- WeWork is in talks to sell Managed by Q for less than $US55 million, Bloomberg reported Thursday.
- That’s less than 25% of the $US220 million WeWork purchased the office management software company for in April, according to the report.
- Dan Teran, the founder of Managed by Q, is in the group looking to buy the company from WeWork, Bloomberg reported.
- Read all of Business Insider’s coverage on WeWork here.
As WeWork struggles to turn itself around, it’s trying to offload one of its business units for a steep discount.
WeWork is in talks to sell Managed by Q for less than $US55 million, Bloomberg’s Gillian Tan reported Wednesday, citing people familiar with the discussions. That’s less than 25% of the $US220 million price tag WeWork purchased the company for just eight months ago, according to the report.
Den Teran, who founded Managed by Q and helped sell the business to WeWork in April, is part of the group looking to purchase the company, Bloomberg reported. Teran spoke publicly about his intention to buy the office management software company back at a conference in Abu Dhabi last week, according to the report.
Adam Neumann acquired Managed by Q in April, reportedly in an attempt to diversify the We Co. business. Neumann left WeWork in September after plans to go public through an initial public offering backfired.
In October, SoftBank announced a $US9.5 billion rescue package for the beleaguered WeWork that includes cutting as much as 25% of the workforce, selling off assets, and closing parts of the business unrelated to the core co-working space.