WeWork acquires software startup Teem for an estimated $100 million

New York City HQ

Co-working company WeWork acquired startup Teem in a quest to prove itself as a tech company and reportedly shelled out $100 million for the deal. Utah-based Teem, founded in 2012, develops facility management software.

This is the second big acquisition by the WeWork this year after it acquired Chinese coworking space NakedHub in April for $400 million.

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Teem has more than 2,800 customers include Airbnb, Slack, Lyft, and Box.  “Teem has always had one goal in mind: to create an amazing workplace experience by eliminating hurdles to office productivity,” Teem cofounder and CEO Shaun Ritchie said in a press release. “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.”

“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,” WeWork chief product officer Shiva Rajaraman said in a press release.

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Teem will continue to operate as an independent business line in Salt Lake City. But its software will also be integrated into Powered by We offerings — WeWork’s bundled design, facility management, and technology services that it offers to companies with more than 1,000 employees.

WeWork doesn’t currently have any coworking spaces in Utah, but one is coming soon, according to its website.

WeWork, for its part, has battled skepticism from the past year on how it plans to deliver on its $20 billion valuation.

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