WeWork buys Teem in a $100 million acquisition

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Private company WeWork announced today (9/12/18) that they are acquiring Teem, an innovative start-up that is focused on space scheduling (like for meeting rooms), and what they call “workplace analytics.”

Teem has an interesting mix of products, and existing client overlap from both WeWork and Teem make for an obvious acquisition. WeWork has co-working spaces all around the world, and has a very diverse set of needs, far beyond even that of a singular corporation. Buying Teem can help add to the efficiency of a company who makes the bulk of their revenue from leasing office space, and maximizing the profitability of each and every square foot.

What Teem offers, and how it helps WeWork

Looking at the current mix of products, Teem offers quite a few things that would be beneficial to WeWork, and help bring higher profit margins from better utilization.

  • Conference room scheduling
    • By allowing customers to reserve conference rooms online and from any device, WeWork can streamline operations and be able to take advantage of not only on-demand scheduling to give tenants a live view of availability, it also can reduce the number of human hours spent on scheduling, freeing up support staff for other tasks. Also, WeWork can better analyze usage, and detect patterns and trends, allowing it to promote off-peak usage and increase revenue.
  • Visitor Management
    • Teem offers visitor check-in services, creating an experience around someone coming to the office. Since WeWork deals with all types of clients, from freelancers to major corporations, check-in and management is a big deal. One point of note is the visitor check-in add-ons, such as signing an NDA (useful for larger corporations who would have a sensitive meeting with vendors), badge printing (clear and readable),
  • Wayfinding
    • With such large and diverse clients, streamlining how people find WeWork tenants could be a major time saver for support staff, as they wont be constantly saying “well they sit at that desk” or “down the hall, to the left, past a row of desks, and third office from the wall.” This would allow companies to streamline, and offer a convenience to visitors.

WeWork will be an interesting company to watch go public at some point, since they can clearly spend $100 million on acquisitions.

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