The We Company, which we all know as WeWork, has agreed to acquire Managed by Q, the platform for office management. Terms of the transaction were not disclosed but sources indicate that the deal is a combination of equity and cash. Reports peg the acquisition price to be in the neighborhood of $200M to $250M. “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,” remarked Dan Teran, Cofounder and CEO of Managed by Q. “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.”
Founded in 2913 by Teran and Saman Rahmanian, Managed by Q has raised a total of $97.4M in reported equity funding with Managed by Q’s last round – a Series C coming in January of this year at a reported $249M valuation. Managed by Q has attracted a laundry list of investors that include SV Angel, GV, RRE Ventures, Greycroft, Slow Ventures, Fabrice Grinda, FJ Labs, Kapor Capital, Sherpa Capital, Haystack, Semil Shah, Vayner/RSE, Homebrew, Flight Ventures, 14W, Jose Marin, Scott Belsky, Novel TMT Ventures, blisce/, Zach Weinberg, David Stern, Prehype, DivcoWest, Bjarke Ingels, Naveen Selvadurai, Duke Management Company, Josh Abramson, Max Burger, Jessica Alba, Ricky Van Veen, Jay Livingston, Oxford Properties Group, and Steadfast Financial.
Managed by Q will continue to remain as an independent business within WeWork with the existing Managed by Q team, which numbers 500, joining The We Company. “Dan Teran is a world-class entrepreneur and has built an incredible business and team based on values perfectly aligned with ours,” says WeWork cofounder and CEO Adam Neumann. “I am honored to have Dan join The We Company as a partner to me and our executive team in shaping the future of how we live, work, and grow.” This is WeWork’s thirteenth acquisition. The NYC-based company founded in 2010 by Neumann and Miguel McKelvey had previously acquired NYC startups Meetup, Flatiron, Fieldlens, and Conductor.
Dan Teran is a world-class entrepreneur and has built an incredible business and team based on values perfectly aligned with ours – WeWork cofounder and CEO Adam Neumann.