WeWork Acquires Building Access App Developer Waltz
By Nicholas Rizzi June 25, 2019 1:49 pm
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Coworking giant WeWork has acquired New York City-based Waltz, the developer of a mobile application that allows workers to gain access to a building via their phones, bypassing traditional building security, WeWork announced today. The deal marks WeWork’s third acquisition of a startup this year.
WeWork acquired Waltz for an undisclosed amount and will roll out the startup’s product—which ditches keycards for smartphones in offices—throughout WeWork’s 485 locations, Business Insider first reported. A worker can use Waltz’s electronic pass to gain instant access to building turnstiles, elevators and doors, according to the firm’s website.
“Our technology team is focused on global access control in order to provide our members with a frictionless experience from curb to office,” Shiva Rajaraman, WeWork’s chief technology officer, said in a statement. “Waltz’s incredible team and technology will allow us to broaden our access capabilities, giving members and guests an enhanced experience across our global platform.”
Under the terms of the deal, Waltz’s workers in its Montreal and New York City offices will join WeWork’s staff, a spokeswoman for WeWork said. Waltz will also retain its current customers.
The spokeswoman did not share how many properties Waltz is currently rolled out in, only saying that the company works with some of the city’s biggest landlords.
Waltz was founded in 2015 by Matt Kopel, who will join WeWork’s staff under the acquisition. The WeWork spokeswoman did not provide more details about Kopel’s role in WeWork.
“WeWork has created a truly global platform, and we’re thrilled to join with them in realizing our vision by deploying our technology solutions in the built world,” Kopel said in a statement.
Waltz’s acquisition is the latest in a series of purchases WeWork, which recently rebranded as The We Company, made as it continues to move past the shared-office business it started with in 2010. This year, WeWork bought data platform Euclid and office management startup Managed by Q for undisclosed amounts.
WeWork previously bought office management software developer Teem for $100 million cash in September 2018 and social network Meetup for around $200 million in 2017, according to TechCrunch and Axios.
The coworking company also filed plans in April to lay the groundwork for a potential public stock offering, as Commercial Observer previously reported.
