US: WeWork has acquired Dallas-based coworking startup Common Desk for an undisclosed sum.
The coworking startup has 23 locations in North Carolina and Texas, 19 of which have hotel-style management agreements.
The acquisition is WeWork‘s first since going public, and also the first under the watch of CEO Sandeep Mathrani, who took over from co-founder Adam Neumann.
Mathrani said: “With an eye towards partners most aligned with our priorities, Common Desk presented itself as a sophisticated operator with a compelling approach to providing a top notch member experience without sacrificing strong margins or an exceptional product. On the heels of a strong year for our business, Common Desk’s operational expertise and portfolio of first-class space will further bolster our value proposition as we focus on strategic growth.”
Nick Clark, CEO at Common Desk, said: “Similar to WeWork, Common Desk is a company built on the concept of bringing people together to have their best day at work. With the added support from WeWork, Common Desk will be able to not only leverage WeWork’s decade of experience in member services to improve the experience of our own members but also leverage WeWork’s impressive client roster to further build out our member base.”
Under Neumann’s tenure the company bought numerous start-ups, including an online coding school and Meetup.com. Several of those acquisitions were sold when Neumann left the company in 2019, after an unsuccessful public offer.
WeWork’s shares fallen around 20 per cent since its October 2021 listing, leaving the company with a market cap of $5.7 billion (£4.2 billion). The company says it is looking at further acquisitions.
