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NEW YORK CITY- Workplace management platform Eden has acquired its competitor Managed by Q from WeWork after a months-long bidding process. The acquisition amount is undisclosed for the investment round that Jones Lang LaSalle Technologies led to cement the acquisition, as it joins the JLLT portfolio in a new partnership.
According to news reports, Eden received a deep discount for Managed by Q, which WeWork paid an estimated $200 million for close to a year ago. Eden will absorb Managed by Q's workforce, existing clients and vendors. The acquisition means more growth for the firm but doesn't change anything different from a strategy perspective, J Joe Du Bey, CEO and co-founder of Eden, tells GlobeSt.com. "Eden was already in hyper-growth and the acquisition even accelerates our growth even and makes us a clear category leader for workplace platforms," Du Bey said. "It will help us to scale throughout the U.S. and internationally this year."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
