Blackstone Signs Agreement to Invest in TaskUs
August 09 2018 - 7:00AM
Business Wire
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.
About TaskUs
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.
About Blackstone
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180809005318/en/
MediaBlackstoneMatthew Anderson,
+1-212-390-2472Matthew.Anderson@Blackstone.comorTaskUsLibby
Loskota, +1-424-333-1980libby@taskus.com
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