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    <li>
      <p>
        Upwork announced a 21% workforce reduction, aiming to save USD 60 million annually through restructuring.
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      <p>
        The company also appointed Ernesto Lamaina, former CEO of Adia, as general manager of enterprise. Lamaina will reportedly lead Upwork&rsquo;s Enterprise strategy, focusing on aligning client needs with services to enhance profitability.
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  </ul>
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  </p>
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  <p>
    <a href="https://investors.upwork.com/news-releases/news-release-details/upwork-announces-organizational-changes-drive-continued">
      Press release&nbsp;
    </a>
  </p>
</div>


Online Freelancing Platforms

<div>
 <p>Upwork has revealed a workforce reduction of 21%, a measure projected to save USD 60 million annually due to structural changes. Additionally, the former CEO of Adia, Ernesto Lamaina, has been appointed as general manager of enterprise. In this role, Lamaina will spearhead the Enterprise strategy of Upwork, with the aim of matching client necessities with services to boost profitability.</p>
</div>

Upwork announces 21% workforce reduction; aims to save USD 60 million annually

PROMINENT_CATEGORY

<div>
 <p>Upwork introduces a series of new updates in its Fall 2024 release, including an AI assistant named Uma, a new Business Plus plan, Featured Jobs, and Boosted profiles. Other features include expanded offerings through partnerships with Webflow and General Assembly, improved freelancer support via Venmo payments and Job Success Insights.</p>
 <p>These enhancements are designed to streamline the hiring process and improve project results.</p>
</div>

Upwork integrates Uma AI assistant in Fall 2024 product release

<div>
 <p>Freelance talent marketplace, Toptal, has laid off nearly 70% of its engineering team following its acquisition of software developer VironIT and marketing freelancer platform Growth Collective. The affected employees were based in the United States, Ukraine, and Poland.</p>
 <p>This move is noteworthy given Toptal's traditionally lean funding history. The recent acquisitions indicate a strategic shift towards buying technology and freelancer networks, instead of building up in-house capabilities.</p>
</div>

Toptal lays off 70% of engineering team after acquisitions

<div>
 <p>Taxfyle and Column Tax form a collaboration to introduce an inclusive tax solution for businesses. This offers a unified platform for self-service taxes, instant consultations, and professional tax help from authorized CPAs.</p>
 <p>With the help of Taxfyle's API, this integrated solution supports businesses to easily shift from external tax services to an embedded one. </p>
</div>

Taxfyle and Column Tax partner to develop embedded tax solution for companies

<div>
 <p>nextSource and Worksome are partnering to combine Worksome's platform with nextSource's workforce management services. This collaboration will provide clients with a comprehensive solution for managing independent contractors, featuring built-in compliance. The partnership seeks to improve visibility and talent redeployment, as well as to simplify hiring processes for freelance workers. It addresses the expanding freelance workforce with sophisticated tracking and risk management resources.</p>
 
</div>

nextSource and Worksome partner to enhance freelance workforce management

<div>
 <p>Fiverr has broadened its finance category by introducing nearly twenty-four specialized services. The enhanced finance section will now encompass six categories: Accounting, tax consulting, corporate finance, financial planning and analysis, fundraising, and personal finance and wealth management services. It will also offer specialized subcategories that include options like fractional CFOs, fundraising consultation, and financial modeling.</p>
 </div>

Fiverr expands finance category with new specialty services

ANALYST_QUICK_TAKE

<div>
 <p>ZymoChem, a renewable chemicals producer, has received USD 1.57 million from the US Department of Defense's (DoD) Distributed Bioindustrial Manufacturing Program (DBIMP). The firm was among 30 nationwide selected for the program.</p>
 <p>The grant will facilitate the planning of a bioproduction facility to create bio-based monomers. These monomers will then be used in making military fabrics, tactical gear, parachute systems, aerospace materials, and other high-performance materials, thus decreasing dependence on foreign supply chains.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> The company raised USD 21 million via a Series A round in <a href="https:<br>
//sp-edge.com/updates/25589"> January 2024 </a> to support its commercial launch. If it successfully fulfills its current DoD commitment, Zymochem may also be eligible for a follow-on, five-year contract with the DoD worth upward of USD 100 million.</p>

ZymoChem secures USD 1.57 million in funding from US DoD to establish bioproduction facility for military and high-performance material

<div>
 <p>Instawork, an online staffing platform, has acquired AbleJobs, a company that provides job placement and training services in India. This acquisition is aimed at expanding Instawork's presence in India and improving its platform capabilities. AbleJobs, established in 2019, has trained up to 3 million users and helped nearly 35,000 individuals secure jobs across 2,500 companies. Post-acquisition, AbleJobs' co-founders, Siddharth Srivastava and Ravish Agrawal, will join Instawork, with roles in the product team and as an advisor, respectively.</p>
</div>

Instawork acquires AbleJobs for undisclosed sum to expand in India

<div>
 <p>Beeline, a provider of workforce management solutions, has teamed up with Upwork to integrate Upwork's talent pool into its vendor management system (VMS). This collaboration offers access to a vast array of over 10,000 professionals across more than 125 categories, streamlining sourcing, hiring, onboarding, and payment processes. The integration not only boosts compliance, efficiency, and spending visibility but also lowers hiring time and costs, mitigates exceptions, and consolidates hiring procedures. This partnership signifies a strategic shift in the realm of workforce management.</p>
</div>

Beeline partners with Upwork to enhance workforce management and talent sourcing

<div>
 <p>Passionfruit, a startup that connects freelance professionals with companies, has successfully raised USD 9 million in a Series A funding round. The round was led by Seaya, and saw participation from Firstminute Capital, Playfair Capital, Cornerstone, and Portfolio Ventures. The company plans to use these funds for product expansion as well as boosting its presence in North America.</p>
</div>

All Updates

Upwork announces 21% workforce reduction; aims to save USD 60 million annually

Upwork integrates Uma AI assistant in Fall 2024 product release

Toptal lays off 70% of engineering team after acquisitions

Taxfyle and Column Tax partner to develop embedded tax solution for companies

nextSource and Worksome partner to enhance freelance workforce management

Fiverr expands finance category with new specialty services

ZymoChem secures USD 1.57 million in funding from US DoD to establish bioproduction facility for military and high-performance material

Instawork acquires AbleJobs for undisclosed sum to expand in India

Beeline partners with Upwork to enhance workforce management and talent sourcing

Passionfruit raises USD 9 million for product development and market expansion

Online Freelancing Platforms

Upwork announces 21% workforce reduction; aims to save USD 60 million annually

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