Will AI Disrupt SAP, Salesforce & Co.? What Is TeamViewer Doing? Miivo AI Emerges as a Hidden Gem

SAP, Salesforce & Co. Under Pressure

Is artificial intelligence eating away at the business models of software giants like SAP, Salesforce, and others? Investors have certainly been running through this worst-case scenario for several months now. Of course, SAP, Salesforce, and others are also investing billions in AI and integrating the technology into their existing products. But restructuring large organizations with tens of thousands of employees, established structures, and complex product portfolios is naturally more difficult than setting up a small team to be consistently AI-native from the start. This is precisely where the opportunity lies for new providers. They do not have to conquer the entire software market; instead, they can use lean, highly automated solutions to carve out specific slices of the massive software pie. One example is Miivo AI. The company is still largely unknown on the German capital market, but that is likely to change in the coming months.

Miivo AI: A Hidden Gem with Great Potential

Miivo AI positions itself as a provider of AI-powered analytics tools for small and medium-sized businesses (SMB). The platform is designed to help companies automatically analyze operational data as well as financial and sales information and derive concrete recommendations for action from it. Miivo focuses on easy-to-use solutions that can be deployed without complex implementation. By expanding its product portfolio, the company is increasingly addressing other areas of day-to-day business, thereby opening up additional fields of application for its AI technology.

With the new Customer Insights tool, Miivo is now expanding its platform to include customer and reputation management. The self-service solution monitors reviews and comments on platforms such as Google Reviews, Instagram, and Reddit in real time. The AI identifies trends and sentiment patterns and uses them to generate concrete recommendations for improving the customer experience and customer loyalty. At the same time, companies can respond to feedback using brand-specific, AI-generated response suggestions. This automation could save time and money, especially for smaller companies that cannot afford to employ staff dedicated exclusively to social media and reputation management.

For Miivo, the market launch also marks an important step in expanding its business model. Until now, the focus has been, among other things, on analyzing operational, financial, and sales data; in the future, the platform will also cover the customer experience and brand management to a greater extent. Another positive aspect is that the new product can be used independently and without a time-consuming onboarding process. This lowers the barrier to entry for potential customers. According to the company, additional products are already in the testing phase and are expected to follow in the coming months. If Miivo succeeds in attracting new customers with these new applications and strengthening the loyalty of existing users to the platform, the addressable market potential is likely to grow further.

Miivo AI currently has a market capitalization of around CAD 18 million and can still be considered a hidden gem. That could change in the coming months as the company scales its AI product portfolio and expands its customer base. Investors who find the story compelling can still get in early.

SAP: +26% in Just a Few Weeks

While Miivo is attempting to render some traditional enterprise software obsolete with affordable, AI-based applications, SAP is, of course, continuing to evolve as well. The stock has recently shown positive momentum again. Over the past four weeks, the stock has gained about 26%. Nevertheless, its year-to-date performance stands at a 12% decline. Trading at 178 EUR, the stock of Germany's largest software company is well below its all-time high of around 280 EUR reached in early 2025. Analysts are optimistic. According to marketscreener.com, 24 out of 28 analysts recommend buying the stock. Price targets range up to 290 EUR. On average, experts expect the SAP stock to reach a price of 201 EUR.

Is TeamViewer on Its Way to Becoming an AI Winner?

TeamViewer was also long considered an AI loser. The share is currently trading at EUR 6.40. In 2021, it was once around EUR 30. But now, more and more voices are suggesting that the company could successfully pivot. Following the report on second-quarter performance, there were several positive analyst comments. For example, DZ Bank raised its price target from EUR 6.70 to EUR 9. While there are also more critical voices, overall, the future of the German software company—with a market capitalization of no less than EUR 1 billion—is viewed more positively than it was just a few months ago.

TeamViewer points out that the leading operating indicators are clearly trending upward. Revenue fell by 1.4% on a currency-adjusted basis to EUR 182.7 million, but ARR remained stable. Profitability remained at a high level, with adjusted EBITDA of EUR 78.9 million and a margin of 43.2%. The enterprise business performed well. ARR in this segment increased by 8.3% on a currency-adjusted basis. In addition, the churn rate in the SMB segment stabilized toward the end of the quarter, leading management to continue expecting growth to accelerate in the second half of the year and to confirm its full-year forecast of 0 to 3% currency-adjusted revenue growth and an adjusted EBITDA margin of around 43%.

Key growth drivers include the turnaround in the DEX business and the increasing adoption of TeamViewer ONE. Several large enterprise customers have extended their contracts for the long term and, in some cases, expanded them. At the same time, the integrated TeamViewer ONE platform is gaining significant momentum. TeamViewer ONE bundles various TeamViewer IT tools into a single platform. Companies can use it to remotely manage computers and other devices, detect problems, and—in some cases—resolve them automatically with the help of AI.

AI usage is also growing noticeably at TeamViewer. As of July 25, approximately 49,000 customers had used at least one AI feature. In the first quarter, the figure was 26,000. In total, more than 2.8 million remote support sessions have already been processed using AI. TeamViewer is also working on agent-based AI features designed to increasingly detect and resolve IT issues automatically in the future.

TeamViewer is also gaining strategic momentum from its multi-year partnership with ServiceNow. Under this partnership, TeamViewer's DEX and remote connectivity solutions will be integrated into the ServiceNow AI Platform and marketed globally as an add-on offering. For TeamViewer, this opens up access to ServiceNow's large enterprise customer base and strengthens its position in the future market of autonomous IT processes. For the second half of the year, it will now be crucial that the improved operating metrics are once again reflected more clearly in revenue growth, as expected.

For a long time, TeamViewer was written off as unviable. But the company seems to be turning things around. Miivo AI is a true newcomer. The potential is huge, and the valuation does not appear high. SAP, Salesforce, and others will continue to do business in the future. However, margins could suffer, and the stock market does not like that.