NEW YORK - August 9, 2019- 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 Mr. Maddock, Mr. 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.
TaskUs provides next generation customer experience that powers the world's most disruptive companies through the partnership of amazing people and innovative technology. TaskUs provides ridiculously good strategy and business process outsourcing utilizing revolutionary technology and the best talent to deliver transformational, digital scale. To find out more visit www.TaskUs.com.
Blackstone is one of the world’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for our investors, the companies it invests in, and the communities in which it works. Blackstone’s asset management businesses, with approximately US$440 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.