Co-working space provider WeWork has marked the first acquisition of 2019 as it has acquired Bay Area-based Euclid, a data analytics platform which tracks the behavior of people inside a workplace. While the figure for which the deal has been closed is not being disclosed, it is confirmed that the Euclid brand name will no longer be used.
Euclid was founded in 2010 by Steve Wilhelm and Will Smith as a platform which uses WiFi signals to track the movement of people. In a statement, the company said that Euclid will become integrated completely within WeWork and the whole team of Euclid will join WeWork to help them focus on accelerating the development of a workplace-insights solution. Since their inception, Euclid had raised close to $45 million in investment from backers that include Benchmark, Cox Enterprises, Groupe Arnault, New Enterprise Associates, Harrison Metal, Jason Spero, Eld Gil, and others.
Brent Franson, the CEO of Euclid through a statement said, “Euclid has been focused on developing the world-leading technology platform that paves the way for more compelling, efficient, and relevant experiences in the physical world. With an ambitious vision, aligned mission, and an amazing team, WeWork couldn’t be a better home for Euclid’s next chapter. We’re excited to join WeWork in redefining the workplace experience of the future."
WeWork’s chief product officer Shiva Rajaraman commenting on the acquisition said, “Our goal is to help enterprises create the most efficient, effective, and engaged workplaces for their employees. With Euclid now part of our organization, we will be able to provide enterprises with holistic insights around how their workplaces are used—ultimately, helping them to make more informed decisions to support their growth and company culture.”
Notably, WeWork had recently made another acquisition when it had acquired Teem, an office management startup for all-cash deal.
Image Courtesy : bisnow, Euclid