TaskUs

Last updated

TaskUS
Company type Public
Nasdaq:  TASK
Industry Outsourcing
Founded2008;16 years ago (2008) in Santa Monica, California
FoundersBryce Maddock, Jaspar Weir
Headquarters New Braunfels, Texas
Key people
Services Content moderation
RevenueDecrease2.svg US$227.5 million (2024)
Increase2.svg US$23.56 million (2024)
Increase2.svg US$11.71 million (2024)
Total assets Increase2.svg US$874.5 million (2024)
Total equity Increase2.svg US$454.6 million (2024)
Number of employees
49,600 (2024)
Website www.taskus.com   OOjs UI icon edit-ltr-progressive.svg
Footnotes /references
[1] [2]

TaskUs is an outsourcing company that handles content moderation, customer experience, artificial intelligence, operations and risk & response services for companies around the world, [3] including Facebook and DoorDash.

History

TaskUs was founded by Bryce Maddock and Jaspar Weir, best friends since high school, [4] in 2008 in Santa Monica, California. [5] The two had co-founded other companies before starting TaskUs. [6]

The company was originally conceived as a task-based virtual assistant platform for start-ups, [7] based in the Philippines. Conversations with potential clients indicated a need for more comprehensive support and TaskUs modified their model accordingly. [8] Early funding included $15 million from Navegar, a private equity fund in the Philippines, and a $14 million loan from Bridge Bank. The Blackstone Group invested $250 million in 2018. [9] [10]

The company had its initial public offering in June 2021; it is traded on NASDAQ as Nasdaq :  TASK. Approximately 30% of the company's revenue is from providing content moderation for Facebook, and about 12% is from DoorDash. [11] [12] [13] [14] TaskUs was originally structured as a limited liability company. This meant that it distributed phantom stock to employees before its 2021 IPO. [15]

In 2022, a class-action lawsuit was brought against TaskUs for a data breach they did not bring to the attention of customers. [16] That same year, the company was also accused of improper revenue disclosure and lack of clarity regarding its work with Facebook. [17] Several components of the claim were dismissed by a New York federal judge. [18] TaskUs moved to dismiss this claim against them in February 2023. [19]

Early funding included $15 million from Navegar, a private equity fund in the Philippines, and a $14 million loan from Bridge Bank. The Blackstone Group invested $250 million in 2018. [5] [9] [20]

Approximately 30% of the company's revenue is from providing content moderation for Facebook, and about 12% is from DoorDash. [11] [12] [13] [14]

Other customers include Coinbase (beginning in 2017), Netflix, Zoom (beginning in 2020), Whisper, Tinder, AutoDesk, and Uber (beginning in 2013). [9] [21]

Related Research Articles

The Carlyle Group Inc. is an American multinational company with operations in private equity, alternative asset management and financial services. As of 2023, the company had $426 billion of assets under management.

<span class="mw-page-title-main">SoftBank Group</span> Japanese investment holding company

SoftBank Group Corp. is a Japanese multinational investment holding company headquartered in Minato, Tokyo which focuses on investment management. The group primarily invests in companies operating in technology that offer goods and services to customers in a multitude of markets and industries ranging from the internet to automation. With over $100 billion in capital at its onset, SoftBank's Vision Fund is the world's largest technology-focused venture capital fund. Fund investors included sovereign wealth funds from countries in the Middle East.

Vonage Holdings Corp. is an American cloud communications provider operating as a subsidiary of Ericsson. Headquartered in Holmdel Township, New Jersey, the organization was founded in 1998 as Min-X as a provider of residential telecommunications services based on voice over Internet Protocol (VoIP). In 2001, the organization changed its name to Vonage.

<span class="mw-page-title-main">Blackstone Inc.</span> American alternative investment company

Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, hedge funds, secondaries, growth equity, and insurance solutions. As of May 2024, Blackstone has more than US$1 trillion in total assets under management, making it the largest alternative investment firm globally.

<span class="mw-page-title-main">Genpact</span> Bermuda-domiciled professional services firm

Genpact is an American multinational information technology services, consulting, and outsourcing company headquartered in New York City, New York. Founded in Gurgaon, India, and legally domiciled in Bermuda, Genpact currently employs more than 125,000 people and provides services to clients in over 30 countries worldwide. Genpact is listed on the NYSE and generated revenues of US$4.48 billion in 2023.

A special-purpose acquisition company, also known as a "blank check company", is a shell corporation listed on a stock exchange with the purpose of acquiring a private company, thus making the private company public without going through the initial public offering process, which often carries significant procedural and regulatory burdens. According to the U.S. Securities and Exchange Commission (SEC), SPACs are created specifically to pool funds to finance a future merger or acquisition opportunity within a set timeframe; these opportunities usually have yet to be identified while raising funds.

Mphasis Limited is an Indian multinational information technology service and consulting company based in Bangalore. The company provides infrastructure technology and applications outsourcing services, as well as architecture guidance, application development and integration, and application management services. It serves financial services, telecom, logistics, and technology industries. Mphasis was ranked #7 in Indian IT companies and overall #189 by Fortune India 500 in 2019. In April 2016, Hewlett Packard Enterprise sold the majority of its stake in Mphasis to Blackstone Group LP for around US$1 billion.

Khosla Ventures is a private American venture capital firm based in Menlo Park, California. It was founded by entrepreneur Vinod Khosla in 2004. The firm focused on early-stage companies in the Internet, computing, mobile, financial services, agriculture, healthcare and clean technology sectors. Some of its most successful investments include Affirm, DoorDash, Square, Impossible Foods, Instacart, and OpenAI.

Kaleil Isaza Tuzman is a former entrepreneur associated with digital media, who spent more than 20 years in that industry before being convicted of multiple counts of fraud in 2017. Tuzman started his career at Goldman Sachs, was co-founder of GovWorks.com, served as President of JumpTV, and then as chief executive officer and chairman of KIT Digital, Inc. On September 7, 2015, he was arrested in Colombia and held in a Bogotá prison until being extradited to the United States to face charges of fraud and market manipulation in connection with the defrauding of investors in KIT Digital and two investment funds. He was convicted on all counts in December 2017.

<span class="mw-page-title-main">HiSoft</span>

HiSoft Technology International Limited was a multinational information technology and business process outsourcing company headquartered in Dalian, China. Founded in 1996, HiSoft was listed on the NASDAQ public exchange in 2010. In November 2012, the company merged with China-based IT outsourcing industry peer VanceInfo to form Pactera.

<span class="mw-page-title-main">David A. Steinberg</span>

David A. Steinberg is the founder and chief executive officer of Zeta Global. Steinberg is a serial entrepreneur, one of few who have built multiple companies that are worth $1 billion dollars, and do more than $100 million in annual sales. His net worth has been estimated at over a Billion Dollars. Steinberg also serves as chairman and co-founder of On Demand Pharma and Caivis Investment corporation.

<span class="mw-page-title-main">Docusign</span> American software company

Docusign, Inc. is an American software company headquartered in San Francisco, California that provides products for organizations to manage electronic agreements with electronic signatures on different devices. As of 2024, Docusign has about 1.5 million clients in 180 countries. Signatures processed by Docusign are compliant with the US ESIGN Act and the European Union's eIDAS regulation, including EU Advanced and EU Qualified Signatures.

<span class="mw-page-title-main">Prologis</span> American real estate company

Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in logistics facilities. The company was formed through the merger of AMB Property Corporation and Prologis in June 2011, which made Prologis the largest industrial real estate company in the world. As of December 2022, the company owned 5,495 buildings comprising about 1.2 billion square feet in 19 countries across North America, Latin America, Europe, and Asia. According to The Economist, its business strategy is focused on warehouses that are located close to huge urban areas where land is scarce. It serves about 6,600 tenants. Prologis began to expand its non-real estate business, Essentials, in 2022, offering customers solar power, racking systems, forklifts, generators, EV charging infrastructure, and other logistics tech equipment for purchase.

Change Healthcare Inc. is a provider of revenue and payment cycle management that connects payers, providers, and patients within the U.S. healthcare system. The name also refers to a company founded in 2007 which subsequently became part of the current conglomerate. The company operates the largest financial and administrative information exchange in the United States.

DoorDash, Inc. is an American company operating online food ordering and food delivery. It trades under the symbol DASH. With a 56% market share, DoorDash is the largest food delivery platform in the United States. It also has a 60% market share in the convenience delivery category. As of December 31, 2020, the platform was used by 450,000 merchants, 20,000,000 consumers, and one million delivery couriers.

Snap Inc. is a technology company, founded on September 16, 2011, by Evan Spiegel, Bobby Murphy, and Reggie Brown based in Santa Monica, California. The company developed and maintains technological products and services, namely Snapchat, Spectacles, and Bitmoji. The company was named Snapchat Inc. at its inception, but it was rebranded Snap Inc. on September 24, 2016, in order to include the Spectacles product under the company name.

Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships.

<span class="mw-page-title-main">Enshored</span> American outsouring company

Enshored is an outsourcing company founded in 2014 which provides outsourcing services such as customer service, sales support, back office, and content moderation. Its headquarters are located in Long Beach, California and it operates from three locations in the Philippines as well as from Lisbon, Portugal. Enshored works with start-ups and scale-ups in disruptive industries.

<span class="mw-page-title-main">Meta Platforms</span> American multinational technology conglomerate

Meta Platforms, Inc., doing business as Meta, and formerly named Facebook, Inc., and TheFacebook, Inc., is an American multinational technology conglomerate based in Menlo Park, California. The company owns and operates Facebook, Instagram, Threads, and WhatsApp, among other products and services. Meta ranks among the largest American information technology companies, alongside other Big Five corporations Alphabet (Google), Amazon, Apple, and Microsoft. The company was ranked #31 on the Forbes Global 2000 ranking in 2023. In 2022, Meta was the company with the third-highest expenditure on research and development worldwide, with R&D expenditure amounting to US$35.3 billion.

Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.

References

  1. ↑ "TaskUs, Inc. 2024 Annual Report (Form 8-K)". U.S. Securities and Exchange Commission. May 8, 2024. Retrieved July 31, 2024.
  2. ↑ "TaskUs, Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. September 6, 2023. Retrieved July 31, 2024.
  3. ↑ Killela, Eric (May 27, 2022). "The TaskUs at hand: New Braunfels' largest tech company eyes global growth under the radar". San Antonio Express News.
  4. ↑ White, Ronald D. (January 15, 2017). "TaskUs co-founder Bryce Maddock provides helping hands for tech start-ups". Los Angeles Times.
  5. 1 2 Levy, Ari (June 11, 2021). "TaskUs founders' path to Nasdaq started with high school parties and a yogurt venture in Argentina". CNBC. Retrieved August 31, 2021.
  6. ↑ Schulzke, Mario (March 3, 2017). "Jaspar Weir- Co-founder and President of TaskUs". IMensch.
  7. ↑ Porter, Jane (September 19, 2014). "How TaskUs Bootstrapped Its Way From 2 to 1,200 Employees". Fast Company.
  8. ↑ Provencher, Donna (January 27, 2022). "President of TaskUs discusses rocky road to success". Austin Business Journal.
  9. 1 2 3 blakely, lindsay (June 1, 2016). "Meet the Outsourcing company powering some of the Web's Hottest startups". INC.
  10. ↑ "TaskUs Attracts $15 Million Strategic Investment from Navegar". BusinessWire.
  11. 1 2 Kalesh, Baiju (February 4, 2021). "Blackstone Weighs Options for Outsourcing Firm TaskUs". Bloomberg . Retrieved August 31, 2021.
  12. 1 2 Garcia, Jeannette E. (April 19, 2021). "Research analyst says TaskUs is set to ride a growth wave". San Antonio Business Journal. Retrieved August 31, 2021.
  13. 1 2 "TaskUs, Inc. 2021 Annual Report (Form 10-Q)". U.S. Securities and Exchange Commission . August 11, 2021. Retrieved August 31, 2021.
  14. 1 2 Satariano, Adam; Isaac, Mike (August 31, 2021). "The Silent Partner Cleaning Up Facebook for $500 Million a Year" . The New York Times . Retrieved August 31, 2021.
  15. ↑ Letenyei, Danielle (June 8, 2021). "Digital Outsource Company TaskUs to Go Public via IPO This Week". Market Realist.
  16. ↑ Mason, Bob (April 5, 2022). "Crypto Investors Sue TaskUs, Shopify, and Ledger Over New Data Breach". Yahoo Finance.
  17. ↑ Killelea, Eric (January 26, 2022). "New Braunfel's TaskUs' stock slid after short-seller's report". San Antonio Express News.
  18. ↑ Perera, Katryna (January 8, 2024). "Outsourcing Co. TaskUs Gets Investor Suit Trimmed". Law360.
  19. ↑ "Lozada v. TaskUs, Inc. No.1:2022cv01479-Document 51". February 16, 2023.
  20. ↑ "TaskUs Attracts $15 Million Strategic Investment from Navegar". BusinessWire. June 9, 2015. Retrieved July 31, 2024.
  21. ↑ Lingle, Brandon (April 13, 2021). "New Braunfels' tech firm TaskUs files to go public". San Antonio Express-News. Retrieved August 31, 2021.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.