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Believes Management's Lack of Strategic Clarity and Focus, Poor Execution, Excessive Spending, and Significant Turnover Have Led to Poor Performance
Underscores that Upwork's Current Trading Valuation of ~6.5x EBITDA Represents a Steep Discount to its Intrinsic Value and Other Online Marketplaces and Staffing Firms
Calls on Upwork to Refresh Board to Improve Marketplace Functionality, Grow Enterprise Opportunity, Repurchase Shares, and Optimize Costs to Capture Significant Upside Potential
Engine Capital LP, which owns approximately 3.5% of the outstanding shares of Upwork Inc. (NASDAQ:UPWK) ("Upwork" or the "Company"), today announced it sent the below letter to the Company's Board of Directors regarding actionable opportunities for enhancing shareholder value.
Posted In: UPWK