SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  For example, here is how to disable FireFox ad content blocking while on Silicon Investor.

   Technology StocksUPWK - UpWork


Next 10 
From: Glenn Petersen9/30/2018 11:10:12 PM
   of 15
 
The most recent registration statement: sec.gov

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: Glenn Petersen who wrote (1)9/30/2018 11:41:17 PM
From: FR1
   of 15
 
eTrade had some shares pre-IPO but they got bought up immediately.
I suppose they will get a good 1st day response?
Pricing should be tomorrow Oct 1, 2018.

Share RecommendKeepReplyMark as Last Read


From: FR110/1/2018 1:09:00 PM
   of 15
 
Trading range changed.
Original pricing was $10 - $12
It has just been changed to $12 - $14
So they are getting a lot of pre market interest.
UPWK will price and go to market this week.

Share RecommendKeepReplyMark as Last Read


From: FR110/1/2018 7:00:43 PM
   of 15
 
Originally the range was $10 - $12
Yesterday they changed the range to $12 - $14
Today they changed the range to $14 - $16

Tomorrow they price
Wednesday is market day

Crazy.....

Share RecommendKeepReplyMark as Last Read


From: Glenn Petersen10/2/2018 11:36:25 PM
   of 15
 
Upwork prices IPO at $15 a share

By Jeremy C. Owens
Marketwatch
Published: Oct 2, 2018 7:13 p.m. ET

Upwork Inc. UPWK, +0.00% priced its initial public offering at a higher price than expected Tuesday evening, and will raise at least $187 million. The software company, which focuses on freelance workers, said it would sell about 12.48 million shares at $15 apiece, after previously aiming for a price range of $12 to $14. Upwork will raise at least $187.1 million at a valuation topping $1.5 billion at that price, though the shares provided in the sale are split between the company and early investors, so the proceeds will be as well. Underwriters, led by Citigroup, have access to almost 1.9 million additional shares in case of overallotment. Upwork shares are expected to begin trading Wednesday morning on the Nasdaq under the ticker symbol UPWK.

marketwatch.com

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: Glenn Petersen who wrote (5)10/3/2018 8:58:20 PM
From: Glenn Petersen
   of 15
 
Upwork IPO: Freelancing platform soars on first trading day

By Irina Ivanova MoneyWatch
October 3, 2018, 1:01 PM
Last Updated Oct 3, 2018 4:02 PM EDT

Upwork, a gig economy platform that matches companies with contractors, started its first day as a public company Wednesday, opening nearly 50 percent above its offering price.

Shares of Upwork, listed on the Nasdaq under the ticker UPWK, opened at $23, significantly higher than the $15 at which they were priced. They closed at $21.18. The IPO raised $102 million for the company, which has been operating under its current name since 2015 after combining two older platforms, oDesk and Elance.

"The goal here was not to raise a lot of money, it was to get out there and show ourselves as the largest global online marketplace for freelancers," said Upwork CEO Stephane Kasriel.

Upwork, the largest of the gig platforms, matches businesses with individual contractors to complete short-term projects. It competes with sites like TaskRabbit, Fiverr and even Craigslist, but is seen as a more professional-oriented platform, where workers are vetted and their skills are certified. That's made it a target of complaints among some freelancers who are either unable to get significant work or are barred from the platform outright for reasons they don't understand.

Upwork only admits about 2 percent of the freelancers who sign up to use the platform, Kasriel said, explaining that admission was largely dependent on having enough businesses offering jobs for a given skill set.

"If we let in too many people, you will have a lot of people bidding on the same work, which means the price tends to go down, and the best people leave," he said.

"The Upwork IPO is a sign of interest and a vote of confidence in the world of contingent work," said Barry Asin, president of Staffing Industry Associates, an independent research company.

The company has about 375,000 freelancers on the platform last year who performed $1.56 billion worth of work, it said in filings with the Securities and Exchange Commission. However, it hasn't yet made a profit, losing $3.1 million on $202.5 million in revenue in 2017, according to filings.

Upwork makes money by taking a percentage of the rate that its customer companies pay contractors, using a sliding scale that encourages high volume. (Of the first $500 someone makes on the platform, nearly a quarter goes to Upwork's fees; that portion drops to 10 percent and then 5 percent as the volume of work increases.) The company has been pushing into enterprise services, aiming to provide staffing, payment and other services to large, recurring corporate clients.

The big question in this model is how long Upwork can keep growing its freelance pool now that some states and cities have begun to reject the gig worker model. Uber, another massive gig platform, recently emerged victorious from an attempt by California to classify its drivers as employees, not contractors. Earlier this summer, New York determined that Uber drivers were employees who could collect unemployment benefits.

If it turns out that large numbers of freelancers are actually classified as employees, the companies that hired them could find themselves owing millions of dollars in back taxes, Social Security and Medicare payments, and Upwork could find it doesn't have much of a business model.

The Upwork IPO is heavy on the "if freelancers are deemed to be misclassified, we're doomed" language. It's time to make it come true. https://t.co/7Mu4A6lddd — Kristy Milland, MA (@TurkerNational) September 12, 2018

In addition, recent government data seem to suggest the gig economy is much smaller than has been widely reported. Just 7 percent of workers are independent contractors, the Labor Department reported this summer, and only 1 percent of the workforce uses a digital platform to look for work.

Upwork's IPO comes at at time of historically low unemployment when workers find themselves being able to ask a little more of their employers. It's uncertain, in these circumstances, how much cost savings the company can really offer its corporate clients.

"The majority of workers prefer a full-time job," said SIA's Asin. "At least in a full-employment economy, companies are going to hire people the way they want to work."

cbsnews.com

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: Glenn Petersen who wrote (6)10/10/2018 10:48:53 PM
From: FR1
   of 15
 
The downside is that UPWK has a horrible interface. Let's say you are typing a note to whoever you are working with. When you hit the enter key to start a new paragraph the message is sent. Likewise, when you go to paste something in the message box it makes the pasted item an attachment to the email. Just beyond stupid. I hope they spend some money updating their site.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: FR1 who wrote (7)10/12/2018 10:29:10 AM
From: Glenn Petersen
   of 15
 
The interface is clunky. I never thought that I would be praising Craigslist for its ease of use and simplicity.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: Glenn Petersen who wrote (8)10/12/2018 12:16:33 PM
From: FR1
   of 15
 
I think the field of businesses that act as online moderators for freelance workers is explosive with tremendous future potential. Unfortunately UpWork is not investing heavily in its GUI which is what their business is all about. Sad to see a first mover advantage go to waste but we can hope that maybe things will change. They clearly need to restructure their leadership and hire new people to run the web site interface.

Share RecommendKeepReplyMark as Last Read


From: SI Ron (Soup Nazi)10/16/2018 6:49:04 PM
   of 15
 
I have used UpWork for graphic design in the past, use to be called oDesk. Great service and prices. They are competing with Fiverr. I have used Fiverr, but the freelancer was not as good as the ones I used with UpWork.

Share RecommendKeepReplyMark as Last Read
Next 10