Scoop: WeWork looking to sell even more of its acquisitions
WeWork plans to spin off or sell 2 more of its recent acquisitions — SpaceIQ and Teem — in addition to others that have been reported, according to a source familiar with the matter.
Why it matters: After replacing its CEO and shelving its IPO, the company is looking to boost its balance sheet and focus on its core co-working business.
As was reported by The Information last week, the company is looking to spin off Managed by Q, Meetup and Conductor, and it has already received interest, the source said.
As for SpaceIQ and Teem, both are tech companies that help businesses manage their space.
- Teem, which WeWork acquired a year ago, has a variety of software for businesses, including managing conference-room bookings and handling visitors arriving at the lobby.
- SpaceIQ, acquired in July, allows a company's real estate department to handle tasks such as managing floor plans and desk assignments.
The big picture: Divesting recent purchases isn't the only change being made by new management. The company has also fired a number of executives with close ties to former CEO Adam Neumann, and layoffs are reportedly in the offing.
Go deeper: We(re)Work: One week, many changes