Coworking and office space company The We Company (formerly known as WeWork) announced it has acquired Managed by Q — which is a platform for office tenants for hiring on-demand services like receptionists and custodial services. Going forward, Managed by Q co-founder and CEO Dan Teran will continue to head the company as a subsidiary of The We Company. The terms of the deal were undisclosed.
“Dan Teran is a world-class entrepreneur and has built an incredible business and team based on values perfectly aligned with ours,” said WeWork co-founder and CEO Adam Neumann in a statement. “I am honored to have Dan join The We Company as a partner to me and our executive team in shaping the future of how we live, work, and grow.”
PitchBook reports that Managed by Q’s last funding round valued the company at $249 million. Managed by Q raised about $85 million since being founded in 2014. Investors include Google’s venture capital arm GV and RRE Ventures. And The We Company raised over $12 billion total and the company was valued at $47 billion in the last round.
By acquiring Managed by Q, The We Company is pushing to move beyond the co-working and office space vertical. Last year, The We Company also acquired Teem (meetings management company) and Euclid (spatial analytics company).
“We are excited for this incredible opportunity to deepen our commitment to realizing our ambitious vision of building an operating system for the built world,” added Teran. “WeWork is uniquely positioned to invest in workplace technology and services, and I look forward to partnering with their team to build more robust products for our clients and create a global platform to help companies push the bounds on our collective potential.”
Prior to this round, Managed by Q worked with WeWork within the Headquarters by WeWork service for customers. Managed by Q will continue working with non-WeWork clients going forward.
