New Delhi, Jul 17 (IANS): Remote connectivity solutions provider TeamViewer on Friday announced to acquire Ubimax, a wearable computing and augmented reality (AR) solutions, for an undisclosed sum.

With this acquisition, TeamViewer will expand its AR and Internet of Things (IoT) offering with industry-specific solutions for enterprise customers and industrial workplace.

"The joint product portfolio will offer enterprise customers a unique one-stop shop for securely connecting devices, workers and processes in numerous industries," said Oliver Steil, CEO of TeamViewer.

With Ubimax, the total addressable market (TAM) size will increase by 10 billion euros to 40 billion euros in 2023, TeamViewer said in a statement.

"Ubimax's leading Augmented Reality platform and our proven experience in industrial workflow integration perfectly complement TeamViewer's product portfolio," added Hendrik Witt, CEO and co-founder of Ubimax.

Founded in 2014 in Bremen, Germany, Ubimax's portfolio includes the industrial AR software platform 'Frontline', wearable computing devices and consultancy services.

Ubimax serves more than 200 enterprise customers around the globe.

Although TeamViewer is free for private use, the company has more than 500,000 subscribers globally.