WeWork picks up Managed by Q
April 4, 2019
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WeWork has agreed to acquire Managed by Q as its second takeover of 2019, following the purchase of behavior analytics platform Euclid in February. Co-founded in 2014 by current CEO Dan Teran, who will continue to lead the business, Managed by Q is the developer a platform used by office tenants to book cleaning, maintenance and administrative services.
The New York-based company tacked $25 million onto an existing Series C in January, taking the round's total to more than $50 million and reaching an estimated valuation of nearly $250 million. The company's client list includes Zendesk, Asana and TheSkimm, while VCs such as Greycroft, RRE Ventures and GV are among its prior backers.
The takeovers of Managed by Q and Euclid this year continue a stretch in which WeWork has increasingly turned to acquisitions as a way to expand its services beyond simply leasing office space. The company has completed 18 corporate M&A deals to date, per the PitchBook Platform, including six each in 2017 and 2018. The business acquired workplace software and analytics startup Teem last September for a reported $100 million.
Related read: What's up with WeWork's CEO?
The New York-based company tacked $25 million onto an existing Series C in January, taking the round's total to more than $50 million and reaching an estimated valuation of nearly $250 million. The company's client list includes Zendesk, Asana and TheSkimm, while VCs such as Greycroft, RRE Ventures and GV are among its prior backers.
The takeovers of Managed by Q and Euclid this year continue a stretch in which WeWork has increasingly turned to acquisitions as a way to expand its services beyond simply leasing office space. The company has completed 18 corporate M&A deals to date, per the PitchBook Platform, including six each in 2017 and 2018. The business acquired workplace software and analytics startup Teem last September for a reported $100 million.
Related read: What's up with WeWork's CEO?
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