Remote assistance and support cloud software firm TeamViewer AG is set to go public in its native Germany later this month in what will be the country’s largest initial public offering since the dotcom boom.

The company is offering 84 million shares at between €23.50 and €27.50 ($25.88 to $30.29) per share, raising as much as €2.31 billion ($2.54 billion). At the high end, TeamViewer would be valued at €5.5 billion ($6.06 billion). Coming into its IPO, the company is said to be profitable.

TeamViewer was purchased by European private equity group Permira Holdings Ltd. in 2014 for €870 million ($958 million) meaning that the IPO will deliver a valuation of more than six times what Permira paid for the company only five years ago.

Bloomberg reported today that while Germany has several established tech companies, SAP SE among them, there have been few sizable startups going public, the last being chipmaker Infineon Technologies AG in 2000.

“Our IPO process is well on track: we are very excited by the positive feedback we receive on TeamViewer’s unique business profile and growth prospects,” Oliver Steil, chief executive officer of TeamViewer said in a statement. “In the next two weeks, we are looking forward to meeting investors around the globe to discuss our growth strategy, based on the expansion of use cases, customer segments and global reach.”

Founded in 2005, TeamViewer has become a major player in the remote access and support software market. The company’s cloud-based technologies enable online remote support and collaboration for businesses and individuals. The company added augmented reality support to its offerings in October.

TeamViewer said it’s now installed on more than 2 billion devices facilitating more than 40 million sessions per day. The company claims its software is used by more than 90% of the Fortune 500. According to customer acquisition firm Enlyft, the company has a 35.2% market share in remote access services. Competitors include DameWare, pcAnyware and Bomgar.

Company peers that have gone public include Zoom Video Communications Inc., Okta Inc. and Slack Technologies Inc., Reuters noted. Those were in the United States, but all were successful, showing there’s a strong market demand for public offerings in the broader workplace collaboration market.

TeamViewer Chief Executive Oliver Steil and Alexander Post, its director of product management, talked about the company and the market late last year on theCUBE, SiliconANGLE Media’s video studio in Palo Alto, California:

Image: TeamViewer