WeWork, the co-working company that has been in a rapid expansion mode, has expanded yet again by purchasing Managed by Q.
Managed by Q, which is a platform for office tenants to hire on-demand service workers to do tasks such as cleaning or manning service desks, was valued at $249 million at its last funding round in January, and has raised $85 million in 2014, according to the Wall Street Journal, which broke the story Wednesday morning.
The decision to team Managed by Q with WeWork came from a charity visit to Ethiopia a few years ago, where Teran met WeWork’s co-founder Miguel McKelvey. During their time in Ethiopia, they learned their two companies had a shared vision.
Teran and his staff at New York City based Managed by Q won’t be going anywhere, since the startup will remain a separate organization within WeWork and Teran will continue to lead the company after the acquisition is complete.