ThoughtWorks raise $720 mn, valued at $4.6 billion

"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

Bengaluru: Global software consultancy provider ThoughtWorks on Friday announced it has raised $720 million at at enterprise value of $4.6 billion.

GIC, Siemens AG, Fidelity Management and Research LLC, and Mubadala Investment Company participated in the latest funding round.

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“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.

Founded in Chicago over 25 years ago, ThoughtWorks has grown to become a leading global software consultancy with more than 7,000 employees worldwide.

“The company’s unique offerings are pivotal to the digitisation of many businesses which we see accelerating in 2021 and beyond,” said Tim Breen, executive director, Technology at Mubadala.

The company has 46 offices in 15 countries, including in India.

“Over our 25+ year history, we have helped our clients solve complex business problems where technology is the differentiator,” it said.

The company said that the new funding will be used to repurchase equity from existing investors, as well as invest in international expansion.

The news comes after ThoughtWorks agreed to acquire Gemini Solutions, a Silicon Valley software development and consulting services firm, for an undisclosed sum.