Yardi Acquires WUN Systems
- Nov 03, 2017
Yardi has acquired WUN Systems, a fast-growing leader in the co-working and shared workspace market. WUN Systems’ workspace management platform delivers the software, hardware and support services to open new shared workspaces, improve existing workspaces or monetize vacant or underutilized space, with the goal of increasing revenue, maximizing productivity and building communities for its members.
WUN Systems serves more than 80,000 members in close to 500 locations globally. The company’s management team, along with more than 80 engineers, programmers, service specialists and project managers will continue to operate from offices in the U.S. and India. WUN Systems features community messaging; a member directory; a space management system that tracks automatic payments and can be integrated with current billing applications and merchant services; a space and meeting room booking software that allows members to book, confirm and manage reservations; real time reporting of potential opportunities and revenue growth; and KUBE by WUN that allows users to connect with new leads instantly and track current space opportunities.
Co-working here to stay
“The acquisition of WUN adds the top provider of software and technology for co-working and shared workspace to Yardi’s suite of products. This is one of the fastest growing trends for offices workers, and is especially popular with Millennials,” Gordon Morrell, executive vice president of Yardi, told Commercial Property Executive.
According to the U.S. Bureau of Labor Statistics, independent workers will total 40 percent of the workforce over the next five years, up from 30 percent today. With more people traveling, creating new businesses and in need of quick and flexible workspaces, co-working has become a lasting alternative in the market.
“According to a recent article in Forbes Magazine, just 10 years ago ‘the trend was almost unheard of, with only 14 documented coworking spaces in the United States. Now, there are more than 11,100, and we’re projected to see more than 26,000 spaces hosting 3.8 million people by 2020,'” added Morrell. “WUN brings Yardi a new client base and enables us to offer a new platform to our existing clients, many of whom are embracing this trend.”
These spaces offer a variety of leasing opportunities, coupled with vast tenant amenities such as daily cleaning, bike storage, office supplies, social events, package handling and 24/7 access to the facilities. This movement is challenging traditional office spaces by offering a more open and collaborative environment. According to a 2015 MBO Partners Report, by 2020, the number of independent workers in America is expected to grow from today’s base of 30.2 million to roughly 37.9 million, which includes both entrepreneurs and larger company employees, whether full- or part-time.
Before acquiring WUN Systems, Yardi purchased Proliphix Energy Control Solutions in the summer of 2016. ECS introduced the industry’s first Internet Protocol thermostats in 2005 and uses cloud-hosted remote management software to provide inexpensive monitoring and control of heating, ventilation and air conditioning systems for large enterprises with small facilities.
Yardi also acquired Optimus EMR in 2015, which provides a single platform for skilled nursing and long-term care facilities as part of its Yardi Senior Living Suite. The suite offers integrated assessments, care plans and an automated minimum data set, which provides senior care providers with a business solution for everything from enterprise resource planning to electronic health records.
That same year, Yardi also purchased MCEnergy, which includes contract negotiations with leading electricity, natural gas, fuel oil and green energy suppliers to provide reliable energy at competitive prices. MCEnergy’s product offerings complement existing Yardi solutions for utility billing, energy management, submeter data administration and intelligent HVAC energy optimization software.
Images courtesy of Yardi Systems