In a bid to expand its presence in Southeast Asia, FlySpaces – dubbed as “Airbnb of office and commercial spaces” – has acquired Malaysia-based co-working space platform 8spaces for an undisclosed amount.
The deal, announced on Monday, aims to provide the ideal launchpad for FlySpaces in Kuala Lumpur and the surrounding region, besides incrementally expanding its networks in the region.The acquisition was made for cash and equity, 8spaces said, in a statement.
The acquisition of 8spaces – a marketplace for boutique spaces for work related activities- assumes significance as FlySpaces currently holds the largest inventory of workspaces in Asia with over 800 available spaces across five cities.
“With 8spaces joining our portfolio, we will further drive our growth and strengthen our leadership position in Southeast Asia, and, at the same time, we are adding a very strong member to our executive team in Lais de Oliveira, with in depth local knowledge and community expertise,” said FlySpaces CEO Mario Berta.
Further, 8spaces founder Lais de Oliveira added that joining the fastest growing regional player will enable 8spaces to fulfill its mission while working with a solid and strong team. “This is the direction 8spaces was headed in any case,” he noted.
With a growing team and regional footprint, Philippine startup FlySpaces has a leading list of partners and clients including Nestle, Heineken, Unilever, Google, and Uber. “This rapid expansion is possible because of FlySpaces’ lean operating structure and expansive network of clients and partners across the region,” claims FlySpaces.
The company will start its Jakarta operations in January 2017, it added.