WeWork Joining With Yardi To Build New Workplace Tech Tool
WeWork is expanding into workplace software, as the company continues its recovery nearly three years after its valuation collapsed and it was forced to slash jobs and locations to turn around the business.
The coworking operator is partnering with Yardi Systems and plans to combine Yardi's software with WeWork’s current booking capabilities to create an enhanced version of its WeWork Workplace tool, the companies announced Wednesday.
The new offering is tailored to corporate enterprise users and is planned to launch in July, WeWork said in the announcement. The idea is to offer companies ways to allow employees in their office space — and at WeWork locations or WeWork affiliates — to book desks, offices or conference rooms.
“As we began to launch WeWork Workplace, we saw an incredible opportunity to accelerate the growth and capabilities of our product with the expertise of Yardi’s platform,” WeWork Technology and Innovation President Scott Morey said in a statement. “Together, WeWork and Yardi have the ability to build a scalable end-to-end solution for powering the future of work."
Yardi provides property management software to real estate landlords, investors, owners and operators.
It is not the first time WeWork has forayed into technology, with former CEO Adam Neumann overseeing the acquisition of a conference-room booking software, as well as a digital marketing firm and a product that used phone data to track workers' movements in offices, per Bloomberg. Those businesses were sold after the initial public offering attempt went south in 2019, per the publication.
The company eventually went public two years later, after finalizing its merger with BowX Acquisition Corp., a special-purpose acquisition company created by Bow Capital founders. Through the pandemic, WeWork had to shrink its portfolio after years of rapid expansion — especially in New York — and lay off thousands of staffers.
However, following its launch on the New York Stock Exchange, WeWork CEO Sandeep Mathrani told investors that selling software would be a key part of the coworking firm’s business in the future, per Bloomberg.
