Upwork Targets Enterprise Businesses With New Acquisitions

Core Insights - Upwork is expanding its services beyond freelancers by acquiring Bubty and planning to acquire Ascen, aiming to provide a comprehensive solution for managing various workforce models [2][3][5] Group 1: Acquisitions and Strategy - The acquisition of Bubty will help Upwork manage a range of workforce models, including independent contractors and contingent W-2 workers [2] - Ascen is expected to enhance Upwork's capabilities with its digitally native solutions and easy-to-integrate APIs for contingent W-2 workers [2][3] - Upwork's President and CEO, Hayden Brown, emphasized the need for a singular solution that balances flexibility, compliance, speed, and scale for enterprise customers [5][6] Group 2: Market Demand and Performance - There is a growing demand from enterprise customers for access to diverse talent pools, which Upwork aims to fulfill with its new acquisitions [4] - Upwork has reported record revenue for 2024, partly driven by AI innovations and the connection to AI talent on its platform [7] - The gross services volume (GSV) from AI-related work grew by 30% year over year during the quarter, up from 25% in the same quarter last year, indicating a strong market trend towards AI expertise [8]