10 points on billionaire Anant Yardi, an IIT-Delhi alumnus taking over bankrupt WeWork

Anant Yardi, an IITian, is the billionaire founder and CEO of Yardi Systems. (Image: Yardi.com)

Anant Yardi, an Indian-born software magnate, has acquired a majority stake in WeWork following a federal bankruptcy court's decision to transfer control to its creditors.

David Tolley, the current CEO of WeWork, will continue to lead the company.

“While Yardi will become the majority owner of the business and is CEO of Yardi Systems, WeWork will be operated separately. Currently, David Tolley is still CEO of WeWork," said a company spokesperson.

Here are ten key points about Anant Yardi and his latest venture:

- Anant Yardi acquired a majority stake in WeWork on May 30, after a federal bankruptcy court handed control of the beleaguered co-working giant to its creditors.

- Yardi is a low-profile but highly successful entrepreneur. He made headlines in 1963 when he became the second person to achieve the top rank in the IIT JEE.

- He holds a BTech degree from the Indian Institute of Technology (IIT), Delhi, and an MS in Engineering from the University of California at Berkeley.  In 2021, Yardi contributed Rs 75 crore to the School of Artificial Intelligence in IIT Delhi. He lives in California and moved to the US in 1968.

- Before founding his company in 1984, he worked at Burroughs Corporation for 14 years, where he developed programming methodologies and directed systems development.

- In 1984, Yardi developed "Basic Property Management" for the Apple II computer. Later, he founded Yardi Systems in the same year.

-  He has remained President and CEO of the company for 35 years. His company specialises in property management software, real estate asset and generates nearly $3 billion in annual revenue.

- The billionaire’s interest in WeWork began less than two years ago when he invested over $200 million through an anonymous vehicle. Recently, he committed an additional $337.5 million to counter a bid from former WeWork CEO Adam Neumann, who attempted to regain control of the company.

- Yardi Systems’ relationship with WeWork began in 2022 on a project involving data analytics and office management. By early 2023, WeWork approached Yardi regarding its debts, leading to Yardi Systems purchasing $175 million in secured notes and arranging the purchase of $40 million in shares through a legal entity, later revealed to be Yardi himself.

- He is optimistic about WeWork's potential despite its recent struggles. "If there were doubts, I think we would've been much more cautious," he commented on his recent investment.

- Yardi plans to pivot WeWork towards serving small businesses and incorporating hotel-like technologies such as real-time bookings. "Our view of co-working is that it's an interesting combination of hospitality or hotelling, apartment leasing, and commercial leasing," he explained.

There is still uncertainty about the future management team at WeWork and Yardi may likely take over as CEO.

"There has been no announcement yet who the management team will be once WeWork emerges from bankruptcy, which is set to happen in a few weeks," the company spokesperson said.

A judge approved WeWork's Chapter 11 bankruptcy plan, allowing the shared office space provider to eliminate $4 billion in debt and hand the company's equity over to a group of lenders and Yardi Systems.