Coworking space provider WeWork has acquired Conductor Inc, a 13-year-old digital marketing agency in order to spread their arms in other sectors as well. The news was announced by the firm on Tuesday.
Interestingly, Conductor Inc is having a conference where the WeWork CEO and co-founder Adam Neumann was already slated to speak in New York. WeWork shared a blog where it revealed that both the company CEO has known each other for a longtime, they have also attended same college Baruch.
With the acquisition, one would feel that the company doesn’t just want to keep themselves stick to the real estate department. The company in the blog mentioned that through such acquisition’s they wish to help their customers at WeWork in every possible way.
"Whether it’s beautifully designed workspace, a robust community, or diverse suite of services, we want to help our members do what they love and ensure they have the tools to compete in the 21st-century economy," the blog post by WeWork read.
However, Conductor Inc will continue to function on its own as an autonomous company. According to a source known to the deal said that WeWork has promised the company that Conductor’s day-to-day operations won’t be affected because of the deal but WeWork will help them with additional cash flows and resources.
Conductor CEO Seth Besmertnik too wrote a blog on the company platform where he mentioned that the acquisition by the CoWork meant that his company was doing great work. He wrote that the acquisition by WeWork is to humanize the marketing efforts.
"Conductor joining WeWork is a validation of everything we’ve all been working towards showing businesses how to use their power to help customers solve problems, make decisions, and find solutions," said Besmertnik.
The amount for the deal was sealed has been kept under the covers as of now.