VAST COWORKING GROUP™ REPORTS SIGNIFICANT GROWTH IN 2023 AND BOLSTERS LEADERSHIP TEAM FOLLOWING RECORD-BREAKING YEAR

    WEST PALM BEACH, FL, April 02, 2024 /24-7PressRelease/ -- Vast Coworking Group™ (Vast), the world's largest privately-owned franchisor of coworking spaces, announced today its year-over-year performance in 2023 where it closed out the year with double-digit increases in key benchmarks. Vast, which in 2023 was comprised of leading coworking franchises Venture X® and Office Evolution®, achieved a 21% increase in systemwide sales and 16.5% increase in systemwide membership, respectively. The company also reported that it opened 11 new locations – nine Venture X and two Office Evolution – and added 295,578 square feet to its global footprint across both brands. Earlier this year, Vast expanded its network with the acquisition of pioneering flexible workspace concept Intelligent Office®, which elevated Vast to the third largest global coworking network with over 190 locations, 40,000 members, and 2.4 million square feet of space in eight countries worldwide.

"2023 was a remarkable year for Vast and positioned us for the strides we've already made in the first quarter of 2024," said Jason Anderson, President of Vast. "Our past achievements and successes have propelled our ongoing growth and opened us up to new opportunities that we're excited to seize this year. We see ourselves as a dominant force in the private sector of coworking and we are excited to continue growing both our Vast network and member community as demand for flexible workspace remains at an all-time high."

In 2024, Vast is accelerating franchise development among its brands with five Venture X and five Office Evolution locations forecasted to open within the next six months. The company signed 34 franchise agreements in 2023 across its Venture X and Office Evolution brands that will continue to fill its development pipeline with domestic and international locations. Both Venture X and Office Evolution expanded into Portugal last year, marking the initiation of Office Evolution and Venture X's expansion into additional global territories.

Amid Vast's ongoing growth and success, the company has promoted several longstanding leaders to its executive team, both recognizing their numerous contributions as well as strengthening the company's leadership as it enters a significant growth period. They include:

• Paula Mercer, former VP of Operations, has been promoted to Vice President of Vast. Since joining United Franchise Group™ 16 years ago, Mercer has been an integral part of the team, known for her unwavering drive, exceptional leadership skills, and ability to motivate those around her. In her elevated role, Mercer will continue to steer Vast toward innovative solutions and more incredible successes.
• Tammy Senter has been promoted to Vice President of Operations, Venture X. Previously serving as a National Sales Manager for Venture X, Senter has significantly impacted the brand's growth and service quality and has developed a strategic vision for Venture X which she will apply to her new role.
• Brad Johansson has been promoted to Vice President of Operations, Office Evolution. Johansson previously served as Director of Operations and has been a Franchise Business Consultant to the brand for over six years. A franchising veteran, Johansson will leverage his forward-thinking approach and deep understanding of the coworking model to spearhead initiatives that will elevate Office Evolution, with a focus on innovative solutions, community engagement, and operational agility to meet the evolving needs of members.
• Darcy Masciotro, CFE has been promoted to Vice President of Operations, Intelligent Office. With more than 16 years of multi-unit leadership and franchise operation experience, coupled with a high-energy leadership style, Masciotro will lead Intelligent Office's operations with a focus on enhancing efficiency, fostering collaboration, and ensuring that the brand's coworking spaces continue to be vibrant hubs of creativity and productivity.

"Having the right people in the right roles is fundamental to any company's success and we are incredibly fortunate to have such passionate individuals as part of our team, many of whom have been involved with United Franchise Group for several years. Each of their unique experiences and strengths add so much to our organization and will be instrumental in taking Vast to the next level," said Ray Titus, CEO of United Franchise Group. "The expansion of Vast's leadership team signifies the fast-paced growth trajectory the company is on, and we are looking forward to what's to come."

Vast Coworking Group™ is an affiliated company of United Franchise Group™ (UFG), the global leader for entrepreneurs with over 1600 franchises in more than 60 countries and 2500+ franchisees.

About Vast Coworking Group
Vast Coworking Group™ is comprised of Venture X, Office Evolution, and Intelligent Office and specializes in franchising within the coworking industry, offering solutions, expertise, and shared service options within the flexible workspace franchise community. It is the world's largest privately-owned franchisor of coworking spaces and the third largest coworking network globally. An affiliated company of United Franchise Group™ (UFG), Vast Coworking Group was founded in 2023 by Ray Titus, founder and CEO of UFG, with the express intention of building a framework to connect a variety of coworking brands, services, and amenities within the coworking industry, providing the largest privately owned affiliated franchise network of flexible, professional, and shared office space options on the planet. For more information, visit www.vastcoworking.com.

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