Flexible office space provider WeWork Cos. recently added another element to its continuously expanding portfolio of services, The Wall Street Journal reports. Last week, the company announced it agreed to acquire Managed by Q, Inc. The New York-based company runs a platform that allows office tenants to hire services providers like receptionists, IT support staff or cleaning crews.
WeWork sees the acquisition as another way to provide services outside of leasing flexible office space, The Wall Street Journal reports. Managed by Q typically works with medium to large-sized companies—an arena WeWork has had its eye one as its initial customer bases was smaller companies and large enterprises, according to WeWork Chief Growth Officer Dave Fano.
Acquiring Managed by Q is just one of WeWork’s recent efforts to expand its portfolio. The flexible office space provider also purchased meetings-management platform Teem, LLC and acquired Euclid, Inc., a company that analyzes Wi-Fi usage to gain insight into how employees use workspaces. WeWork also owns Powered by We, which offers tenants private, branded office space.
A number of businesses such as Greenhouse Software and Slack Technologies use services from WeWork and Managed by Q. Seeing that they were using both companies helped put the Managed by Q acquisition in motion, according to Fano. “Really great mutual benefits from customers using Q software and services in WeWork buildings,” he told The Wall Street Journal.
Managed by Q Chief Executive Dan Teran will stay with the company, which will remain a wholly-owned separate entity, both companies said, according to The Wall Street Journal. While Managed by Q works in New York, San Francisco, Los Angeles, Chicago, Boston and Silicon Valley and plans to aggressively expand after the acquisition, WeWork does not expect to have Managed by Q in all of its offices. Meanwhile, Managed by Q will still sell its services to non-WeWork customers.
“When we looked at the options to raise more capital and go independent or join with WeWork, we looked at this as the best way to realize our vision of the benefits we want to achieve for our clients,” Teran told The Wall Street Journal.