BY DUNCAN RILEY
Co-working space provider WeWork Inc. Wednesday said it has acquired Managed by Q Inc., a subscription and on-demand office services company for an undisclosed sum.
Founded in 2013, Managed by Q offers a range of subscription and on-demand services that may be required in an office, ranging from cleaning and maintenance to supply replenishment and wellness services.
“By removing the barriers to delivering an incredible workplace experience, we’ve allowed thousands of organizations to focus their time and resources on their incredible missions — chasing a cure for cancer, building autonomous vehicles, and combating climate change, just to name a few,” Dan Teran, co-founder and chief executive officer of Managed by Q, said in a blog post.
For WeWork, it’s yet another acquisition on its path to global shared-office space supremacy.
Well-capitalized after raising $4.4 billion in a single round backed by Japan’s SoftBank Corp. in 2017, WeWork has continued to grow. It acquired popular social community platform provider Meetup Inc. in November 2017, followed by an ever-growing list that includes Naked Hub, Flatiron School and Unomy.
Although some of its previous acquisitions make have been left of centre, the purchase of Managed by Q makes a lot of a sense because it’s a company that provides services to offices.
Coming into the acquisition, Managed by Q had raised $249 million, an impressive figure for a company that uses a virtual office as its main address. Investors include GV, DivcoWest, RRE Ventures, Oxford Properties Group, bliss, Homebrew, RRE Ventures, Novel TMT Ventures and FJ Labs.
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