Tech

WeWork Wants to Be a Tech Company Again, Sort Of.

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It will offer software known as WeWork Workplace to help companies manage office space and employees.

WeWork Inc. is trying to increase its technological expertise by offering a brand new software product. It hopes to provide to employers.

The co-working firm will collaborate with real estate software manufacturer Yardi Systems Inc. to create WeWork Workplace. This tool will allow companies to manage their employees and their office spaces in exactly the way WeWork does. The device, which can be used to perform tasks like scheduling conference rooms, coordinating the use of flexible desks by hybrid workers, and studying what spaces are used most often, is scheduled to launch in the summer of this year, according to is expected to unveil the announcement on Wednesday.

Adam NeumannPhotographer: Angus Mordant/Bloomberg

Yardi’s tools are designed to help property managers and landlords manage their property’s operations and finances. WeWork’s main business is leasing office space and desks. However, WeWork has tried to expand its reach in recent times — although not as far as the baffling choices made by the co-founder of WeWork and its former CEO, Adam Neumann. He oversaw the expansion of WeWork into an elementary school and residential co-living.

Neumann had presented WeWork in the eyes of investors to be a company based on technology with a series of acquisitions, including conference-room booking software and a digital marketing firm, and a product that utilized smartphones to monitor the flow of employees through the office. Following the failure of WeWork’s attempt to conduct an initial public listing in the year 2019, Some of these business units were sold to reduce costs.

Photographer: Jason Alden/Bloomberg

WeWork was successful in its second attempt at going public. In its last year under its current CEO, Sandeep Mathrani, WeWork announced to investors that it was developing the three components of its business model, which included leasing office space, offering an on-demand service like leasing a desk for a day, and then selling a brand new software service called WeWork Workplace.

The concept is that those who do not lease space from WeWork may decide to purchase the software, particularly due to the more complicated working conditions of a workforce that would like to work in the office and the other time at home. The beginning of January saw WeWork declare that the first client for the software was the pharmaceutical business Organon & Co., which already had agreements with WeWork across a variety of locations.

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