WeWork offloads non-core business Teem, stake in The Wing

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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