WeWork, despite its best attempts, is not a tech company — at best, it's a commercial real estate firm (and a struggling one, at that). But WeWork is trying once again with new software designed to help managers oversee their workers, Bloomberg reported Wednesday.
The company is rolling out WeWork Workplace, a tool that lets employers manage their workers by booking conference rooms, coordinating desk usage and tracking which work spaces are used most often. WeWork is partnering with Yardi Systems, which provides property management software for landlords and homeowners, on the tool. It's expected to be available this summer.
WeWork has changed quite a bit since its failed IPO in 2019 under former CEO and co-founder Adam Neumann. The company gave its IPO a second go last fall with Sandeep Mathrani at the helm and has laid out a new strategic plan with aims to be cash flow positive by this year. When the company went public a second time, Mathrani told investors that it plans to rent out office space, allow people to rent out space on demand and sell its WeWork Workplace technology. At its most recent earnings report, the company reported that its revenue increased, but it's still losing cash.
With this new software, WeWork hopes that managers who don't rent office space from WeWork might still use its tools for their own hybrid or remote work models. "As we began to launch WeWork Workplace, we saw an incredible opportunity to accelerate the growth and capabilities of our product with the expertise of Yardi’s platform," WeWork's tech and innovation head Scott Morey said in a press release announcing the software. "Together, WeWork and Yardi have the ability to build a scalable end-to-end solution for powering the future of work."
Organon, a women's health care company, signed on as WeWork's first customer for this software earlier this year.
Climate TRACE's data show emissions at the facility-level.Image: Climate TRACE