Workspace provider WeWork acquired US-based workplace analytics software producer Teem on Wednesday for $100m, allowing GE Ventures, the venture capital arm of power and industrial equipment maker General Electric, to exit.
Formerly known as EventBoard, Teem has built a platform that helps workplaces run more smoothly, incorporating a booking system for meeting rooms, automated visitor check-in tools, a building navigation option and an analytics system to study productivity.
The company’s technology will be used to enhance Powered by We, the workplace services platform WeWork launched in 2017 to help corporate clients find and optimise the ideal work space.
Teem had raised $20.5m since it was founded in 2012. GE Ventures invested in a $13.5m series B round in 2016 that was led by NGP Capital, the VC firm spun out of communications technology provider Nokia, and backed by Greycroft Partners, Origin Ventures and Zetta Venture Partners.
GV, a corporate VC subsidiary of internet and technology group Alphabet, is an earlier Teem investor, having contributed to its $1.5m seed round in 2014 alongside Zetta Venture Partners and various angel investors.
Shiva Rajaraman, chief product officer for WeWork, said: “Acquiring Teem means bringing in a talented group of over 100 people to help us create a better, more efficient workplace experience for enterprises around the globe.
“We are committed to helping companies deliver an amazing employee experience every day and everywhere. Teem moves us one step closer to that reality, and we are thrilled to welcome them into our WeWork family.”