Talks for WeWork to sell back the startup Managed by Q to its co-founder have fallen through, and WeWork is now more likely to sell the firm to a competitor.
Managed by Q co-founder Dan Teran was in talks to buy back his company with a group of investors for less than $55 million, according to Bloomberg. WeWork reportedly paid $220 million for the startup in 2019.
However, the office-space giant is now likely to sell it to Eden Technologies Inc., as the final purchase price was too expensive for Teran and his investors.
Managed by Q focuses on using technology to help businesses manage services and workplace tasks, something Eden has competed with it for in the past.
Since its failed attempt at an initial public offering last year, WeWork has been selling off several of its investments including women-focused co-working company The Wing, technology company Teem and marketing software company Conductor.