Blackstone Group has made a partial exit from BPO firm TaskUs through a Nasdaq public offering, raising as much as $300 million, valuing the firm at around $2.5 billion.
TaskUs provides customer support services to fast-growing tech companies including Uber, Netflix, Coinbase and Zoom. Employees are spread across eight countries, and TaskUs dedicates hundreds or even thousands of staffers to its top clients so it can handle all their support-related issues. Revenue climbed 33% last year to $478 million, and TaskUs is profitable a rarity among newly public tech companies showing annual net income of $34.5 million last year.
Maddock, the CEO, said TaskUs is most commonly serving companies that realize their growth is going to be so aggressive that they can no longer do it all themselves.
For instance, Zoom called in early 2020, when the video chat company s pandemic-fueled growth spurred a thirtyfold jump in support requests, according to the online roadshow ahead of the IPO. TaskUs soon had 700 employees working on the account.
Santa Monica-based outsourcing provider TaskUs, founded by Bryce Maddock and Jaspar Weir, had a successful IPO on Friday, raising $304M in an IPO on the Nasdaq. The company was up around 30% in its IPO in tr