WeWork Acquires Managed By Q – TechCrunch

Managed by Q, the New York-based office management platform, was acquired today by The We Company, formerly WeWork.

Financial terms have not been revealed. The WSJ reports that it was a transaction in cash and shares. Managed By Q, which has 500 employees, will remain as a separate entity at 100%. CEO Dan Teran will remain in place after the acquisition to join WeWork's leadership.

When he was last funded in January, Managed by Q was valued at $ 249 million, according to PitchBook.

Here is what Teran had to say in a prepared statement:

We are excited about this incredible opportunity to deepen our commitment to achieving our ambitious vision of creating an operating system for the built world. WeWork is uniquely positioned to invest in technology and workplace services, and I look forward to working with its team to create more robust products for our customers and create a global platform for businesses to push back the limits of our collective potential.

Managed by Q was founded in 2014 with a plan to change the way offices work. The platform allowed office managers and other decision-makers to manage storage supplies, cleaning, computer support and other non-office work tasks, simply by using the table. managed by Q. Managed By Q responds to demand through a combination of internal operators and third-party suppliers and service providers.

In particular, Managed By Q took a different approach than most other logistics companies: their operators were employed as W2 workers instead of 1099 contractors. In addition, Managed By Q proposed to the operators a stock option plan that makes 5% of the company to these employees.

The company has raised a total of $ 128.25 million since its launch with investors such as GV, RRE and Kapor Capital. Managed By Q currently serves the markets of New York, San Francisco, Los Angeles, Chicago, Boston and Silicon Valley, with plans to aggressively grow after the acquisition, according to the WSJ.

Not only has Managed By Q quickly evolved into a major player on the New York technology scene and in the Future Of Work space, but it has also fostered interesting competition and consolidation within the space. Managed By Q has made several acquisitions, including NVS (a project planning and project management service) and Hivy (an internal communication tool that allows employees to tell office administrators what they need ).