Merger of Elance and oDesk to Accelerate Online Work Movement

 Leading online workplaces Elance and oDesk have announced an agreement to merge the two companies to better connect people with employers while creating better access to top talent for businesses. The new company will continue to operate as two separate platforms at the original destinations of elance.com and odesk.com. The newly formed entity will invest more resources in technology and on creating more opportunities for businesses and freelancers. The combined companies support a global community of over eight million freelancers and two million businesses and had an estimated $750 million in billings in 2013.

“We are merging two great companies that aspire to connect the world through work and create more economic and social opportunity,” said Elance CEO Fabio Rosati. “Just as Amazon reinvented retail, and Apple iTunes transformed the music industry, we will greatly improve how businesses hire and people work online. This merger will create unprecedented access and flexibility for people to find job opportunities regardless of their location, and will allow businesses of all sizes to more easily access the best available talent.”

Key benefits expected as a result of the merger include:

• Significant investments in technology including tools designed for effective hiring, online collaboration, mobile accessibility, and skills development.

• Improved results for customers thanks to combined engineering and data science expertise that will lead to better matched freelancers and better job recommendations.

• Accelerated transition of businesses into the online marketplace.

Fabio Rosati will serve as CEO of the company with a name for the new company to be announced after the closing of the deal.