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Upwork files for IPO

Online staffing provider Upwork, the largest B2B human cloud firm, filed a Form S-1 [1] last week with the US Securities and Exchange Commission for an initial public offering. The company plans to list on the Nasdaq under the symbol “UPWK.”

“This is great news for the human capital management industry and should the IPO be successful, it would be an indicator of how contingent work platforms are truly coming to maturity,” said Bryan Peña, senior VP, contingent workforce strategies at Staffing Industry Analysts. “At the same time, the filing itself is a wealth of information, providing a great deal of transparency to the inner workings of the company.  Buyers would be well served to read the filing in its entirety.”

The number of shares to be offered and the price range were not yet announced.

Upwork noted it had 375,000 freelancers and 475,000 clients in more than 180 countries in the 12 months ended June 30, 2018.

“The online freelance economy represents a shift in how labor markets operate,” the company wrote in its S-1 filing. “We believe that we are still in the early stages of the online freelance economy, with a multi-industry and multi-decade global shift affecting how businesses find talent and how people want to work.”

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