WeWork gains ground due to corporate operations and buys its competitor Spacious

September 1, 2019
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This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

WeWork's parent company, The We Company, has acquired Spacious, a ‘startup’ direct competition from the company and which uses restaurants as coworking spaces in the hours before its opening. Terms of the deal were not disclosed.

The acquisition occurred after the expected presentation of the company's OPV earlier this month. While the price of the operation has not been disclosed, the company was last valued at $29.1 million.

For The We Company the acquisition allows you to add more flexible options for those with a We membership, the service that allows people to reserve office space for the day. "The Spacious team and their real estate experience will help WeWork continue to provide its members with access to the work space they want, when they need it," said Chris Hill, WeWork Product Director, in a statement.

Spacious was founded in 2016 by Preston Pesek and Chris Smothers, and the company has turned restaurants in New York City and San Francisco into coworking spaces. Users have the option to buy a $20 pass per day or choose between annual, monthly or three-month membership starting at $129 per month. "At WeWork, we have found a lot of natural alignment through our visions for integration of work, technology and physical space," Pesek wrote in a publication on Spacious's corporate blog announcing the acquisition.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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September 1, 2019

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