UPDATE: Nov. 28, 2017, 8:03 a.m. EST This piece has been updated to reflect WeWork’s official announcement that it acquired Meetup
WeWork’s global empire continues to expand.
The $20 billion coworking startup is reportedly set to acquire social networking service Meetup, according to Crunchbase.
Meetup CEO Scott Heiferman reportedly told employees about the acquisition on Monday, and mentioned a $30 million figure, but it’s not clear “if that was an acquisition price, or a reference to expected investment into his company from the acquiring entity,” according to Crunchbase.
WeWork confirmed the acquisition on Tuesday morning. The company said Meetup would continue to operate as a standalone company for now.
Launched in 2002, Meetup is a social networking service that allows users to organize meetings offline related to their shared interests and passions.
It’s a logical union, seeing as WeWork offers rentable space for like-minded people to work on projects.
WeWork has been expanding steadily since launching in 2010 in New York City. Within seven years, WeWork has achieved so-called decacorn status — a startup worth more than $10 billion. In August this year, WeWork raised a whopping $4.4 billion in a funding round from SoftBank.
Between a $32 million investment in women’s coworking space The Wing and plans for a private WeWork elementary school in New York, the company certainly isn’t sitting on its hands.