iOFFICE Takes Aim At Enterprise Customers Through Acquisition Of WeWork’s Teem
Since its acquisition by Waud Capital Partners, IWMS vendor iOFFICE has been on the march, actively seeking to strengthen its product capabilities. The latest step came on January 13 2020, when iOFFICE announced that it is acquiring room booking innovator Teem from WeWork. This comes after it was reported in 2019 that WeWork was looking to sell off some of its technology vendors, following a restructuring because of its failed IPO. In 2019, iOFFICE also acquired HippoCMMS and ManagerPlus to build out its maintenance capabilities. These purchases bring its total global client base to 8,000.
Following its backing by Waud Capital, iOFFICE’s strategy is one of aggressive product investment and growth. In particular it wants to build on its momentum as a highly-user friendly solution that that has been getting great reviews at the site level, and build out its capability as an enterprise class solution. How does Teem fit in? Teem’s solution architecture is highly scalable and has a track record of deployment in large property portfolios with hundreds of rooms and desks. Its customers include global brands such as HP and LinkedIn. iOFFICE will be building on the exiting integration between its own IWMS platform and the Teem solution, and use it to provide customers with a market-leading reservation tool alongside iOFFICE’s existing modules for workplace analytics, wayfinding and maintenance optimization.
With this acquisition, iOFFICE is making a bold play to spearhead new growth through acquisitions, product integrations and development, and growing its core team. Just as Accruent and MRI did in the recent past, iOFFICE and FM:Systems (see FM:Systems acquiring Asure Software and Rifiniti) are shaking up the market with their acquisitions, and in doing so transforming their value proposition to customers.