(Reuters) - Office management platform Eden said on Tuesday it has acquired shared workplace operator WeWork's Managed by Q for an undisclosed sum.
The sale of another non-core business at WeWork comes as the operator presses ahead with hiving off non-core assets to chart a path to profitability. (https://reut.rs/32XHEGd)
WeWork, which has been losing money, is under pressure to cut costs after it recorded a spectacular plunge in valuation to less than $8 billion from $47 billion last year, which in turn derailed its initial public offering.
The sale of Managed by Q is part of a series of steps taken by WeWork recently to turn itself around, including naming real estate veteran Sandeep Mathrani as Chief Executive and putting in place a second rung of leaders.
WeWork bought Managed by Q in April last year for $220 million in cash and stock, a few months before its IPO imploded.
Both Managed by Q and Eden run software platforms that allow managers to contract out services such as cleaning, handymen, and tech support.
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Managed by Q, along with their existing clients and vendors, will be funneled into Eden.