[Funding] ThoughtWorks receives $720 million investment at an enterprise value of $4.6 billion

ThoughtWorks has raised $720 million investment at an enterprise value of $4.6 billion. GIC, Siemens AG, Fidelity Management and Research LLC, and Mubadala Investment Company are the major investors in the global software company. The company will use the proceeds to repurchase equity from existing investors. Further, the new commitment of capital comes as the company continues to invest in growth and international expansion.

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

From the leaders

"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 as a strong investment. This is an endorsement of the strength and also the relevance of our business and people," said Guo Xiao, President and CEO, ThoughtWorks.

"Since partnering with ThoughtWorks in 2017, the company has gone from strength to strength; accelerating growth and profitability and also 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," he further added.

"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. Thus, I am proud of our investment to jointly accelerate digital transformation," said Cedrik Neike, managing board member of Siemens. Neike is responsible for Digital Industries and Siemens Advanta.

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