The Carlyle Group Inc.
12/10/2024 | Press release | Distributed by Public on 12/10/2024 00:45
Carlyle Agrees to Sell 1E to TeamViewer
London, 10 December 2024 - Global investment firm Carlyle (NASDAQ: CG) has agreed to sell 1E, a leader in Digital Employee Experience ("DEX") software solutions, to TeamViewer SE (TMV.DE) at an enterprise value of $720 million.
1E offers a leading DEX platform that delivers real-time visibility on enterprise IT landscapes. Its products, which identify issues in real-time and automate remediation directly at the endpoint, enable customers to minimise IT downtime, disruptions, and costs, thus enhancing overall IT performance and employee experience. Founded in 1997 and headquartered in London, the business has around 300 employees across the UK, the US, India, and Ireland.
During its ownership period, Carlyle Europe Technology Partners ("CETP") worked in partnership with 1E's founder, Sumir Karayi, and the company's management team led by CEO Mark Banfield to build a high-calibre senior leadership team and deliver on a number of value creation initiatives. This included improving the company's product and market position as a differentiated DEX leader with an enterprise-grade multi-tenant SaaS product and strong AI capabilities, attracting industry recognition (e.g. as a leader in Gartner's Magic Quadrant for DEX management tools in August 2024), refining the go-to-market strategy, and driving both commercial momentum and operational efficiencies throughout the business.
Fernando Chueca, Managing Director on the CETP investment advisory team, said: "We are pleased to have supported Mark and his team on the transformation of 1E into a recognized global DEX leader with strong fundamentals. We believe that the business will continue to thrive as part of TeamViewer, building on its position as a full SaaS DEX platform."
Mark Banfield, CEO of 1E, said: "1E's driving mission is to create innovative IT solutions that shape the future of work. Together with TeamViewer, we can accelerate that mission by integrating our DEX platform with world-class connectivity solutions. As two companies with truly complementary products and technologies, TeamViewer is the ideal partner to help us scale our offerings and create an intelligent endpoint management leader. I'm excited to join TeamViewer's management board as we enter this next chapter of our joint growth story. I would also like to thank Carlyle for their partnership and vision over the years. They have been instrumental in helping 1E grow."
Sumir Karayi, founder of 1E, said: "I am incredibly proud of everything the 1E team have achieved since the business's origins in 1997. Our leadership position in the DEX market today is a testament to their hard work and dedication. It has been a pleasure to continue working with the business alongside Fernando and the Carlyle team, and I have no doubt it will continue to go from strength to strength as part of TeamViewer."
The transaction is subject to customary regulatory approvals.
This transaction marks the fourth exit for Carlyle Europe Technology Partners IV and the third signed in the last twelve months, following Work & Co and Jagex.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.
About 1E
More than 500 organizations in 42 countries trust 1E to help them create a better Digital Employee Experience (DEX). The 1E Platform provides real-time diagnosis, remediation, and automation to proactively fix issues before they ruin the workday. Reduce costs, move faster, and increase employee happiness with 1E. For more information, visit 1E.com.
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Carlyle
Nicholas Brown
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1E
Namita Tendolkar