The software manufacturer wants to invest more in the core product again.
(Photo: dpa)
Dusseldorf As part of a realignment, Teamviewer has announced several changes in leadership. Marketing director Lisa Agona will leave the board of directors, the tasks will be taken over by the new head of sales, who is currently being sought, announced the software manufacturer on Wednesday on its first capital market day.
In addition, the Group has reduced the size of the Senior Leadership Team (SLT), which operates at the level below the Executive Board. The aim is to make the organization more agile and leaner again, CEO Oliver Steil justified the move. A few weeks ago it became known that CFO Stefan Gaiser will also leave when his contract expires next year.
In the past few months, the company has revised its forecast downwards twice and has also announced several expensive sponsorship partnerships. The share price of the MDax Group – despite profitable growth – fell by 70 percent in the course of the year and is currently trading at EUR 13.70, close to the all-time low.
Teamviewer is now recalibrating the strategy with the Remax program. The aim is to position the company “successfully for the changed market environment after the pandemic”. To this end, “certain growth initiatives will be accelerated again and the cost base stabilized”, the management announced on Wednesday.
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Investments in software for remote maintenance and access are planned to improve the user experience. In this segment, competition has recently increased from providers such as AnyDesk as well as Zoom and Microsoft. Research and development outside the core product, on the other hand, will be discontinued.
Teamviewer shares are at times five percent in the red
Changes are also pending in the Asia-Pacific region, where business has recently stagnated: A new line is to build a new structure. In addition, several changes in sales and marketing are planned, for example a revision of the web shop and the development of “best practices” for the salespeople.
Teamviewer boss Steil defended the sponsorship contracts with the English football club Manchester United and Mercedes, which had been received with skepticism by the shareholders: The brand is so far little known and only stands for remote access – they want to use it for more products and usage scenarios .
The manager emphasized the potential of Teamviewer: “We believe that we are a fantastic company.” With its technology for secure connections, the MDax Group could benefit from several megatrends, such as increasing networking and the digitization of business processes. The management sees particular potential in business with major customers.
The manager confirmed the outlook for the current year. With the invoiced sales, called Billings, Teamviewer expects 535 to 555 million euros, an increase of up to 20 percent. The adjusted margin (Ebitda) should be between 44 and 46 percent. The company continues to grow strongly despite the low forecast.
However, the management will have to continue to persuade them: The share fell by up to five percent in the afternoon.
More: Crash of a German stock market star – Why Teamviewer is suddenly a loser