WeWork and Upflex sign strategic partnership to enable access to a global network of 5,500 flexible workspaces
NEW YORK–(BUSINESS WIRE)–WeWork Inc., a leading flexible space provider, today announced a strategic and exclusive partnership with Upflex, a coworking aggregator and global flexible workplace startup. clients with increased flexibility when adopting hybrid work strategies. WeWork will also participate in Upflex’s Series A funding alongside additional investors.
Through this partnership, WeWork and its members will have access to Upflex’s rapidly growing aggregated portfolio of more than 4,800 third-party spaces, delivered by more than 700 flexible space operators in 80 countries. WeWork will be the exclusive operator of flexible workspaces to sell Upflex inventory to its members, allowing WeWork members access to Upflex’s vast network of third-party spaces while maintaining a streamlined experience through WeWork as a single workspace provider.
Additionally, this partnership will allow WeWork to roll out enhanced WeWork Access membership options where members will have the ability to search, view and reserve space at select non-WeWork locations within the Upflex network. The expanded scale in WeWork’s non-core markets globally will allow members to choose from a wider array of flexible, customized space solutions that best meet their specific real estate needs.
Reciprocally, Upflex will be the exclusive coworking aggregator to access WeWork’s global inventory, allowing Upflex customers and employees to book workspace at WeWork locations through the Upflex platform and marking the first time that WeWork allows workspace reservations from a third-party platform. This partnership will also allow all coworking brands in the Upflex network to leverage the WeWork community of more than 28,000 member companies around the world.
Sandeep Mathrani, CEO of WeWork, said“We are thrilled to invest in and partner with the great team at Upflex, whose extensive network of flexible offices and offerings is an important addition to WeWork’s portfolio. As we look to the future of work, this partnership will not only bring more value to our own product offerings for WeWork members, but also foster a more innovative and collaborative flexible ecosystem that continually thinks of new ways to better serve the workforce.
Christophe Garnier, CEO of Upflex, said: “This partnership is a significant step forward both for our supplier partners, who will see tremendous growth in demand, and for our customers, who will be able to adopt the largest and highest quality flex network in the world. WeWork and Upflex share the same goal: to create a better workplace for everyone, and we’re excited to take the industry to a new level by connecting the biggest players in supply and demand.
The agreement marks a step forward in WeWork’s continued transition to an asset-based growth strategy by exponentially increasing the physical network for members without additional capital investments. Additionally, by partnering with Upflex, WeWork enhances its technology-driven approach to delivering an exceptional member experience through Upflex’s online marketplace.
WeWork (NYSE: WE) was founded in 2010 with the vision of creating environments where people and businesses come together and do their best. Since then, we have grown to become one of the world’s leading flexible space providers committed to providing technology-driven turnkey solutions, flexible spaces and community experiences. For more information about WeWork, visit wework.com.
Upflex is a virtual platform created around the idea that businesses today should provide on-demand workplace flexibility while embracing environmental sustainability. With a comprehensive, best-in-class, global workspace network, Upflex offers businesses flexibility and a hybrid workspace model for their employees. It offers instant access to the world’s largest network of workspaces at over 5,500 locations in 80 countries. For more information about Upflex, visit upflex.com.
Certain statements made in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, but are not limited to, those regarding the partnership agreement with Upflex and concurrent financing, and contemplated transactions, future strategic growth, efficiency and improved customer experience, anticipated benefits of the partnership and funding, future financial and operating results of WeWork or Upflex, and other statements regarding future expectations, plans and prospects. The words “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity”, “predict”, “plan “, “pipeline”, “potential”, “may”, “should”, “will”, “would”, “will”, “probably result” and similar expressions are intended to identify forward-looking statements, but not all forward-looking statements contain these identifying words.
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. Although WeWork believes that the expectations reflected in the forward-looking statements are based on reasonable assumptions, it cannot guarantee that its expectations will be achieved, and actual results may differ materially from those indicated by such forward-looking statements due to a variety of risks, uncertainties and other factors. These factors include, but are not limited to, WeWork’s ability to recognize the strategic, economic and other benefits expected from the partnership and financing; the effect of the partnership and funding announcement on WeWork’s business, results of operations and relationships with customers, suppliers, competitors and others; the risks that the partnership or financing may alter or change WeWork’s current business plans and operations; changes in general economic conditions, including as a result of the COVID-19 pandemic; delays in returning customers and prospects to the office and taking occupancy due to the COVID-19 pandemic, as well as the response of governments and businesses, and the emergence of variants resulting in a parallel delay in the receipt of corresponding income; the success of new product offerings; and WeWork’s inability to execute on its business plan. Forward-looking statements speak only as of the date they are made. WeWork discusses these and other risks and uncertainties in its annual and quarterly periodic reports and other filings with the United States Securities and Exchange Commission. WeWork may update this discussion in its periodic reports, but assumes no obligation or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments or otherwise.
Category: Investor Relations