Office management platform Eden buys WeWork’s Managed by Q

Photo by Charles Koh on Unsplash

Office management platform Eden said on Tuesday it has acquired shared workplace operator WeWork’s Managed by Q for an undisclosed sum.

The sale of another non-core business at WeWork comes as the operator presses ahead with hiving off non-core assets to chart a path to profitability.

WeWork, which has been losing money, is under pressure to cut costs after it recorded a spectacular plunge in valuation to less than $8 billion from $47 billion last year, which in turn derailed its initial public offering.

The sale of Managed by Q is part of a series of steps taken by WeWork recently to turn itself around, including naming real estate veteran Sandeep Mathrani as Chief Executive and putting in place a second rung of leaders.

WeWork bought Managed by Q in April last year for $220 million in cash and stock, a few months before its IPO imploded.

Both Managed by Q and Eden run software platforms that allow managers to contract out services such as cleaning, handymen, and tech support.

Managed by Q, along with their existing clients and vendors, will be funneled into Eden.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.