ThoughtWorks raises $720 million

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Bangalore: ThoughtWorks, a global software consultancy has raised $720 million from top investors.

”GIC, Siemens AG, Fidelity Management and Research LLC, and Mubadala Investment Company have invested $720 million in ThoughtWorks. The company said in a statement on Friday.

The massive $720 million investment has come at $4.6 billion valuation.

The proceeds from the fresh funding will be used to repurchase equity from existing investors. And will continue to invest in growth and international expansion, the company said.

This fresh funding round comes a day after, ThoughtWorks has agreed to acquire Gemini Solutions – a San Francisco bases privately held software development and consulting services firm for an undisclosed sum.

“Its wonderful to see strong investment in the company from GIC, Siemens, Fidelity and Mubadala,” said President and CEO Guo Xiao.

“We welcome GIC, Siemens, Fidelity and Mubadala Investment Company as additional investors to support the company’s growth strategy,” said Rohan Haldea, Partner – Apax Partners – a London based private equity firm.

In 2017, Apax Partners acquired the US based ThoughtWorks for an undisclosed sum.

“We believe ThoughtWorks is the right partner with outstanding capabilities,” said Cedrik Neike, Managing Board Member – Siemens, responsible for Digital Industries and Siemens Advanta.

“As a market leader in digital transformation, ThoughtWorks’ long term growth prospects were key to our investment decision,” said Tim Breen, ED – Technology, Mubadala.

Goldman Sachs and J.P. Morgan Securities served as placement agents to ThoughtWorks in connection with this transaction, while, Kirkland & Ellis LLP acted as legal advisor.

The Chicago based company has a strong workforce of 7,000+ professionals across 46 offices in 15 countries.

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