WeWork acquires Space IQ, a software company for the real estate industry

The We Company, also known as WeWork, a global coworking aggregator, has acquired yet another software company. The company has announced that it has agreed to buy out SpaceIQ, what it considers a "workplace real estate management and operations platform."

This deal caught our eye for a few reasons. First, it’s yet another software buy from a company with its roots firmly in the real world. And, WeWork is heading towards an IPO that could land as soon as next month.

So, what’s going on with WeWork and its software buys? Let’s examine the situation.

WeWork Hearts Software

WeWork has made 15 known acquisitions during its life (the company was founded in 2010, for reference). Some of the company’s buys are pedestrian deals. Its $400 million acquisition of China-based coworking company Naked Hub, for example.

Then there are WeWork’s software buys. In addition to the newly-announced SpaceIQ deal, here are some of WeWork’s buys that deal with software or similar stuff:

• WeWork bought Waltz this June. The company sells building access software.
• WeWork bought Islands, a digital communications platform for groups.
• WeWork bought Euclid this February. The company sells physical space analytics using WiFi signals.
• WeWork bought Teem in September of 2018. The company sells room booking software.
• WeWork bought Conductor in March of 2018. The company sells “[e]nterprise SEO and Content technology for collaborative, customer-driven teams.”
• WeWork bought Meetup in November of 2017. The company sells real-world hangout tooling.

There are two things to note in the above set of deals. First, there are more than a few. Indeed, WeWork has acquired at least a half-dozen software and software-ish companies to-date. Second, most of those companies hang close to the real estate world. This means that WeWork is building a real-estate focused software arm.

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