ThoughtWorks Receives $720 Million Investment

CIOReviewIndia Team | Friday, 15 January 2021, 08:45 IST

One of the pivotal global software consultancies, ThoughtWorks, today announced that GIC, Siemens AG, Fidelity Management Research LLC, and Mubadala Investment Company have invested $720 million in the company.

ThoughtWorks, founded 25 years ago, has expanded from a small team in Chicago to a leading global software consultancy of above 7000+ ThoughtWorkers.

ThoughtWorks roots are in the digital transformation and agile software development and the company has been at the riverlake definition of tech principles which are developed by some of the world’s most successful organization.

The investments will be utilized for repurchasing equity from the existing investors and the new commitment of the capital comes as the company uniformly invests in the growth and the international expansion.

The President and Chief Executive Officer of ThougthWorks, Guo Xiao said, “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."

The partners at Apax said, Rohan Haldea, “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.

Rohan added, "We welcome GIC, Siemens, Fidelity and Mubadala Investment Company as additional investors to support the company's growth strategy."

The Managing Board Member of Siemens, who is responsible for Digital Industries and Siemens Advanta, Cedrik Neike, said, “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."

Tim Breen, the Executive Director of Technology at Mubadala, said, “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."

The renowned names of Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as the placement agents to ThoughtWorks in connection with these transactions.

Kirkland & Ellis LLP served as the legal advisors to ThoughtWorks.

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