CareAR Acquisition, Valuation, Funding & Investors

CareAR was acquired by Xerox for $9M in January 2021.

CareAR acquisition price

$9M

Acquired by Xerox · Jan 2021

Cumulative funding CareAR raised

$10M

across 1 funding round

Key investors in CareAR

CareAR Overview

About CareAR

CareAR is an augmented reality platform that equips service teams with real-time expert guidance for customers, employees, and field technicians. Acquired by ServiceMax in 2021, it enhances support through visual instructions and remote assistance in industries like manufacturing and utilities.


Founded

2018

HQ

United StatesAustin, TX

Website

carear.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$700M (Sep 2021)

CareAR Acquisition

CareAR was acquired by Xerox for $9M on 28 January 2021.

Before the acquisition CareAR had raised $10M across 1 funding round.

Xerox Holdings Corporation acquired CareAR, Inc., an augmented reality support platform company providing real-time access to expertise for customers, employees, and field workers via desktop, mobile, and smart glass devices, on January 28, 2021. The acquisition expanded Xerox's software portfolio, combining CareAR with DocuShare and XMPie to address content management, digital transformation, and personalized communications needs. CareAR's platform integrates with ServiceNow for end-to-end work orders, cases, and incidents, enabling remote visualization and troubleshooting to modernize field service, customer support, and IT services. The deal was for $9 million for 100% ownership, as reported in Xerox's SEC filing. Later, in September 2021, Xerox formed CareAR Holdings, consolidating CareAR, DocuShare, and XMPie, which received a $10 million investment from ServiceNow at a $700 million post-money valuation. This investment reflected belief in CareAR's potential for enterprise-grade augmented reality, reducing on-site visits and emissions through remote resolutions. Partnerships with ServiceNow and Deloitte aimed to integrate CareAR into operations for joint clients.

CareAR acquisition details
AcquirerDateTypePrice
28 Jan 2021Strategic M&A$9M

CareAR Valuation

CareAR is currently valued at $700M, based on its strategic investment round in September 2021.

The $10M round was led by ServiceNow.

CareAR valuation by funding round

CareAR valuation by funding round
DateStageValuation
Sep 2021Strategic investment$700M

CareAR Funding History

CareAR has raised a total of $10M across 1 funding round.

CareAR funding rounds

CareAR funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2021Strategic investmentServiceNow (lead)$10M$700MCareAR is a Xerox-owned augmented reality platform that provides real-time access to expertise for field service, support, and workforce training. The platform combines augmented reality technology with predictive AI and serves service-intensive industries including Nordstrom, Verizon, Allstate, FedEx, State Farm, NTT Data, and Marriott. In September 2021, CareAR raised $10 million in equity funding from ServiceNow, a major enterprise software platform, at a $700 million post-money valuation. The funding was used to extend CareAR's reach beyond existing customers and supported the consolidation of CareAR, Inc. with DocuShare and XMPie under a single holding company. According to Xerox leadership, the platform delivers real-time instruction, visual tools, and data access driven by predictive artificial intelligence, enabling service teams to solve problems remotely and improve operational efficiency while reducing costs and employee safety risks.

Who has invested in CareAR?

1 investor has backed CareAR across its funding rounds, including ServiceNow.

Lead investors include ServiceNow.


CareAR Investors

Investors in CareAR by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by CareAR

CareAR has acquired 1 company to date.

Last acquisition by CareAR was on January 11th 2022. CareAR acquired MagicLens for undisclosed valuation.


Latest Acquisitions by CareAR

MagicLens
Description
-
HQ Country-
HQ City
-
Deal Date11 Jan 2022
Valuationundisclosed
EV/Revenue
EV/EBITDA

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CareAR Competitors

CareAR competitors include listed companies like Cover, Dexterra Group and Johnson Service Group, and private ones like FMX, BetterPlace and DeePoon.

Public and private companies comparable to CareAR
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CoverJapanJapanPublicly listed$317M$34M$677M1.9x
FMXUnited StatesNew York City, NYPrivate--$667M-
Dexterra GroupCanadaCanadaPublicly listed$746M$78M$650M1.0x
Johnson Service GroupUnited KingdomUnited KingdomPublicly listed$719M$215M$650M1.3x
BetterPlaceIndiaBangalorePrivate$100M-$600M6.0x
DeePoonChinaShanghaiPrivate--$830M-

CareAR Public Comps

CareAR is no longer listed, but its public comps include Cover, Dexterra Group, Johnson Service Group, Restore, Kopin, Coor Service Management, Mestek, BrightView, Matrix Design Co. and K-Bro Linen.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Cover$317M$34M1.9x1.9x17.6x9.8x
Dexterra Group$746M$78M1.1x1.0x10.5x8.5x
Johnson Service Group$719M$215M1.3x1.3x4.2x3.9x
Restore$409M$92M2.2x2.0x9.8x7.1x
Kopin$38M$3M22.2x15.6x338.7x(97.7x)
Coor Service Management$1.3B$82M0.6x0.6x8.8x7.9x
Mestek$329M$29M1.5x-16.8x-
BrightView$2.7B$307M0.9x0.9x8.0x7.2x

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Common questions about CareAR

When was CareAR founded?CareAR was founded in 2018.
Where is CareAR headquartered?CareAR is headquartered in Austin, TX, United States.
Is CareAR publicly listed?No, CareAR was acquired by Xerox in January 2021.
Who acquired CareAR?CareAR was acquired by Xerox in January 2021.
How much was CareAR acquired for?CareAR was acquired for $9M in January 2021.
What is CareAR's valuation?CareAR was last valued at $700M in its strategic investment round in September 2021.
How much funding has CareAR raised?CareAR has raised $10M across 1 funding round.
What was CareAR's last funding round?CareAR's last funding round was a $10M strategic investment round in September 2021, led by ServiceNow.
Who are CareAR's investors?CareAR's investors include ServiceNow.
Which companies are comparable to CareAR?Companies comparable to CareAR include Cover, FMX, Dexterra Group, Johnson Service Group, BetterPlace and DeePoon.
How many companies has CareAR acquired?CareAR has acquired 1 company, including MagicLens.

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