Virtual-Office Provider Kumospace Buys Rival in Latest Sign of Consolidation
Startups providing employee collaboration software, once fueled by the shift to remote work, are now retrenching.
A Kosy virtual office
Photo: KosyKumospace 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.
Kumospace is paying less than $10 million for Kosy, both of the people said. Yanis Mellata, London-based Kosy’s co-founder and CEO, will remain at the combined company to lead the transition, the people said. Kosy’s workforce of about 10 employees will be let go as part of the deal. New York-based Kumospace, founded in 2020, has raised $24 million in funding since its 2020 launch and counts Amazon.com Inc., Google and professional-services firm KPMG among its clients.