Coworking space WeWork acquires office management startup Teem for $100 Mn
Coworking space provider WeWork has acquired Salt Lake City startup Teem, a maker of office management software for a $100 Mn, as per a Wired report.
Teem, founded in 2012, develops facility management software. Coupled up with analytics tools, it helps companies figure out things like which rooms are being underutilized or when it’s time to purchase new tech for a conference room. It has more than 2,800 customers include Airbnb, Slack, Lyft, and Box.
WeWork Chief Product Officer Shiva Rajaraman said in a press release, “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.”
Teem will continue to operate as an independent business entity in Salt Lake City. But its software will also be integrated into Powered by We offerings. Powered by We is WeWork’s bundled design, facility management, and technology services that it offers to companies with more than 1,000 employees.
Teem is WeWork’s fourth acquisition this year. It meanwhile acquired three companies earlier this year, including the Chinese co-working startup Naked Hub, for which it paid $400 Mn.
Teem cofounder and CEO Shaun Ritchie said in a press release, “Teem has always had one goal in mind: to create an amazing workplace experience by eliminating hurdles to office productivity. 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.”
In India, meanwhile, WeWork is aiming to double its locations in India to 20 by the year-end from the current 9 locations.