Managed by Q, the workplace administration platform primarily based out of New York, has at this time been acquired by The We Firm, previously often called WeWork.
Monetary phrases weren’t disclosed. The WSJ stories that it was a money and inventory deal. Managed by Q, which has 500 workers, will stay as a completely 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 unbelievable 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 put money into office know-how and providers, and I sit up for partnering with their workforce to construct extra sturdy merchandise for our purchasers and create a worldwide platform to assist firms push the bounds on our collective potential.
Managed by Q was based in 2014 with a plan to alter the best way that workplaces run. The platform allowed workplace managers and different decision-makers to deal with provide stocking, cleansing, IT help and different non-work associated duties within the workplace by merely utilizing the Managed by Q dashboard. Managed by Q serves the demand by a mix of in-house operators and third-party distributors and repair suppliers.
Notably, Managed by Q took a special tack than most different logistics firms, using their operators as W2 staff as an alternative of 1099 contractors. Furthermore, Managed by Q provided a stock option plan to operators that provides 5 p.c of the corporate again to these workers.
The corporate has raised a complete of $128.25 million since launch from buyers equivalent to GV, RRE and Kapor Capital. Managed by Q presently serves the markets of New York, San Francisco, Los Angeles, Chicago, Boston and Silicon Valley, with plans to aggressively increase following the acquisition, in line with the WSJ.
Not solely has Managed by Q swiftly matured into an enormous participant within the NY tech scene and Way forward for Work area, but it surely 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 mission administration service) and Hivy (an inner comms instrument to let workers inform workplace managers what they want).