Ucommune Consolidates Co-Working Leadership Position with Workingdom Acquisition
BEIJING, July 13, 2018 /PRNewswire/ — Ucommune is pleased to announce the acquisition of Workingdom for RMB$300 Million which is its 4th acquisition this year. Ucommune adds over 11,000 square metres of prime co-working space in the bustling commercial capital of Shanghai. This is another milestone in building the unassailable advantage of Ucommune’s global leadership in the co-working space.
Workingdom had established itself as the non-conventional provider of co-working space solutions in the competitive market of Shanghai within two years of its founding. Their founders are committed to breaking boundaries of traditional working space and included space for residential and consumption.
Workingdom also built an ecosystem around four distinct sectors of streamlined mass product creation, service platform integration, content production and resource consolidation. Workingdom introduced Internet service platform as a one-stop shop to connect users with content and valuable business resources.
Ucommune extracted high level of synergies with the acquisition of Workingdom. The first synergy would be the location based as Ucommune has 40,000 square meters of prime working space in Shanghai in 20 locations and at 95% occupancy rate. The acquisition provided additional space for both Small and Medium Enterprise (SME) and Multi National Companies (MNC) to expand their business operations under Ucommune.
Second, Workingdom’s internet service platform enhances Ucommune’s rich expertise in overseeing cross regional, large-scale business exploration and diversified financial operation capabilities to help SME and MNC clients in scaling up. Post-acquisition, Ucommune would upgrade product lines, streamline operating procedures, integrate resources across regions to offer outstanding products and services.
Finally, the macro environment had seen significant shifts in the past 3 years. We have seen greater uncertainty in the economy and increasing competitive environment for the co-working space with new entrants. Therefore, mergers and acquisitions are necessary for leading companies to maintain their competitive advantage and stay relevant to client’s requirements.
Ucommune would continue to acquire more co-working companies to grow its global footprint. Workingdom is the fourth acquisitions following Wedo, Woo Space and New Space. After this flood of major acquisitions, Ucommune is proud to announce that they have taken the lead in office hot spots such as Beijing, Shenzhen, Chengdu and Wuhan.
The acquisition of Wedo meant that Ucommune has ramped up its presence in Guangdong, Macau and Hong Kong. Ucommune has 60 offices in Beijing. In Shenzhen alone, Ucommune has 20 offices with 30,000 hot desks in 250,000 square metres. Ucommune would built up its market share in the co-working space and seek RMB$11 billion valuation after Series C funding.
Ucommune established itself as a co-working space leader and integrated service solution provider within just three years of establishment. Ucommune opened its first office in Singapore within two months of its presence in April 2018 at JTC LaunchPad @ OneNorth. Soon after, Ucommune soft-opened its second office in Suntec Tower 2 in march 2018which tripled its workstations from 118 to 418 in 20,689 square feet. It has grown to cover over 160 locations in over 36 cities globally, including but limited to Singapore, New York, Beijing, Taipei, Hong Kong, Shanghai, servicing over 7,000 enterprises, 120,000 individual members in total.
About Ucommune (Beijing) Venture Investment Co., Ltd
Founded in 2015 by real-estate veteran Dr. Mao Daqing, Ucommune (is a leading co-working space provider in China offering long-term leasing, hot desk and corporate-customization solutions and professional services across a broad spectrum for small-to-medium enterprises. Backed by renowned investors such as Sequoia Capital, Zhen Fund, Noah Wealth Management, Sinovation Ventures, Ucommune posts a valuation of U.S. $1.7 billion after C round and acquisition of Woo Space, Wedo Space, and Workingdom, as of May 2018 and has grown to cover over 160 locations in over 36 cities globally, including but limited to Singapore, New York, Beijing, Taipei, Hong Kong, Shanghai, servicing over 7,000 enterprises, 120,000 individual members in total. Ucommune is the largest and most recognised co-working space brand in China.