Upwork, formerly known as oDesk has been listed as a publicly traded company on NASDAQ. It is one of the largest freelancing sites in the world. The company allows businesses that need to hire remote workers or outsource their work to do it without the hassles that come with managing them. The platform is created in such a manner that employers and business owners can create accounts, access millions of skilled freelancers from around the country and the world, and outsource their work.
The company has been growing exponentially over the past decade. As a matter of fact, they acquired another similar business outfit, Elance in 2014. After the merger, oDesk rebranded to Upwork in 2016. One of their first orders of business was ensuring that they kicked out all the freelancers who were not adding value to their reputation. The company presently operates in 180 countries and has professionals in all the fields that you can imagine. In June 2018 alone, the platform has helped in the completion of more than two million tasks. Their current client base is 475,000 and they also have 375,000 freelancers in different fields.
When questioned about how the platform operates, the CEO stated that the company makes money when their freelancers make money. The payment system is set in such a way that for the first $500 that a client will send to the freelancer, Upwork takes 20 percent. After the amount exceeds 500 dollars, their rate drops to 10 percent for all the lifetime earnings of the freelancer with the particular client. The platform has simplified the way companies outsource their business because they regulate the entire process. They get the money from the client and hold it in an escrow account, only releasing it when the freelancer has finished the project and the client is satisfied.
Upwork’s CEO Stephane Kasriel states that it is their pleasure to be part of the revolution of how work and business is done. He states that Upwork is not just there to make their cut and go, they are transforming lives and going public is the best way to increase their impact.