Shared workplace operator WeWork said on Wednesday it sold cloud and analytics services provider Teem to digital workplace solutions provider iOFFICE, as it offloads non-core businesses after a botched initial public offering last year.
WeWork also sold a minority stake in The Wing, a community space provider designed for women, to a group of new investors including Google Ventures and American actress Mindy Kaling. Existing investor Sequioa Capital also participated.The money-losing office space operator is under pressure to cut costs after it pulled its IPO last year and recorded a steep plunge in valuation to less than US$8 billion from US$47 billion.
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