“Additionally, TeamViewer convinced one of the three largest banks in Germany with its Tensor security features to become a customer,” it said.
( Image by aroblesgalit from Pixabay )
