ThoughtWorks announces $720 million in investment
ThoughtWorks has received $720 million in investment as the company sets its sights on continued growth on a global scale.
The software consultancy, that has offices in 14 countries, received funds from GIC, Siemens AG, Fidelity Management, Research LLC and Mubadala Investment Company.
According to a statement, the proceeds will be used to repurchase equity from existing investors.
The new commitment of capital comes as the company continues to invest in extending current operations and expanding internationally.
Founded more than 25 years ago, ThoughtWorks has grown from a small team in Chicago to a global company of more than 7,000 ThoughtWorkers.
The company’s roots are in digital transformation and agile software development.
The team has worked with organisations around the world to define tech principles, and has continually invested in building organic growth and bringing an integrated approach to business problems.
ThoughtWorks president and chief executive officer Guo Xiao says, “This placement is a very positive indicator of how strong our company and brand are perceived in the market.
"It's wonderful that GIC, Siemens, Fidelity and Mubadala see ThoughtWorks to be a strong investment and this is an endorsement of the strength and relevance of our business and people.”
Other key stakeholders also commented on the investment.
Apax partner Rohan Haldea says, “Since partnering with ThoughtWorks in 2017, the company has gone from strength to strength accelerating growth and profitability and transforming to be world class in a highly strategic global market.
"ThoughtWorks talented employees, global footprint and reputation for technical excellence make it a standout offering in the rapidly evolving digital transformation space.
"We welcome GIC, Siemens, Fidelity and Mubadala Investment Company as additional investors to support the companys growth strategy.”
Cedrik Neike, managing board member of Siemens, responsible for Digital Industries and Siemens Advanta, says, “Siemens strongly believes in the growth potential of supporting the digitalisation of businesses across all industries.
"We believe that ThoughtWorks is the right partner with outstanding capabilities. I am proud of our investment to jointly accelerate digital transformation.”
Mubadala executive director of Technology Tim Breen says, “As the clear market leader in digital transformation, ThoughtWorks long term growth prospects were key to our investment decision.
"The companys unique offerings are pivotal to the digitisation of many businesses which we see accelerating in 2021 and beyond.”
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as placement agents to ThoughtWorks in connection with this transaction.
Kirkland & Ellis LLP acted as legal advisor to ThoughtWorks.