Good morning! I wanted to send along some industry updates that have popped up over the past month. Let’s just say the name “Thoma Bravo” will be your radar. Read through to get up to speed and, potentially, get a free coffee.
Onto the update!
Headlines
Here I thought that August was going to be just another sleepy, summer month...
🤝 iOffice + SpaceIQ join forces
Just a few short weeks since iOffice was acquired by PE firm Thoma Bravo, yesterday it was announced they will be merging with SpaceIQ, the current IWMS superteam.
The game of workplace musical chairs has been fast and furious the past two years. A quick refresher from Phil Kirschner 😵💫.
↕️ SpaceIQ is adding another layer to their vertical, work-your-way-up approach: start with the entry brand and level up along the way.
↔️ iOffice had been acquiring companies in a similar fashion but across a broad portfolio (Teem for room displays, Hippo CMS for asset management).
The combined teams will have ~10,000 customers (my napkin math says 8k from iOffice and 2k from SpaceIQ).
In a world where square footage is likely to shrink across the board, consolidation and new services are the paths to growth.
👤 Density acquires Nashi
Monitoring the capacity of the office was more straightforward when it was a predictable space, you could apply the context of the space with more confidence. Hybrid schedules add a variable that sensors can’t pick up, context.
Nashi has been building fast (founded in Jan 2020) and will now be known as “Workplace by Density”. Density now has a default, starting point to managing the elements of flexible work with their sensors out of the box.
🗺 ServiceNow acquires Mapwize
Mapwize builds similar tech to Aruba Meridian, indoor mapping for wayfinding. It will take time but the purchase now gives ServiceNow a map module to drop into their applications ecosystem, specifically for Workplace Space Mapping and Workplace Service Delivery.
About the acquisition:
With Mapwize, ServiceNow will provide indoor mapping capabilities for employees as they reserve seats, conference rooms, workspaces and workplace resources, as well as navigate offices, from their desktop or mobile devices. Mapwize capabilities will also help workplace teams manage and update floor maps based on usage trends and evolving real‑estate needs.
“With Mapwize, ServiceNow will power the future of employee experiences by making it easier for people to navigate their work environment and access the workspace information and workplace services they need to remain productive.” - Blake McConnell, SVP of Employee Workflows at ServiceNow
One of the more interesting parts of Mapwize was the Microsoft Teams integration where they embedded the map inside of Teams.
🚧 Thoma Bravo invests in Condeco
We haven’t seen one organization this locked into the workplace sector since WeWork in 2019, it’s clear Thoma Bravo sees this as the moment to play offense (with a much better track record).
Condeco currently has ~2,000 customers and is hoping to use the investment to accelerate global growth. I’m curious if iOffice’s Teem plays a role in how they fit with the SpaceIQ + iOffice merger…
Listens
⛑ Envoy CEO on hybrid work and the company’s future
It’s good to be back. Thank you for reading, I hope some of these links found their way into new tabs on your browser.
I’m giving away a free coffee to the first three people who reply to this email with a note of what topics or themes they want to see from this newsletter.
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- Brendan