Eden Nabs WeWork's Managed by Q, JLL Technologies Partnership
Workplace management platform Eden has acquired its competitor Managed by Q from WeWork after a months-long bidding process. The acquisition amount is undisclosed for the investment round that Jones Lang LaSalle Technologies led to cement the acquisition.
NEW YORK CITY- Workplace management platform Eden has acquired its competitor Managed by Q from WeWork after a months-long bidding process. The acquisition amount is undisclosed for the investment round that Jones Lang LaSalle Technologies led to cement the acquisition, as it joins the JLLT portfolio in a new partnership.
According to news reports, Eden received a deep discount for Managed by Q, which WeWork paid an estimated $200 million for close to a year ago. Eden will absorb Managed by Q’s workforce, existing clients and vendors. The acquisition means more growth for the firm but doesn’t change anything different from a strategy perspective, J Joe Du Bey, CEO and co-founder of Eden, tells GlobeSt.com. “Eden was already in hyper-growth and the acquisition even accelerates our growth even and makes us a clear category leader for workplace platforms,” Du Bey said. “It will help us to scale throughout the U.S. and internationally this year.”
Yishai Lerner, co-CEO of JLL Technologies, will join Eden’s board of directors, filling one of the seven seats. He will also oversee a new distribution partnership between JLL Technologies and Eden to expand the software firm’s goods and services to JLL clients, making Eden and Managed by Q a part of the JLLT portfolio. “No matter the size of the company, whether a fast-growing startup or one of the Fortune 1000, JLL aspires to solve its workplace experience needs,” said Lerner in a prepared statement.
Founded in 2015, initially, Eden offered on-demand tech services to homes. Then in 2017, it grew the company to expand beyond IT to enterprise office management, and now its cloud-based software program on Amazon Web Services provides businesses that are a range of sizes, data, and tools to bid on services that are a fit for their respective workplace.
Eden is available in 25 global metro areas, with a marketplace of more than 2,000 service vendors providing all facilities and workplace experience services for office building operations.