Private Equity funds managed by Blackstone (NYSE:BX) have entered into a definitive agreement to invest in TaskUs, a leading customer service and business process outsourcing services provider for high-growth technology companies. The investment, before funding, values TaskUs at more than $500 million.
Founded in 2008 by Bryce Maddock and Jaspar Weir, TaskUs is one of the fastest-growing companies in its industry globally. Their business process solutions, which leverage the latest technology, including AI, advanced Learning Management Systems and big data, help companies quickly scale. TaskUs will continue to be led by Bryce Maddock, Jaspar Weir, and the existing management team, who have been instrumental in driving the company's growth.
Amit Dixit, Senior Managing Director at Blackstone, said: "The growth in ride sharing, social media, online food delivery, e-commerce and autonomous driving is creating an enormous need for enabling business services. TaskUs has established a leadership position in this domain with its base of marquee customers, unique culture, and relentless focus on customer delivery. We are excited to partner with Bryce, Jaspar and the existing management team to build the world's leading company in this area. With access to capital from Blackstone, as well our two decades of experience with BPO companies, we are confident that our investment in TaskUs can significantly accelerate the company's growth trajectory."
Bryce Maddock, TaskUs co-founder and CEO, commented: "We chose to partner with Blackstone because they have a track record at building category-defining businesses. Our goal is to build TaskUs into the world's number one provider of tech-enabled business services. This partnership will help us dramatically increase our investment in consulting, technology and innovation to support our customers' efforts to streamline and refine their customer experience. We will also use this investment to scale globally with new investments in Europe, India and Latin America and continued expansion in the countries where we operate today – the United States, the Philippines, Mexico and Taiwan. I want to thank our investors, Navegar Partners, who are selling their stake in this transaction, for an incredible three-year partnership."
Jaspar Weir, TaskUs co-founder and President, added: "TaskUs has always emphasized the importance of employee experience as a key business differentiator, an initiative Blackstone fully supports. We're excited that they will continue to support our investments in creating a world-class culture which drives innovation and enables us to deliver the next generation of customer experience solutions to our clients. This investment is truly a testament to the dedication of our amazing team."
The transaction is expected to close in the fourth quarter of 2018, subject to regulatory approvals and customary closing conditions. The full press release from BusinessWire can be found here.
Press & Media Coverage:
Wall Street Journal Blackstone Invests in Outsourcing Services Provider TaskUs
Los Angeles Times Blackstone to invest in Santa Monica outsourcing firm
Austin American-Statesman/512 Tech TaskUs, growing in Austin and San Antonio, gets $250 million equity investment
Los Angeles Business Journal TaskUs Lands $250 Million
Economic Times Blackstone acquires majority stake in BPO firm TaskUs
SocalTech TaskUs Takes $250M From Blackstone
TexasTechPulseTaskUs Raises $250M In Giant Funding Round