Managed by Q, the workplace administration platform primarily based out of New York, has right now been acquired by The We Firm, previously often known as WeWork.
Monetary phrases weren’t disclosed. The WSJ experiences that it was a money and inventory deal. Managed by Q, which has 500 staff, will stay as an entirely owned separate entity and CEO Dan Teran will stay following the acquisition to hitch WeWork management.
Upon its latest financing in January, Managed by Q was valued at $249 million, in line with PitchBook.
Right here’s what Teran needed to say in a ready assertion:
We’re excited for this unimaginable alternative to deepen our dedication to realizing our bold imaginative and prescient of constructing an working system for the constructed world. WeWork is uniquely positioned to spend money on office know-how and companies, and I sit up for partnering with their workforce to construct extra strong merchandise for our shoppers and create a world platform to assist corporations push the bounds on our collective potential.
Managed by Q was based in 2014 with a plan to alter the best way that places of work run. The platform allowed workplace managers and different decision-makers to deal with provide stocking, cleansing, IT assist and different non-work associated duties within the workplace by merely utilizing the Managed by Q dashboard. Managed by Q serves the demand by way of a mix of in-house operators and third-party distributors and repair suppliers.
Notably, Managed by Q took a unique tack than most different logistics corporations, using their operators as W2 employees as a substitute of 1099 contractors. Furthermore, Managed by Q supplied a stock option plan to operators that offers 5 p.c of the corporate again to these staff.
The corporate has raised a complete of $128.25 million since launch from traders reminiscent of GV, RRE and Kapor Capital. Managed by Q at the moment serves the markets of New York, San Francisco, Los Angeles, Chicago, Boston and Silicon Valley, with plans to aggressively broaden following the acquisition, in line with the WSJ.
Not solely has Managed by Q swiftly matured into a giant participant within the NY tech scene and Way forward for Work area, however it has additionally fostered fascinating competitors and consolidation throughout the area. Managed by Q has itself made a number of acquisitions, together with the acquisition of NVS (an workplace area planning and undertaking administration service) and Hivy (an inside comms device to let staff inform workplace managers what they want).