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Co-working company Servcorp gets $30M cash injection

Servcorp, a global provider of luxury flexible workspace, announced a $30 million investment in co-working, modern design augmentations and enhancements to its technology infrastructure to improve workflow, connectivity and personalization, and create the ultimate flexible office space ecosystem.

Servcorp has been profitable since its inception 40 years ago, offering private offices, virtual offices and more recently co-working.

This investment follows a pilot program during which Servcorp examined the merits of co-working in the luxury market.

“We have been investigating co-working, modern design and technology as part of our product offering, and strongly believe we have cracked the code for the ultimate flexible workspace ecosystem – providing benefits not just for our clients, but for our team and shareholders,” said Marcus Moufarrige, COO of Servcorp.

“The Servcorp ecosystem, which offers a one-of-kind mix of back-end systems, high quality services and a global presence in iconic locations, can now cater to businesses that want to be successful at all stages of growth. This investment marks an important moment in our company’s evolution and, with a lot of competition in the marketplace, it could not come at a better time.”

The $30 Million, which represents re-investment of more than half of Servcorp’s total profits last year, will allocate $20 Million to add full co-working facilities in over 50 Servcorp locations around the world including the United States, China, Australia, Japan and the United Kingdom.

The modern design enhancements, which include more casual meeting space and lounge areas, will make Servcorp floors more appealing to a broader audience. In addition, $10 Million is being allocated to improving the customer experience through technology enhancements.

“It’s not just about the physical space,” said Moufarrige. “Servcorp has been investing for years to build a second to none global workspace management platform.”

New technology enhancements will be made to the Servcorp Workspace Platform, which will be deployed in mid-2018. These enhancements will improve the way clients interact with Servcorp’s platform and increase utilization by enabling self-service access to communications, software, business tools, resources and the Servcorp community.

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