Photo by WeWork
NEW YORK CITY—WeWork continues to grow its portfolio of services with its acquisition of Managed By Q, which it announced on Wednesday. Managed By Q runs a platform for office tenants to use to hire a range of service providers from cleaning, maintenance, security, and IT services to office managers, receptionists, and executive assistants. It also offers project management support for construction and renovation projects.
Financial terms weren't disclosed.
Dan Teran, who founded Managed By Q in 2014, will continue to lead the company and join WeWork's leadership.
Managed by Q was valued at $249 million in a financing round in January, according to PitchBook Data.
One reason for Managed By Q's appeal is that it customer base tends to be medium-sized and larger companies, which is a growing focus for WeWork, which wants to fill in the gap between its small company roots and its larger focus on corporate clients, The Wall Street Journal noted.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
