WeWork sells Teem and its stake in The Wing as it continues to divest non-core businesses

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Signage is seen at the entrance of the WeWork offices on Broad Street in New York.

David ‘Dee’ Delgado | Bloomberg | Getty Images

WeWork has sold its business management software company Teem and its minority stake in co-working start-up The Wing, the company announced Wednesday.

Artie Minson, co-CEO of WeWork, said in a press release that the sales are part of the company’s effort to focus on the core co-working business. WeWork detailed this strategy last November in a “90-day game plan” that said WeWork would divest all of its non-core businesses in an effort to turn around the troubled co-working company.

“Last quarter, we articulated a long-term plan for disciplined growth and a clear path to profitability, and we continue to execute on this plan each day,” Minson said in a statement. “These sales mark the latest progress in WeWork’s evolution and allow our talented team to focus on the core business and delivering an exceptional experience for our members.”

Teem was acquired by iOFFICE, a workplace experience company. WeWork acquired Teem in September of 2018.

WeWork said it sold its minority stake in The Wing to a consortium of new and existing investors in the co-working start-up. Alphabet‘s venture arm, GV, is reportedly one of the investors who acquired part of WeWork’s stake in The Wing, according to Fortune.

Terms of the deal weren’t disclosed, and WeWork declined to comment beyond its press release. Representatives from Alphabet and The Wing were not immediately available for comment.

WeWork has gradually sold off a number of its businesses in recent months, including marketing company Conductor in December. The company has also “wound down” Spacious, a restaurant co-working startup it acquired in August of 2019, and will shutter early education school WeGrow at the end of the 2020 school year.

Sales of other non-core businesses, including event organizing platform Meetup and office management company Managed by Q, are in the process, the company said.

The moves follow additional efforts by Minson and fellow WeWork co-CEO Sebastian Gunningham to trim the fat at the company. Since Adam Neumann exited the company last September, the company also laid off 2,400 employees last November.

WeWork has been working to find a clear path to profitability since the company pulled its IPO filing last September, after investors balked at its mounting losses and unusual corporate governance structure. WeWork was poised to run out of cash, but secured an eleventh-hour bailout deal from SoftBank.

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