Managed By Q, the office management platform based out of New York, has today been acquired by The We Company, formerly known as WeWork.
Financial terms were not disclosed. The WSJ reports that it was a cash and stock deal. Managed By Q, which has 500 employees, will remain as a wholly owned separate entity and CEO Dan Teran will remain on following the acquisition to join WeWork leadership.
Upon its latest financing in January, Managed By Q was valued at $249 million, according to PitchBook.
Here’s what Teran had to say in a prepared statement:
We are excited for this incredible opportunity to deepen our commitment to realizing our ambitious vision of building an operating system for the built world. WeWork is uniquely positioned to invest in workplace technology and services, and I look forward to partnering with their team to build more robust products for our clients and create a global platform to help companies push the bounds on our collective potential.
Managed By Q was founded in 2014 with a plan to change the way that offices run. The platform allowed office managers and other decision-makers to handle supply stocking, cleaning, IT support and other non-work related tasks in the office by simply using the Managed By Q dashboard. Managed By Q serves the demand through a combination of in-house operators and third-party vendors and service providers.
Notably, Managed By Q took a different tack than most other logistics companies, employing their operators as W2 workers instead of 1099 contractors. Moreover, Managed By Q offered a stock option plan to operators that gives 5 percent of the company back to those employees.
The company has raised a total of $128.25 million since launch from investors such as GV, RRE and Kapor Capital. Managed By Q currently serves the markets of New York, San Francisco, Los Angeles, Chicago, Boston and Silicon Valley, with plans to aggressively expand following the acquisition, according to the WSJ.
Not only has Managed By Q swiftly matured into a big player in the NY tech scene and Future Of Work space, but it has also fostered interesting competition and consolidation within the space. Managed By Q has itself made several acquisitions, including the purchase of NVS (an office space planning and project management service) and Hivy (an internal comms tool to let employees tell office managers what they need).
By Jordan Crook