- As the flexible workspace industry grows worldwide, so too are the technology companies supplying it.
- WUN Systems and essensys, two leading providers of software platforms, have both experienced rapid growth in recent years.
- As industry growth and competition continues, we can expect to see more consolidation between technology service providers.
The flexible workspace industry has experienced incredible growth over the past few years. In Asia, India, Europe, Latin America, the US, and other countries, shared workspaces have become the new normal. This growth has brought with it increased consolidation, increased competition, and increased market share of niche spaces. But that’s not all. This growth is also positively impacting flexible workspace service providers.
Such is the case of technology and software platform providers for the flexible workspace industry.
Towards the end of 2017, WUN Systems was acquired by Yardi, a global platform that develops and offers IT and CRM services and products to property owners and real estate companies. Shortly after, Yardi also announced the acquisition of Phoenix Broadband Ltd., a technology firm specializing in infrastructure and hardware solutions for flexible workspaces, mostly known within the industry for its Medusabusiness brand.
Yardi’s acquisition of these two companies speaks to the immense potential that the flexible workspace industry holds, not just in terms of providing workplaces, but also in terms of helping other industries grow. This can also be seen with the success that essensys has experienced in the US market since its expansion just two years ago.
In fact, this morning, essensys announced that it has appointed Jim De Vico to lead its US West Coast expansion. essensys has a history of appointing industry experts to lead the company’s growth plans. In 2016, it appointed David Kinnaird to lead its US expansion; and in November last year, it appointed Alan Pepper, former Avanta Serviced Office Group Chief Executive, as its CFO to handle all of essensys’ financial affairs.
And while these two companies have recently taken the spotlight, they aren’t the only IT technologies killing it in the flexible workspace industry.
Technology is a key aspect of any well-functioning workspace; it helps automate processes, it facilitates interaction, and it aids in having a smoother, more efficient workplace experience. But just as workplaces have transcended themselves from a “place to work” to a “life experience”, so are technology companies finding new ways to transcend their offerings within the flexible workspace industry.
In recent years we have seen new technologies developed to cater to flexible workspace providers. Some of these are mobile apps that help individuals find flexible space, others allow individuals to access flexible workspaces 24/7, and still more are integrating IoT and biometrics to enhance the workplace experience.
In short, technology in the workplace today is about much more than just connectivity, and this has given rise to increased opportunities for tech providers to differentiate themselves from the competition, much alike to what niche spaces are doing.
And just as we are bound to see more consolidation among flexible workspace providers, we can also expect to see more consolidation within tech providers for flexible workspaces. essensys started a couple years ago with the acquisition of HubCreate, and now Yardi is embracing the potential of the industry. As more technologies are developed and competition increases to service the evolving requirements of operators, we are sure that new ideas will be developed and more partnerships will be made.