Home / Business / WeWork buys rival Naked Hub in China expansion drive

WeWork buys rival Naked Hub in China expansion drive

Shared start-up WeWork has acquired a Chinese competitor and has extended its reach to the Asian market.

0,000 users at 24 locations, WeWork said in a blog post .

WeWork CEO Adam Neumann said the deal was part of the integration of cities in the workroom and in buildings. Naked Hub has locations in Shanghai, where it is headquartered, Beijing and Hong Kong.

"In Naked Hub we have found an equal who shares our thoughts on the meaning of space, community, design, culture and technology." Neumann said. "I believe that together we will have a profound impact on helping, growing, scaling, and succeeding businesses across China."

WeWork competes with the Belgian company Regus and the American company Carr. There are also several apps on the market that allow employees to find office space through an on-demand service.

Last year, SoftBank announced a $ 4.4 billion investment in WeWork, backed by both the Japanese company and its technology-led Vision Fund. WeWork is driving expansion into Asia, where demand for co-working spaces is expected to grow significantly.

Source link