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- Five-year partnership as key pillar of TeamViewer's strategy to build a truly global tech brand
- TeamViewer to transfer use cases from the racetrack to the industrial environment of customers
- Investment in Mercedes F1 and FE partnership fully reflected in recently updated adjusted EBITDA margin guidance for 2021
- Partnerships with #1 sports to accelerate global enterprise and personal user expansion
- Landmark sport sponsorships to foster billings growth rates after 2023, while maintaining best in class profitability
GOPPINGEN, GERMANY - EQS Newswire - 30 March 2021 - The Mercedes-AMG Petronas Formula One Team and Mercedes-EQ Formula E Team are proud and delighted to jointly announce the leading global software company TeamViewer as a new official partner. TeamViewer will provide the teams with remote connectivity solutions and further cutting-edge technology to drive greater performance over the next five years. The software company breaks new ground as the first brand to agree a new partnership with Mercedes in Formula One and Formula E, including prominent branding on both cars and the drivers' racing suits. As the only manufacturer competing in both series, Mercedes is uniquely positioned to deliver this partnership.
TeamViewer will be joining a high-tech ecosystem that is engineering the future of mobility in the world's fastest development laboratory, thanks to advanced performance hybrid solutions in Formula One and battery electric technology in Formula E, which will find their ways into future passenger vehicles. The demanding remote operating conditions, as well as the data-driven nature of each racing series, will prove use cases that can be translated from the racetrack to the industrial environment for TeamViewer's customers.
TeamViewer software will make the Mercedes teams more efficient, with optimized remote operations and enhanced connectivity between team processes trackside and back at base, notably in terms of race support during testing and racing. TeamViewer will furthermore play an important role in motorsport's journey towards net zero emissions, by enabling people and companies to effectively monitor systems remotely. By enabling remote working and IoT solutions across multiple sites, TeamViewer technology can deliver further reductions of the carbon footprint of the racing teams, each of which achieved the FIA's 3* Environmental Accreditation standard last year.
Today's announcement also provides a sneak preview of the branding that will appear on the Mercedes race cars in Formula One and Formula E, as well as on the driver overalls and teamwear, from the respective Monaco races in each series - the Monaco E-Prix will be held on 8th May, with the Grand Prix de Monaco following two weeks later, on 23rd May.
Broadcast in more than 170 territories around the world and with more than 500 million global fans, Formula One is the world's most popular annual sporting platform and reaches an annual cumulative audience of over 1.5 billion. Alongside the global pinnacle of motorsport, Formula E is growing a new and distinctive audience for its unique city racing format, and together the two series will support TeamViewer's ambition to become a truly global tech brand through races in 25 countries across six continents.
"We are thrilled to announce this new partnership with TeamViewer," said Toto Wolff, CEO and Team Principal of the Mercedes-AMG Petronas F1 Team and Head of Mercedes-Benz Motorsport. "Motorsport is a proven catalyst for technology and business development, and we are excited to work together on both fronts over the coming years. It is a dynamic and ambitious brand, and a perfect fit for the pioneering spirit of Mercedes-Benz in motorsport. By working together across F1 and FE, we can drive gains in technology performance, and we will help optimize remote operations for many companies across the globe. In addition to our own ambitions in terms of sustainability, we are convinced that the growth of companies like TeamViewer will make a meaningful difference to CO2 emissions on a much greater scale. I'm excited to welcome them to the team - and looking forward to seeing their brand enter the global stage with our Monaco races in May."
Oliver Steil, CEO of TeamViewer: "We are very proud to become an official partner of Mercedes-Benz, one of the most iconic brands in motorsport. TeamViewer and Mercedes share the same values of performance, innovation, and engineering. This partnership is a key pillar in our strategy to build a truly global tech brand, while creating new opportunities to transfer use cases from the fastest-moving and most data-driven sports into the industrial environment of our customers. We are excited to provide the Mercedes Formula One and Formula E teams with our leading connectivity solutions for remote diagnostics and collaboration - making them faster, more efficient, and more sustainable. Joining forces with the most successful teams in motorsport underpins our strategy to grow stronger for longer and generates additional value for our customers, employees and shareholders."
The Mercedes-Benz and the already announced Manchester United partnerships form a key pillar of TeamViewer's marketing strategy to invest in its brand equity globally and accelerate the enterprise customer and personal user expansion in key growth markets. The company expects both sports partnerships to foster growth after 2023 when it expects EUR 1 billion in billings, leading to extra billings of around EUR 150 million in 2025, while retaining best in class profitability levels. The investment in the Mercedes F1 and FE teams is already reflected in the recently updated adjusted EBITDA margin guidance of 49-51% of billings for 2021. All strategic marketing activities have no impact on other growth initiatives including investments in sales and R&D as well as further tuck-in acquisitions.
For more information on the partnership please have a look at: http://www.teamviewer.com/en/sponsorship/mercedes/
If you would like to know more about the marketing strategy of TeamViewer, please visit: http://www.teamviewer.com/en/sponsorship/
About TeamViewer
TeamViewer is a leading global technology company that provides a connectivity platform to remotely access, control, manage, monitor, and repair devices of any kind - from laptops and mobile phones to industrial machines and robots. Although TeamViewer is free of charge for private use, it has more than 550,000 subscribers and enables companies of all sizes and from all industries to digitalize their business-critical processes through seamless connectivity. Against the backdrop of global megatrends like device proliferation, automation and new work, TeamViewer proactively shapes digital transformation and continuously innovates in the fields of Augmented Reality, Internet of Things or Artificial Intelligence. Since the company's foundation in 2005, TeamViewer's software has been installed on more than 2.5 billion devices around the world. The company is headquartered in Goppingen, Germany, and employs more than 1,300 people globally. In 2020, TeamViewer achieved billings of EUR 460m. TeamViewer AG (TMV) is listed at Frankfurt Stock Exchange and belongs to the MDAX. Further information can be found at www.teamviewer.com.
About Mercedes-AMG Petronas Formula One Team
The Mercedes-AMG Petronas F1 Team is the works Formula One Team of Mercedes-Benz, competing in the FIA Formula One(TM) World Championship - the pinnacle of world motorsport and the largest annual sporting series in the world. Based at two world-class technology campuses in the UK, the team designs, develops, manufactures and races the race cars and Hybrid Power Units driven by seven-time World Champion Lewis Hamilton and race-winning team-mate Valtteri Bottas. Formula One is a uniquely demanding technical and human challenge, requiring the right alchemy of cutting-edge technologies, high-performance management and elite teamwork to deliver results at 23 Grands Prix around the globe in a race season running from March to December. The Mercedes-AMG Petronas F1 team set new benchmarks for F1(TM) success on its way to winning the Constructors' and Drivers' World Championships in 2014, 2015, 2016, 2017, 2018, 2019 and 2020. During those seven Championship-winning seasons, the team scored 100 wins, 200 podiums, 107 pole positions, 70 fastest laps and 53 one-two finishes from 134 race starts.
About Mercedes EQ Formula E Team
Motorsport has been a core element of Mercedes-Benz for more than 125 years. The first vehicle to bear the Mercedes-Benz name was a racing car. In 2019, Mercedes-Benz added a new chapter in its long and successful motorsport history: For the first time, two electric racing cars from the new Mercedes-EQ Formula E Team are entering the racetrack. The ABB FIA Formula E World Championship is the ideal platform to demonstrate the performance of the Mercedes-EQ battery-powered electric vehicles, offering a completely new kind of experience, which combines racing with a unique event character. The team celebrated the first ever fully-electric race win for Mercedes-Benz and ended their debut season in Formula E in third place in the team championship. The Mercedes-EQ Formula E team benefits from the brand's many years of experience in motorsport and its technical know-how throughout the entire Mercedes-Benz Motorsport-Family. By competing in two racing series - Formula 1 and Formula E - in parallel, Mercedes transfer the lessons from both to its road vehicle development. The two platforms combined will constitute a major technology driver for the entire Mercedes-Benz family and help to shape the future of the automobile.
IMPORTANT NOTICE
Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties, including, but not limited to, those risks and uncertainties described in TeamViewer's disclosures. You should not rely on these forward-looking statements as predictions of future events and we undertake no obligation to update or revise these statements. Our actual results may differ materially and adversely from any forward-looking statements discussed in these statements due to several factors, including without limitation, risks from macroeconomic developments, external fraud, lack of innovation capabilities, inadequate data security and changes in competition levels.
Alternative performance measures (APMs)
This document contains certain alternative performance measures (collectively, "APMs") including billings and Adjusted EBITDA that are not required by, or presented in accordance with, IFRS, German GAAP or any other generally accepted accounting principles. TeamViewer presents APMs because they are used by management in monitoring, evaluating and managing its business and management believes these measures provide an enhanced understanding of TeamViewer's underlying results and related trends. The definitions of the APMs may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should, therefore, not be considered in isolation or as a substitute for analysis of TeamViewer's operating results as reported under IFRS or German GAAP. APMs such as billings and Adjusted EBITDA are not measurements of TeamViewer's performance or liquidity under IFRS or German GAAP and should not be considered as alternatives to results for the period or any other performance measures derived in accordance with IFRS, German GAAP or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.
TeamViewer has defined each of the following APMs as follows:
"Billings" represent the (net) value of goods and services invoiced to customers in a given period whose realization is probable - it is defined as revenue adjusted for change in deferred revenue P&L-effective; "Adjusted EBITDA" means EBITDA, adjusted for P&L-effective changes in deferred revenue as well as for certain special items relating to share based compensations and other material items that are not reflective of the operating performance of the business;
"Adjusted EBITDA margin" means Adjusted EBITDA as a percentage of billings.
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