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.

Contents

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]

In 2017, Entrepreneur Magazine listed TaskUs as #3 on their Entrepreneur 360 list. [11]

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. [12] [13] [14] [15] TaskUs was originally structured as a limited liability company. This meant that it distributed phantom stock to employees before its 2021 IPO. [16]

In 2022, a class-action lawsuit was brought against TaskUs for a data breach they did not bring to the attention of customers. [17] That same year, the company was also accused of improper revenue disclosure and lack of clarity regarding its work with Facebook. [18] Several components of the claim were dismissed by a New York federal judge. [19] TaskUs moved to dismiss this claim against them in February 2023. [20]

That same year, TaskUs made its first acquisition after going public by buying heloo, a Croatia-based digital customer service provider. [3] Also that year, TaskUs was named North America Company of the Year by Frost & Sullivan. [21]

In 2023, TaskUs introduced an AI platform, TaskGPT. [22]

Operations

TaskUs moved its headquarters to San Antonio, Texas in 2017, then to New Braunfels, Texas in 2018. [23] Its revenue for the first quarter of 2024 was $227.5 million. [24]

The company employs a total of 47,000 employees in 13 locations; [22] the company's principal operations are in the Philippines. [25] [26] [27] [28]

Approximately 30% of the company's revenue is from providing content moderation for Facebook, and about 12% is from DoorDash. [12] [13] [14] [15]

Other customers include Coinbase (beginning in 2017), Netflix, Zoom (beginning in 2020), Whisper, Tinder, AutoDesk, and Uber (beginning in 2013). [9] [29]

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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. 1 2 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. ↑ 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 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. ↑ "Entrepreneur 360 best entrepreneurial companies in America 2017". Entrepreneur Magazine.
  12. 1 2 Kalesh, Baiju (February 4, 2021). "Blackstone Weighs Options for Outsourcing Firm TaskUs". Bloomberg . Retrieved August 31, 2021.
  13. 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.
  14. 1 2 "TaskUs, Inc. 2021 Annual Report (Form 10-Q)". U.S. Securities and Exchange Commission . August 11, 2021. Retrieved August 31, 2021.
  15. 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.
  16. ↑ Letenyei, Danielle (June 8, 2021). "Digital Outsource Company TaskUs to Go Public via IPO This Week". Market Realist.
  17. ↑ Mason, Bob (April 5, 2022). "Crypto Investors Sue TaskUs, Shopify, and Ledger Over New Data Breach". Yahoo Finance.
  18. ↑ Killelea, Eric (January 26, 2022). "New Braunfel's TaskUs' stock slid after short-seller's report". San Antonio Express News.
  19. ↑ Perera, Katryna (January 8, 2024). "Outsourcing Co. TaskUs Gets Investor Suit Trimmed". Law360.
  20. ↑ "Lozada v. TaskUs, Inc. No.1:2022cv01479-Document 51". February 16, 2023.
  21. ↑ "Awards:TaskUs named North America Company of the Year in the 2022 Frost & Sullivan Best Practices Awards". Adobo Magazine. February 17, 2022.
  22. 1 2 Lingle, Brandon (November 8, 2023). "TaskUs rises amid higher profit in third quarter, despite revenue dip". San Antonio Express News.
  23. ↑ "TaskUs files for IPO; HQ now in New Braunfels instead of California - Austin Business Journal". Austin Business Journal. 13 April 2021. Retrieved 31 August 2021.
  24. ↑ "TaskUs Announces Fiscal First Quarter 2024 Results". 8 May 2024.
  25. ↑ "How Two High School Friends Turned $25,000 Into an $80 Million Business". Inc.com. June 2016. Retrieved August 31, 2021.
  26. ↑ "TaskUs prospectus". sec.gov. Retrieved August 31, 2021.
  27. ↑ "TaskUs reports more than 57% year-over-year revenue growth - San Antonio Business Journal". San Antonio Business Journal. August 12, 2021. Retrieved August 31, 2021.
  28. ↑ Abad, Roderick (October 6, 2014). "BPO firm TaskUs to invest $25M for PH expansion". ABS-CBN.
  29. ↑ Lingle, Brandon (April 13, 2021). "New Braunfels' tech firm TaskUs files to go public". San Antonio Express-News. Retrieved August 31, 2021.
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