WeWork acquires office management startup Managed by Q

The new acquisition adds to their growing suite of office services

TRD NATIONAL /
Apr.April 03, 2019 05:00 PM
Managed by Q CEO Dan Teran and The We Company CEO Adam Neumann (Credit: Getty Images and and Tech: NYC)

Managed by Q CEO Dan Teran and The We Company CEO Adam Neumann (Credit: Getty Images and and Tech: NYC)

WeWork has scooped up another startup on its quest for office-leasing dominance.

The We Company subsidiary has acquired office management startup Managed By Q, a platform that office tenants can use to hire on-demand staff like receptionists, IT support or cleaners.

The financial terms of the deal were not disclosed, but the Wall Street Journal reported WeWork used cash and stock to buy Managed by Q. The startup was founded in 2014, and was most recently valued at $249 million according to PitchBook.

This new acquisition is only the latest addition to WeWork’s suite of office services. In February, the company acquired Euclid, a platform that monitors people’s movement in physical space, offering “workplace insights.”

In 2018, they bought workplace software company Teem, which makes workplace software tools such as office analytics and desk and conference room reservations.

WeWork also owns Flatiron School, a coding platform; Case, which offers construction technology; and MeetUp, an event organizing site.

A financial report released last month showed the We Company, WeWork’s parent firm, had sustained nearly $2 billion of losses in 2018, even as their revenue climbed to $1.82 billion.

The We Company has expanded rapidly in the last year, fueled by billions of dollars of investment by SoftBank and its Vision Fund.


Related Articles

arrow_forward_ios
Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...