iOffice bought Teem within hours of WeWork putting it up for sale after the IPO flop

Teem, the Utah maker of meeting-room booking software, was acquired by WeWork in September 2018 for $100 million, according to Crunchbase, after raising about $23 million from investors including Greycroft and NGP Capital. For iOffice — a Houston facility-management software company bought by private equity firm Waud Capital Partners in 2018 — that deal had killed earlier talks about integrated solutions, but Mark Peterson, iOffice CEO since October 2018, kept Teem on his list of potential acquisitions even though buying it back seemed unrealistic.

After WeWork's IPO flop in the fall, the shared-office company announced plans to divest acquisitions that were not part of its core business, naming Teem alongside Managed by Q and Meetup. iOffice jumped on the deal and was in contact with WeWork within hours, Peterson told Crunchbase News.

The combination put Teem's reservation, visitor-management and space-usage software next to iOffice's tools for tracking seating assignments and locating rooms in a building. About 85 Teem employees joined, bringing iOffice's headcount to a little over 250 people, and Teem's Utah office became an iOffice location. 'Bringing what Teem has done with what iOffice has really gives both companies a boost,' Peterson said.

About 85 Teem employees joined, taking iOffice's headcount to a little over 250, and reservation, visitor-management and space-usage software joined its platform.

iOffice already knew the asset: the two companies had integrated solutions together before WeWork bought Teem.

WeWork's failed IPO turned a $100 million acquisition into a divestment it needed to exit quickly.

Teem's products sit directly beside iOffice's own — booking rooms, managing visitors, tracking space usage.

Moving within hours mattered once the target was publicly on WeWork's sale list.

Keep a lost target on the list: when a distressed seller unwinds acquisitions, the buyer who already knows the integration moves fastest.

Teem's Utah office became an iOffice location and its roughly 85 employees joined iOffice's 250-plus headcount. WeWork continued shedding the non-core bets on its divestment list, which also included Managed by Q and Meetup. Peterson said the combination of solutions would be a significant benefit to both companies' customers.