Global software consultancy ThoughtWorks racks up $720m

ThoughtWorks, a global software consultancy, has secured $720 million in funding.

ThoughtWorks, a global software consultancy, has secured $720 million in funding. The investors were GIC, Siemens AG, Fidelity Management and Research LLC and Mubadala Investment Company. Goldman Sachs and J.P. Morgan Securities LLC served as placement agents to ThoughtWorks while Kirkland & Ellis LLP acted as legal advisor.

PRESS RELEASE

CHICAGO, Jan. 14, 2021 /PRNewswire/ — ThoughtWorks, a global software consultancy today announced that GIC, Siemens AG, Fidelity Management and Research LLC, and Mubadala Investment Company have invested $720 million in the company.

Founded over 25 years ago, ThoughtWorks has grown from a small team in Chicago to a leading global software consultancy of more than 7,000+ ThoughtWorkers. Its roots are in digital transformation and agile software development and the company has been at the forefront of defining the tech principles used by some of the world’s most successful organizations.

The proceeds will be used to repurchase equity from existing investors. The new commitment of capital comes as the company continues to invest in growth and international expansion.

“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,” said Guo Xiao, president and chief executive officer, ThoughtWorks.

“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,” said Rohan Haldea, partner at Apax. “We welcome GIC, Siemens, Fidelity and Mubadala Investment Company as additional investors to support the company’s growth strategy.”

“Siemens strongly believes in the growth potential of supporting the digitalization 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,” said Cedrik Neike, managing board member of Siemens, responsible for Digital Industries and Siemens Advanta.

“As the clear market leader in digital transformation, ThoughtWorks’ long term growth prospects were key to our investment decision. The company’s unique offerings are pivotal to the digitization of many businesses which we see accelerating in 2021 and beyond,” said Tim Breen, executive director, Technology at Mubadala.
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.

This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.

About ThoughtWorks
We are a software consultancy and community of passionate purpose-led individuals, 7,000+ people strong across 46 offices in 15 countries. Over our 25+ year history, we have helped our clients solve complex business problems where technology is the differentiator. When the only constant is change, we prepare you for the unpredictable.