The Real Deal New York

WeWork is hoping this acquisition will help it win corporate clients

Co-working giant buys software startup Teem
By Konrad Putzier | September 12, 2018 03:10PM

Teem’s CEO Shaun Ritchie and UBS’ Weehawken office (Credit: Eventgrid and Wikipedia)

WeWork acquired the workplace software company Teem in a bid to offer more services to its largest, corporate customers.

Teem, founded in 2012, produces workplace software tools such as office analytics and desk and conference room reservations. The Salt Lake City-based company will continue to operate as an independent business division and keep its existing clients, which include Airbnb, Dropbox and GE, WeWork said in a statement Wednesday.

It wasn’t clear how much WeWork paid for its acquisition of the company.

WeWork said it plans to include Teem in the services it offers its so-called enterprise customers. Last year, the co-working company launched the business line Powered By We, which manages corporate offices for a fee. WeWork claims it has 30 such projects in planning. In July, the company announced it will renovate UBS’ offices in Weehawken, New Jersey.

WeWork, which last year raised more than $4 billion in venture funding from SoftBank and raised another $1 billion last month, has acquired several companies in recent years, including the Flatiron School, construction technology company Case and marketing company Conductor.