Startups providing employee collaboration software, once fueled by the shift to remote work, are now retrenching.
-- Kumospace Inc., whose software allows companies to set up virtual offices for remote and hybrid workers, has acquired rival Kosy Software Ltd. as the market for digital collaboration tools consolidates, people familiar with the deal said.
The acquisition is the second in the space this month, following RingCentral Inc.’s purchase of assets from Hopin, which also makes software that enables virtual meetups but struggled after a rapid period of expansion. Another player in the space, Teamflow, sold its intellectual property to an undisclosed buyer earlier this year, founder and CEO Flo Crivello said in March.
The virtual-office architects mainly served smaller businesses, a market of less interest to Zoom Video Communications Inc. and Microsoft Corp., maker of Teams software, in their quest for big corporate clients with thousands of workers. More than 215,000 businesses use Zoom, up 9% from last year, according to its most recent quarterly earnings call.
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