TaskUs

TaskUs was founded by Bryce Maddock and Jaspar Weir, best friends since high school,{{cite web|last=White|first=Ronald D.|title=TaskUs co-founder Bryce Maddock provides helping hands for tech start-ups|url=https://www.latimes.com/business/la-fi-himi-maddock-20170115-story.html|date=15 January 2017|website=Los Angeles Times}} in 2008 in Santa Monica, California.{{Cite web |title=TaskUs founders' path to Nasdaq started with high school parties and a yogurt venture in Argentina |last=Levy |first=Ari |work=CNBC |date= 11 June 2021|access-date=31 August 2021 |url= https://www.cnbc.com/2021/06/11/taskus-ipo-pop-on-nasdaq-values-company-at-2point8-billion.html}} The two had co-founded other companies before starting TaskUs.{{cite web|last=Schulzke|first=Mario|title=Jaspar Weir- Co-founder and President of TaskUs|url=https://ideamensch.com/jaspar-weir/|date=3 March 2017|website=IMensch}}

The company was originally conceived as a task-based virtual assistant platform for start-ups,{{cite web|last=Porter|first=Jane|title=How TaskUs Bootstrapped Its Way From 2 to 1,200 Employees|url=https://www.fastcompany.com/3035925/how-taskus-bootstrapped-its-way-from-2-to-1200-employees|date=19 September 2014|website=Fast Company}} based in the Philippines. Conversations with potential clients indicated a need for more comprehensive support and TaskUs modified their model accordingly.{{cite web|last=Provencher|first=Donna|title=President of TaskUs discusses rocky road to success|url=https://www.bizjournals.com/austin/news/2022/01/27/the-rocky-road-to-success-meet-jaspar-weir.html|date=27 January 2022|website=Austin Business Journal}} 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.{{cite web|last=blakely|first=lindsay|title=Meet the Outsourcing company powering some of the Web's Hottest startups|url=https://www.inc.com/lindsay-blakely/2016-30-under-30-taskus.html|date=1 June 2016|website=INC.}}{{cite news|title=TaskUs Attracts $15 Million Strategic Investment from Navegar|url=http://www.businesswire.com/news/home/20150609005685/en/TaskUs-Attracts-15-Million-Strategic-Investment-Navegar|publisher=BusinessWire}}

In 2017, Entrepreneur Magazine listed TaskUs as #3 on their Entrepreneur 360 list.{{cite web |title=Entrepreneur 360 best entrepreneurial companies in America 2017 |url=https://www.reflektive.com/news/entrepreneur-360-best-entrepreneurial-companies-america-2017/ |website=Entrepreneur Magazine}}

The company had its initial public offering in June 2021; it is traded on NASDAQ as {{NASDAQ link|TASK}}. Approximately 30% of the company's revenue is from providing content moderation for Facebook, and about 12% is from DoorDash.{{Cite news |title=Blackstone Weighs Options for Outsourcing Firm TaskUs |author=Kalesh, Baiju |work=Bloomberg |date= 4 February 2021|access-date=31 August 2021 |url= https://www.bloomberg.com/news/articles/2021-02-04/blackstone-is-said-to-weigh-options-for-outsourcing-firm-taskus}}{{Cite web |title=Research analyst says TaskUs is set to ride a growth wave |author=Garcia, Jeannette E. |work=San Antonio Business Journal |date=19 April 2021 |access-date=31 August 2021 |url= https://www.bizjournals.com/sanantonio/news/2021/04/19/research-analyst-industry-that-taskus.html}}{{Cite web |title=TaskUs, Inc. 2021 Annual Report (Form 10-Q) |author= |work=U.S. Securities and Exchange Commission |date=2021-08-11 |access-date=31 August 2021 |url= https://www.sec.gov/ix?doc=/Archives/edgar/data/1829864/000119312521243447/d197802d10q.htm}}{{Cite news |title=The Silent Partner Cleaning Up Facebook for $500 Million a Year |work=The New York Times |date= 31 August 2021|access-date=31 August 2021 |url= https://www.nytimes.com/2021/08/31/technology/facebook-accenture-content-moderation.html|last1= Satariano|first1= Adam|last2= Isaac|first2= Mike|url-access=subscription}} TaskUs was originally structured as a limited liability company. This meant that it distributed phantom stock to employees before its 2021 IPO.{{cite web|last=Letenyei|first=Danielle|title=Digital Outsource Company TaskUs to Go Public via IPO This Week|url=https://marketrealist.com/p/taskus-ipo/|date=8 June 2021|website=Market Realist}}

In 2022, a class-action lawsuit was brought against TaskUs for a data breach they did not bring to the attention of customers.{{cite news|last=Mason|first=Bob|title=Crypto Investors Sue TaskUs, Shopify, and Ledger Over New Data Breach|url=https://finance.yahoo.com/news/crypto-investors-sue-taskus-shopify-045318353.html|date=5 April 2022|website=Yahoo Finance}} That same year, the company was also accused of improper revenue disclosure and lack of clarity regarding its work with Facebook.{{cite web|last=Killelea|first=Eric|title=New Braunfel's TaskUs' stock slid after short-seller's report|url=https://www.expressnews.com/business/article/New-Braunfel-s-TaskUs-stock-slid-after-16807205.php|date=26 January 2022|website=San Antonio Express News}} Several components of the claim were dismissed by a New York federal judge.{{cite web|last=Perera|first=Katryna|title=Outsourcing Co. TaskUs Gets Investor Suit Trimmed|url=https://www.law360.com/articles/1783367/outsourcing-co-taskus-gets-investor-suit-trimmed|date=8 January 2024|website=Law360}} TaskUs moved to dismiss this claim against them in February 2023.{{cite web|title=Lozada v. TaskUs, Inc. No.1:2022cv01479-Document 51|url=https://law.justia.com/cases/federal/district-courts/new-york/nysdce/1:2022cv01479/575396/51/|date=16 February 2023}}

That same year, TaskUs made its first acquisition after going public by buying heloo, a Croatia-based digital customer service provider. Also that year, TaskUs was named North America Company of the Year by Frost & Sullivan.{{cite web |date=17 February 2022 |title=Awards:TaskUs named North America Company of the Year in the 2022 Frost & Sullivan Best Practices Awards |url=https://www.adobomagazine.com/advertising-awards/awards-taskus-named-north-america-company-of-the-year-in-the-2022-frost-sullivan-best-practices-awards/ |website=Adobo Magazine}}

In 2023, TaskUs introduced an AI platform, TaskGPT.

TaskUs moved its headquarters to San Antonio, Texas in 2017, then to New Braunfels, Texas in 2018."[https://www.bizjournals.com/austin/news/2021/04/13/taskus-files-for-ipo-moves-hq-to-new-braunfels.html 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. Its revenue for the first quarter of 2024 was $227.5 million."[https://ir.taskus.com/news-releases/news-release-details/taskus-announces-fiscal-first-quarter-2024-results TaskUs Announces Fiscal First Quarter 2024 Results]". 8 May 2024.

The company employs a total of 47,000 employees in 13 locations;{{cite web|last=Lingle|first=Brandon|title=TaskUs rises amid higher profit in third quarter, despite revenue dip|url=https://www.expressnews.com/business/article/task-us-third-quarter-18475415.php|date=8 November 2023|website=San Antonio Express News}} the company's principal operations are in the Philippines.{{Cite web |title=How Two High School Friends Turned $25,000 Into an $80 Million Business |author= |work=Inc.com |date= June 2016|access-date=31 August 2021 |url= https://www.inc.com/lindsay-blakely/2016-30-under-30-taskus.html}}{{Cite web |title=TaskUs prospectus |author= |work=sec.gov |date= |access-date=31 August 2021 |url= https://www.sec.gov/Archives/edgar/data/1829864/000119312521189507/d200167d424b4.htm}}{{Cite web |title=TaskUs reports more than 57% year-over-year revenue growth - San Antonio Business Journal |author= |work=San Antonio Business Journal |date=12 August 2021 |access-date=31 August 2021 |url= https://www.bizjournals.com/sanantonio/news/2021/08/12/taskus-sees-57-per-yoy-revenue-growth.html}}{{cite web|last1=Abad|first1=Roderick|title=BPO firm TaskUs to invest $25M for PH expansion|url=http://news.abs-cbn.com/business/10/06/14/bpo-firm-taskus-invest-25m-ph-expansion|website=ABS-CBN|date=6 October 2014}}

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

Other customers include Coinbase (beginning in 2017), Netflix, Zoom (beginning in 2020), Whisper, Tinder, AutoDesk, and Uber (beginning in 2013).{{Cite web |last=Lingle |first=Brandon |date=13 April 2021 |title=New Braunfels' tech firm TaskUs files to go public |url=https://www.expressnews.com/business/article/TaskUs-IPO-filing-16097988.php |access-date=31 August 2021 |work=San Antonio Express-News}}

{{Reflist}}

Category:Outsourcing companies

Category:Business services companies established in 2008

Category:Business process outsourcing companies

Category:Business in the Philippines

Category:2021 initial public offerings

Category:2008 establishments in California

Category:Companies based in New Braunfels, Texas

Category:American companies established in 2008