M&A Deal Summary

Upwork Acquires Elance

On December 18, 2013, Upwork acquired internet software and services company Elance from Stripes

Acquisition Highlights
  • This is Upwork’s 1st transaction in the Internet Software and Services sector.
  • This is Upwork’s 1st transaction in the United States.
  • This is Upwork’s 1st transaction in California.

M&A Deal Summary

Date 2013-12-18
Target Elance
Sector Internet Software and Services
Buyer(s) Upwork
Sellers(s) Stripes
Deal Type Merger

Target

Elance

Mountain View, California, United States
Elance, Inc. operates as an online application, marketplace, and workplace/workspace for businesses to connect, hire, and work with professionals to get services and contractor management work done. It enables small and medium businesses to outsource to service providers in various categories, including graphic design, Web design, software development, engineering, writing, translation, and market research; and enterprise customers to streamline and automate the process of finding, buying, and managing services. The company enables employees to find, buy, manage, and pay external services and contractors from various supplier service categories, including information technology, consulting.

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Buyer(S) 1

Buyer

Upwork

Santa Clara, California, United States

Category Company
Founded 2003
Sector Internet Software and Services
Employees600
Revenue 769M USD (2024)
DESCRIPTION
Upwork's corporate headquarters in Mountain View, California.
Upwork's corporate headquarters in Mountain View, California.

Upwork is an online workplace that enables talent and businesses to work together, regardless of where they happen to be. Over a million businesses are registered on oDesk, and nearly five million freelancers, who offer any type of skill that can be done via the Internet. Upwork was formed in 2003 and is headquartered in Santa Clara, California.


DEAL STATS #
Overall 1 of 1
Sector: Internet Software and Services M&A 1 of 1
Type: Merger M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2013 M&A 1 of 1

Seller(S) 1

SELLER

Stripes

New York, New York, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2008
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Stripes is a private investment firm focused primarily on making minority investments in rapidly growing, private companies. Stripes look to commit $10 to $150 million of equity capital per transaction to support acquisitions, growth equity needs, and provide shareholder liquidity. Target companies generally have high margins and operate in large markets. Sectors of interest include branded consumer products, financial services, medical devices, and technology. Stripes was formed in 2008 and is based in New York, New York.


DEAL STATS #
Overall 6 of 20
Sector: Internet Software and Services M&A 4 of 6
Type: Merger M&A Deals 2 of 2
State: California M&A 1 of 4
Country: United States M&A 6 of 20
Year: 2013 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-16 Refinery29

New York, New York, United States

Refinery29 is a media and entertainment company focused on women with a global audience footprint of 249 million across all platforms. Refinery29 emphasizes diverse storytelling that delivers refreshing new perspectives to its audience and drives growth across numerous platforms for its partners.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-30 Blue Apron

New York, New York, United States

Blue Apron is an online retailer of fresh ingredients needed to cook meals at home. Blue Apron was incorporated in 2012 and is based in New York, New York.

Buy -