By Jeannette E. Garcia – Reporter, San Antonio Business Journal
Updated See Correction/Clarification at end of article
TaskUs Inc., a customer service outsourcing company that moved its headquarters to New Braunfels, has filed for an initial public offering, the company said Monday.
TaskUs expects to sell an aggregate of $100 million in shares, having applied to trade on the Nasdaq Global Select Market under the symbol “TASK," according to its registration statement filed with the U.S. Securities and Exchange Commission.
The company, which had been based in Santa Monica, California, lists its address on its registration statement as being in New Braunfels. It's not clear, however, when that change occurred, and the company declined to comment on it.
The company said it expects to pay $10,910 in registration fees.
Goldman Sachs & Co. LLC and J.P. Morgan are acting as lead book-running managers for the proposed offering that is being made only by means of a prospectus. The company will offer two classes of common stock — Class A and Class B — with Class A shares carrying one vote each and Class B stockholders having 10 votes per share, the filing said.
Upon completion of the IPO, TaskUs co-founders Bryce Maddock and Jaspar Weir, as well as the affiliates of The Blackstone Group Inc., will hold all of the company's issued and outstanding Class B common stock and own a majority voting power to elect the company's board of our directors, the filing said.
Blackstone invested more than $500 million in TaskUs in 2018 and holds a 60% stake, according to a Bloomberg report. Through its different businesses, Blackstone had total assets under management of about $619 billion as of Dec.31, 2020, according to the filing.
As reported by the Business Journal, TaskUs has 2,500 employees in Texas, including its new headquarters at its 48,000 square-foot office in the Heritage Plaza building at 1650 Independence Drive in New Braunfels, as well as a 77,000-square-foot space at 1 Fanatical Place, where Rackspace Technology Inc. is headquartered, in Windcrest, Texas, as well as a new site in Harlingen, the company said. It formerly had a 32,000-square-foot office at the Finesilver Building in downtown San Antonio, but no longer rents that space, TaskUs said.
In 2020, TaskUs had $478 million in revenue with a compound annual growth rate of 60% from 2017 to 2020. In 2017, it reported revenue of $117 million, according to the filing. More than 100 of its clients are some of the largest technology companies globally, including 36 clients added in 2020, according to the filing.
The company's top 10 and 20 clients accounted for 68% and 81% of its revenue, respectively, for fiscal 2020, which ended Dec. 31, the company said in the filing.
The company anticipates continuing to grow geographically and evaluate merger and acquisition opportunities to expand its services, add new geographies or add capabilities to support its workers, according to the filing.
The story has been edited to reflect the accurate amount of offices the company has in Texas.