TaskUs Revenue Grows As New Braunfels-Based Company Adds Customers, Employees

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TaskUs Inc., which provides services to tech and other businesses, saw revenue increase in the third quarter as customers such as Facebook, Netflix, Zoom and Uber continued to grow and new customers were signed. . Its global workforce has grown by over 4,000 people.

On Wednesday, the New Braunfels-based company reported revenue of $ 201.1 million in the quarter ended Sept. 30, up 64.2% from $ 122.4 million a year ago. Net income was $ 11.6 million, up slightly from $ 11.5 million in 2020.

“We continue to grow with our current clients who are growing themselves extremely rapidly and accelerating their outsourcing expenses as their businesses mature and embrace an increasingly distributed workplace,” said CEO Bryce Maddock during a conference call Wednesday evening.

TaskUs has increased its business with existing customers in the food industry and thanks to a growing demand for ridesharing as people have started to travel again, he said. The company has also stepped up its business with fintech companies, which combine banking and digital services, and increased security services provided to its social media clients.

He signed new contracts with two fintech brands – “one in the buy now, pay later space, and the other disrupting the credit card business,” Maddock said – and in health and entertainment.

Revenue from artificial intelligence operations increased 145% from last year’s levels, “due to the expansion of customers in social media and travel and transportation spaces,” said he declared.

The company has also responded to the growing use of non-fungible tokens, or NFTs, by deploying a service to secure markets or games where digital assets are bought and sold. “This takes advantage of our existing capabilities and brings an adjacent offering to the market,” Maddock said.

TaskUs said it ended the third quarter with 35,600 employees, an increase of 4,100 during the period. About 90% of staff continue to work from home during the pandemic at 20 sites in the United States, Philippines, India, Mexico, Taiwan, Greece, Ireland and Colombia. Its Indian branch has hired 5,000 workers since it opened its first office two years ago.

New offices were established at six sites during the third quarter in the United States, India, the Philippines and Colombia. Looking ahead, Maddock said TaskUs plans to further expand its international operations.

“We believe that we will see significant growth in Europe in the years to come,” he said.

Founded in 2008, TaskUs provides businesses with customer support, content security, consulting and artificial intelligence operations.

In 2017, it moved its headquarters to San Antonio from Santa Monica, California. In 2018, the company announced it would be relocating to New Braunfels, but still maintains a staff in San Antonio.

Wednesday’s earnings report was TaskUs’ second as a public company. It went public in June with an IPO that valued its shares at $ 23. They jumped to $ 29 on the company’s first day on the Nasdaq market.

In Wednesday’s trade, TaskUs shares fell about 5% to close at $ 58.16.

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