WeWork Enters Software and Analytics Space With Teem Acquisition

WeWork, which specializes in providing companies of all sizes with flexible office space, recently announced it acquired Teem.

Teem is a leading software and analytics provider that supplies enterprises with tools, data, insights and analytics to help them optimize their spaces and maximize their team’s potential, according to a company release. WeWork in part made this acquisition because the company recognizes the power technology has to connect space with people, whether it’s serving members in one of its locations or supporting its Powered by We clients.

WeWork’s focus has always been on creating workplaces that improve productivity, encourage collaboration and ultimately create an environment that makes people excited to come to work every day, but the flexible office space titan understands that as it evolves as global company, its technology also has to evolve.

That is why WeWork is acquiring Teem, which helps more than 2,800 customers and millions of others make better use of their space and employees be more productive with advanced meeting tools like conference room scheduling and desk reservations, detailed workplace analytics and ways to welcome and manage visitors.

“Acquiring Teem means bringing in a talented group of over 100 people to help us create a better, more efficient workplace experience for enterprises around the globe,” Shiva Rajaraman, WeWork’s chief product officer said in a statement

“We are committed to helping companies deliver an amazing employee experience everyday and everywhere. Teem moves us one step closer to that reality, and we are thrilled to welcome them into our WeWork family.”

Shaun Ritchie, Zach Holmquist and Dan Caffee, founded the Salt Lake City-based Teem in 2012. The company serves customers ranging from small businesses to corporations like AirBnB, Dropbox, and GE. Teem’s platform has been integrated into a lot of today’s most prominent office products including Office 365, Google and Slack.

Teem will continue to work as an independent business line to serve its current client base, but also provide its services as part of WeWork’s offerings to enterprises and Powered by We clients. “Teem has always had one goal in mind: to create an amazing workplace experience by eliminating hurdles to office productivity,” Teem co-founder and CEO Shaun Ritchie said in a statement. “Through employee-focused technology solutions and analytics that bridge the physical and digital, we help companies recognize the reality of a great workplace.In joining WeWork, we have found a true partner to support our continued growth and scale as we look to serve many more enterprises around the globe.”

WeWork started to offer flexible office space to large companies in 2016, and since then more than 1,000 enterprises are WeWork members, including GE and Microsoft. These enterprises currently make up more than 25 percent of WeWork’s total membership base.

With Teem, WeWork will be able to better serve all enterprises, whether they are WeWork members or not. Teem’s space optimization solutions are universally beneficial for improving productivity, regardless of a company’s physical layout.“At GE, we see technology as a tool to help bring our employees together, making our teams more productive and allowing them to focus on what matters most,” Jeff Monaco, CTO of digital workplace technology at GE said in a statement.

“Teem’s suite of workplace software tools helps make our day-to-day more seamless so our employees can focus on innovating new projects, not trying to find a conference room.Bringing their platforms together with WeWork’s ability to increase connectivity and community across industries and markets creates an exciting opportunity for future workplace innovations.”
WeWork also remains active in the real estate acquisition game.

The company recently announced it signed a lease for 60,000 square feet at 511 West 25th Street in Chelsea, according to The Real Deal.The co-working office space company will have space on the second through ninth floors of the L&L Holding Company and PGIM Real Estate’s nine-story office building. WeWork is no stranger to this area.

This most recent lease signing follows the company’s 167,000 square foot lease on 18 West 18th Street in February and a 100,000 square foot deal at Walter & Samuels’ 214 West 29th just a few months after.According to The Real Deal, WeWork’s chief development officer Granit Gjonbalaj said the company found the location appealing because a vast number of “leading companies” were moving to the area. WeWork also recently announced it passed JPMorgan Chase as Manhattan’s largest office tenant with a portfolio that comprises 5.3 million square feet in 50 locations.

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