WeWork Snaps Up Managed by Q

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.

“Together, Managed by Q and WeWork will combine space, technology, and services to create a global workplace platform, through which companies can grow and scale,” said Managed by Q co-founder and CEO Dan Teran in a blog post. “Our clients will benefit from deepened investment in our technology and services, and will soon have access to the Managed by Q platform on a global scale. Our partners will participate in unprecedented growth and investment in local communities. Our employees will continue on a journey of profound personal and professional growth and development as we solve bigger and harder problems together, for our story is really just beginning.”

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.

“Through many hours in the back of an SUV on unforgiving terrain we came to realize that not only did we share a vision for our businesses, but we were building our businesses on shared values,” he said. “We didn’t talk about success in financial terms, we talked about impact.”

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.

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