DTeamViewer, the latest technology company on the Frankfurt Stock Exchange, has continued its strong growth following its IPO. Its revenue increased from 175 million euros in the first nine months of last year to 283 million this year, a growth of 62 percent. In the third quarter alone, the company achieved 102 million euros. Teamviewer, headquartered in GOppingen in Swabia, manufactures software for the remote maintenance of computers and machines.
The share price of the company, which has been listed on the stock exchange since September, was about 5 percent higher on Monday afternoon as a reaction to the good financial data. The share is now trading above its issue price of September, but was in some cases below this level.
Teamviewer grows profitably. This year, with 59 million euros, net profit was the bottom line, after none in the past nine-month period. But this also has to do with the fact that the Swabians have changed their billing model from the sale of licenses for the software to a subscription model, which has a different impact on the balance sheet. The so-called cash Ebitda, on which the company focuses as its operating result, has been always positive for some time. However, looking at it also makes the margin appear larger. This results in a cash-EBIT margin of 56 percent in the current quarter, while according to normal standards the EBIT margin is around 18 percent.
The strong growth is TeamViewer but not deny. The number of paid subscriptions to their software was more than 430,000 at the end of September, twice as many as a year ago (215,424). The company's pricing structure suggests that larger companies with more jobs pay more for the software than small ones. For large customers Teamviewer put on a new enterprise product. This now has 590 customers with an annual order volume of more than 10,000 euros, which is 60 percent more than a year ago.
The company confirmed the outlook for the year and aims to achieve a cash-EBITDA margin of more than 60 percent. The billed billings are expected to grow to around 320 million euros. Some time ago Teamviewer started the process to internationalize. The North and South American market is growing the most. Technologically, the company is expanding into the augmented reality area; Using video glasses, technicians should be able to perform maintenance from their desks and not have to be there.
Teamviewer's IPO At the end of September, when British financial investor Permira, which acquired the company several years ago, had launched 40 percent of its shares, it was initially mixed. The stock price slumped on the issue date temporarily below the offer price of 26.25 euros. However, the numbers presented now gave the stock a boost again, having traded at 26.48 euros in the morning.