SpaceIQ
2019
Why
WeWork acquired SpaceIQ, workplace management software that helps companies optimize their office space utilization, occupancy, and desk booking. The acquisition aligned more directly with WeWork core business by adding software that could be sold to corporate tenants alongside flexible workspace.
Impact
SpaceIQ represented WeWork most strategically coherent software acquisition, as workplace management tools were genuinely relevant to the enterprise customers WeWork was targeting with its WeWork for Enterprise offering. The software could track desk usage and optimize space allocation for corporate real estate managers.
Outcome
SpaceIQ was part of WeWork technology assets that went through the bankruptcy proceedings in 2023. The workplace management software category proved to be genuinely valuable during the COVID-19 era as companies needed to manage hybrid work arrangements, but WeWork could not execute on the opportunity due to its financial distress.