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Workplace technology company Managed by Q has laid off over 75 of its employees as part of its sale to San Francisco-based startup and competitor Eden. The Managed by Q brand is also expected to be retired in the next few weeks.
The startup’s cofounder and former CEO Dan Teran, who attempted to buy back his company from WeWork but was outbid, addressed the layoffs in a blog post and thanked “those that will remain to ensure a smooth transition.”
It was reported that Teran would have successfully acquired the company, but negotiations were delayed as SoftBank brought in a new CEO. This led Eden to continue to raise more money, which helped finance the acquisitions.
WeWork has been selling off several of its recently acquired companies and stakes after its plans for an IPO fell apart, including Managed by Q, software company Teem and female-oriented coworking company The Wing.
Managed by Q had 500 employees at the time of its sale in April 2019, valuing the company at $220 million. Eden reportedly paid only $25 million for the now 100-person company last week.
