London-based Permira is promoting Brian Ruder, partner and head of the Menlo Park office, to co-head of the global technology, media and telecommunications (TMT) sector team. Ruder will co-head the TMT sector team with Richard Sanders, who is based in London and has led the firm’s TMT efforts since 2010. Ruder is based in Menlo Park, California.
The firm also announced that it will be expanding its team in Menlo Park to support its focus on investing in TMT companies and build on the firm’s successful TMT investment track record. TMT has been a core investment focus area for Permira for nearly 30 years, with more than $8.5 billion in capital deployed across 32 investments, including eight in the current portfolio.
In addition, Permira announced that Nic Volpi has been promoted to partner. Mr. Volpi joined Permira’s New York office in 2004 and relocated to Menlo Park in 2011. The TMT group at Permira has led a number of notable investments, including Ancestry.com, Renaissance Learning, Asia Broadcast Satellite, NDS, Genesys, LegalZoom and proSieben Sat.1. Yesterday, the group announced that it has acquired TeamViewer, a global provider of secure remote support software, for an undisclosed sum.
TeamViewer is the world's most downloaded remote support solution for consumers and small and medium-size businesses, and relies on a freemium business model. Nomura was the lead bank on the deal.
The Permira funds’ investment will support the company’s growth plans, including further penetration of its core customer base in Western Europe and North America and continuing expansion in emerging markets including Latin America and the Asia Pacific region.
The acquisition was a carve-out from GFI Software, which owned TeamViewer as a subsidiary. GFI Software is backed by Insight Venture Partners, a New York-based private equity and venture capital firm. Insight plans to re-invest in TeamViewer through its next fund.
“TeamViewer has no competitors with the same business model,” Ruder told Private Equity International. “We are going to work with them to optimise the sales and marketing process. We also think there is opportunity for additional product offerings down the road.”