- Freelancer marketplace Upwork (NASDAQ:UPWK) files its S-1 for an IPO offering 12.3M shares at $12 to $14/share for a maximum of $172.2M. The company wants to list on the Nasdaq under the ticker “UPWK”.
- The Upwork platform counts 375K freelance developers, writers, and more with close to 475K clients. The company, which arose from the merger of Elance and oDesk, operates in 180 countries.
- Financials: In the year ending June 2018, Upwork made $228M in revenue on Gross Services Value of $1.56B. GSV is the total amount of overall service work purchased through the platform. The net loss in the six months ending in June was $7.1M.
- Competitors: Online freelancing platforms Freelancer.com and Fiverr (also reportedly considering an IPO), sites frequently used for recruitment liked LinkedIn (NASDAQ:MSFT) and GitHub (also MSFT), and payment services like PayPal (NASDAQ:PYPL) that can help freelancers establish payment arrangements with clients, to name a few.
- Post updated to include IPO share count and pricing.