Orisun Acquisition Corp. a special purpose acquisition company, announced that it has entered into a definitive merger agreement (the “Merger Agreement”) for a business combination with Ucommune Group Holdings Limited a leading agile office space manager and provider in China. Upon consummation of the transaction contemplated by the Merger Agreement, (i) Orisun will reincorporate to Cayman Islands by merging with and into Ucommune International Ltd, a Cayman Islands exempted company and wholly owned subsidiary of Orisun , and (ii) concurrently with the reincorporation merger, Everstone International Ltd (“Merger Sub”), a Cayman Islands exempted company and wholly owned subsidiary of Ucommune International, will be merged with and into Ucommune, resulting Ucommune being a wholly owned subsidiary of Ucommune International. Upon the closing of the transactions, the parties plan to remain NASDAQ-listed under a new ticker symbol.
Founded in 2015, Ucommune currently has more than 700,000 members and more than 94,000 work stations across 211 office spaces in Greater China and Singapore with an aggregate managed area of 686,000 square meters (approximately 7.38 million square feet) as of December 31, 2019. Since its inception, Ucommune has been developing an asset-light model under which Ucommune provides space design, renovation, and management services to develop and manage agile office spaces for landlords who contribute most of the capital investments needed to build out and launch new spaces. In addition to agile office space services, Ucommune cooperates with over 700 business partners to offer its members additional revenue generating services including advertising and branding services, catering, fitness, healthcare, training and entertainment as well as general corporate services, such as corporate secretary, human resources, legal, finance, IT support and tax services. Ucommune’s existing investor base includes Sequoia Capital China, Gopher Asset Management China, Sinovation Ventures, ZhenFund, and Gopher Asset Management.
The Company’s revenues grew over 160% from 2018 to 2019. In 2020, the Company expects to experience modest revenue decline due to the COVID-19 pandemic. Ucommune has already seen improved revenues in recent weeks . Management forecasts an approximately 66% CAGR of revenues between 2017 and 2022.
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