Business

ThoughtWorks raises $720mn from investors

ThoughtWorks, a digital transformation and agile software firm, has received $720 million, at an enterprise value of $4.6 billion, from a bunch of investors including GIC, Siemens AG, Fidelity Management and Research, and Mubadala Investment Company.

ThoughtWorks globally has over 7,000 workers of which over 2,500 are in India across Bengaluru, Chennai, Hyderabad, Gurugram, Coimbatore, Mumbai and Pune.

The new commitment of capital came as the company continues to invest in growth and international expansion and the proceeds would be used to repurchase equity from existing investors, of whom the majority shareholder is Apax Partners, said the Chicago-based firm.

Guo Xiao, president and CEO, ThoughtWorks said, “This placement is a very positive indicator of how strong our company and brand are perceived in the market.’’

“We connect strategy to practical execution, using cross-functional teams of strategists, developers, data engineers, and designers, to deliver value to our clients. We help our clients navigate disruption, build strong foundations and create impactful digital capabilities,’’ the company said in a statement.

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Printable version | Mar 6, 2021 1:19:47 PM | https://www.thehindu.com/business/thoughtworks-raises-720mn-from-investors/article33582243.ece

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