WeWork Sells Another Neumann-Era Acquisition
WeWork has sold a meeting space technology company it acquired in 2018, the latest divestiture following its failed IPO attempt last year.
Workplace solutions company iOffice announced Monday it acquired Salt Lake City-based tech startup Teem from WeWork. It didn't disclose the terms of the deal.
WeWork acquired Teem in September 2018 in an attempt to beef up its technology offerings. The coworking giant began looking to divest from companies after its failed IPO attempt in August, and The Information reported in October it put Teem up for sale.
The sale comes one month after WeWork sold marketing software company Conductor back to its founder. The coworking company has also been looking to sell Managed by Q, Meetup, Wave Garden and The Wing as part of its plan to right the ship following the September departure of CEO Adam Neumann.
The deal marks the third acquisition in as many months for iOffice, a Houston-based workspace technology company. In early November, iOffice announced it acquired Hippo CMMS, a Canadian company that provides maintenance management software. IOffice announced it acquired Utah-based software company ManagerPlus 15 days later.
"Teem's impressive workplace domain expertise is a perfect match for what we're doing at iOffice, and we're extremely excited about our future with such an innovative workspace productivity solutions company," iOffice CEO Mark Peterson said in a release.