Permira has sold its last 12.5 million TeamViewer shares at 9.20 euros each. The British private equity firm still held 7% of the shares in the Swabian software company – and with this share placement to institutional investors has now fully exited after eleven years.

Permira acquired the company in 2014 for 870 million euros including debt, and has multiplied its initial equity investment many times over, making around 5 billion euros since the Initial Public Offering in 2019. TeamViewer is thus considered one of the most successful deals worldwide for the tech investor – though the share price has fallen sharply since the IPO.

Since Permira’s entry in 2014, TeamViewer has been strategically developed. The on-premise licensing business was converted to a pure software-as-a-service (SaaS) model. The company has been internationalised, with the US now accounting for 40% of revenue. Permira also highlights the development of its business with larger corporate clients, which now makes up more than 30% of revenue. Revenue has increased sixfold, operating profit (Ebitda) has quadrupled, and the workforce has doubled to 700 employees. According to Jörg Rockenhäuser, Germany Chairman of Permira, who led the transaction, „TeamViewer was a true hidden champion in a software segment that few had on their radar.“

Last week the market reacted to the share sale with a drop of around 5% to 9.24 euros. This has halved the market capitalisation of the Göppingen-based company since October 2021, down to 1.5 billion euros. The initial enthusiasm from investors during the pandemic has waned.

The IPO price was 26.25 euros, and subsequently Permira sold shares at record highs of 44.50 euros in February 2021. The final package sold last Wednesday evening fetched only 9.20 euros per share.

Permira holds stakes in several German companies, including the real estate agency Engel & Völkers in Hamburg, the long-distance bus company Flix in Munich, and the online sales platform for designer clothing, BestSecret. In addition, Permira has a stake in the financial brokerage group GGW. Germany CEO is Florian Kreuzer.