Blackstone acquires majority stake in BPO firm TaskUs

Blackstone acquires majority stake in BPO firm TaskUs thumbnail
Global private equity firm Blackstone will invest $275 million to acquire a majority stake in TaskUs, a US based customer service and business process outsourcing services provider for technology companies. The investment, before funding, values TaskUs at more than $500 million.

TaskUs, which has a strong presence in Philippines, had raised only $15 million from Philippines based PE firm Navegar in 2015. TaskUs clients include Uber Technologies, Tinder, BetterDoctor, Balsam Brands, HotelTonight, Wish and Gusto.

With this funding, TaskUs plans expansion in markets such as India, Europe and Latin America.

Founded in 2008 by Bryce Maddock and Jaspar Weir, TaskUs has a presence in Bengaluru and serving a few of the Indian clients. TaskUs will continue to be led by Maddock, Weir and the existing management team, stated the press release.

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.”

In June, Blackstone had sold India based BPO firm Intelenet to Teleperformance for $1 billion.

Bryce Maddock, TaskUs co-founder and CEO, commented, “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.”

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