As it gears up to try and convince Wall Street it's a tech company, WeWork is in talks to acquire software start-up SpaceIQ.
The sources, who asked not to be named because the talks are private, did not provide potential terms of the deal. SpaceIQ has raised about $11.5 million in venture funding.
A WeWork spokesperson declined to comment. A SpaceIQ spokesperson said in an email, responding to a request for comment, that "media inquiries are being funneled through WeWork's Corporate Communications Team." WeWork, which rebranded itself as the We Company earlier this year to reflect its expansion beyond the co-working market, was last valuedafter Japanese technology and telecommunications giant SoftBank invested about $2 billion in the company in January. WeWork lost $264 million in the first quarter while revenue more than doubled to $728.3 million.
Justifying its latest valuation — or a premium to it — on the public markets is becoming more difficult as investors take a skeptical view of cash-burning companies that raised billions in private capital to fuel growth.
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