WeWork acquires Managed by Q to attack medium and large companies

• WeWork has acquired Managed by Q, an office tenant platform for hiring on-demand service employees such as cleaners, receptionists or IT support.
• Managed by Q, it had been valued at $ 249 million during a round of financing in January, according to PitchBook. The company has raised $ 85 million since 2014 from GV, Homebrew and RRE Ventures.
• Managed by Q Co-founder and CEO, Dan Teran will remain at the head of the group. Managed by Q as a separate entity under WeWork.

In another effort to expand its business beyond its office rental business, WeWork announced today that it has acquired Managed by Q, a platform for tenants to hire staff, such as cleaners, receptionists or computer support.

Financial conditions were not disclosed. According to PitchBook Data, Managed by Q had been valued at $ 249 million during a round of financing last January. The company has raised $ 85 million since 2014 from GV, Homebrew and RRE Ventures.

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In a blog post announcing this news, Managed by Dan Cot's founder and CEO, Dan Teran, said that "the decision to join WeWork and give up an independent path was not taken lightly" .

This acquisition is another way in which WeWork hopes to extend its business beyond leasing office space to smaller tenants. Managed by Q works primarily with medium and large businesses – a customer segment that WeWork has been striving to break into. WeWork, which had the most recent value of $ 47 billion, made several acquisitions over the past year to continue adding services to support its core customers. In September, WeWork acquired in February Teem, a meeting management platform, followed by Euclid, a platform for badyzing WiFi data usage.

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Teran remains and manages the team as a separate entity under WeWork.

"I think WeWork has the potential to be one of the most important companies in the history of the world, and I'm excited to devote the next chapter of my career. to this success, "said Teran in his blog.

Managed by Q had an existing partnership with WeWork where its services were available to customers from its headquarters via the WeWork offering. Headquarters by WeWork offers tenants a private, fully customized office space managed by WeWork.

Managed by Q will not be deployed on all WeWork sites, according to a report published in the Wall Street Journal, and managed by Q will continue to serve customers other than WeWork.