Wishket: IT outsourcing platform impresses funders, receives funds for future endeavours

Wishket matches IT companies with relevant consultants.

The enterprising Korean IT outsourcing platform Wishket has raised around 3 billion won or $ 2.6 million recently for their future endeavours. The company received funds from Smilegate Investment, Mega Investment, Crevisse Partners, Lime Asset Management and IBK Capital.

Matching projects with the right talent

Wishket is an online platform which matches the needs of corporate IT projects with external consultants and technicians. The company was founded in 2012 with the mission to connect and fulfil the needs of IT companies with that of able freelancers and consultants. Wishket’s focus has been for development of IT businesses and IT professionals.

Wishket has 54,960 IT professionals and companies from Korea and overseas registered with their platform till October 2018 and more than 14,000 projects.

Siemens, LVMH, Samsung Electronics, Hyundai Motor,

SK Telecom also have registered projects with Wishket.

Simple Process to hire IT experts

Wishket has very simple process for IT companies to send in their requirements. The companies have to simply register their project content, which is for free. The client companies’ project requirement goes through an anonymous bidding process, post which they receive quotes from multiple bidders, and also get a better sense of each bidder’s capabilities by browsing through the past projects and portfolios. Usually on an average the company receives 5 estimates within 24 hours.

Post the bidding process, Wishket takes care of all the administrative tasks related to signing the deal and payments. Wishket holds the payment in an escrow through “payment protection system” until the completion of the project. This way the client and IT consultants can minimize the transaction costs arising from trust issues during the deal—a common problem in existing forms of IT project outsourcing.

Wishket also assists in arranging meetings between clients and the freelancers. The platform offers a Wish Pack Trusted Contract, which allows clients to conveniently review contracts and seal their contracts online.

The company’s main focus is

to create a credible market ecosystem.

Park Woo Bum a representative from Wishket had said, “In IT outsourcing market, the problems of information imbalance and lack of confidence are prevalent. Wishket strives to be a leader in this field to break down these traditional barriers”. 

In future, the platform wants to develop a real-time matching engine for work-based projects that best suits the characteristics of IT professionals as per the data submitted to provide a steady and reliable supply of IT professionals for the corporate world. The company is likely to use the funding received to fulfil their goals and future vision to provide a seamless connection between IT companies and consultants.

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February 14,2020

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