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- Thoughtworks
Thoughtworks Acquisition, Valuation, Funding & Investors
Thoughtworks was acquired by Apax Partners for $805M in August 2024, a 0.8x multiple on $1B of revenue.
Thoughtworks acquisition price
$805M
Acquired by Apax Partners · Aug 2024
Thoughtworks revenue at acquisition
$1B
Last twelve months · Aug 2024
Thoughtworks revenue multiple at acquisition
0.8x
EV/Revenue · Aug 2024
Thoughtworks EBITDA multiple at acquisition
18.5x
EV/EBITDA · Aug 2024
About Thoughtworks
Thoughtworks is a Chicago-headquartered global technology consultancy with 12,000 consultants across 18 countries. It delivers software engineering for enterprise modernization, cloud migrations to AWS and Azure, and customer experience platforms using React and Java. Clients like Microsoft and Disney engage its teams for agile development and DevOps implementations. Publicly listed on NASDAQ since 2021, Thoughtworks specializes in industries including banking, healthcare, and retail through locations in India, the UK, and Australia.
Founded
1993
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Services, Subscription
Revenue
$803M (Jan 2021)
Valuation
$4.6B (Jan 2021)
Thoughtworks Acquisition
Thoughtworks was acquired by Apax Partners for $805M on 5 August 2024.
The acquisition price implies a 0.8x revenue and 18.5x EBITDA multiple on $1B of revenue.
Before the acquisition Thoughtworks had raised $720M across 1 funding round.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 5 Aug 2024 | PE buyout | $805M | 0.8x | 18.5x |
Thoughtworks Valuation
Thoughtworks is currently valued at $4.6B, based on its undisclosed-stage round in January 2021.
The $720M round included Fidelity, GIC, Siemens and Mubadala.
Thoughtworks valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2021 | Undisclosed stage | $4.6B | 5.7x |
Thoughtworks Revenue
Thoughtworks' latest recorded revenue is $803M, as of its undisclosed-stage round in January 2021. At a $4.6B valuation, that implies a 5.7x revenue multiple.
Thoughtworks revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2021 | $803M | $4.6B | 5.7x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Thoughtworks Funding History
Thoughtworks has raised a total of $720M across 1 funding round.
Thoughtworks funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2021 | Undisclosed stage | Fidelity; GIC; Siemens; Mubadala | $720M | $4.6B | Thoughtworks, a global software consultancy specializing in digital transformation and agile software development, received a $720 million investment on January 14, 2021, from GIC, Siemens AG, Fidelity Management and Research LLC, and Mubadala Investment Company. The investment was at an enterprise value of $4.6 billion. At the time, the company had over 7,000 employees across 46 offices in 15 countries. This funding round preceded Thoughtworks' IPO later in 2021. For the fiscal year 2020, immediately prior to the round, Thoughtworks reported revenue of $803 million. Full year 2021 revenue grew to $1.07 billion. |
Who has invested in Thoughtworks?
4 investors have backed Thoughtworks across its funding rounds, including Fidelity, GIC, Mubadala and Siemens.
Thoughtworks Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Jan 2021 | ||
| 1 | Participant | Jan 2021 | ||
This data is available for Pro users. Sign up to see all 4 Thoughtworks investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Thoughtworks
Thoughtworks has acquired 5 companies to date.
Last acquisition by Thoughtworks was on February 6th 2023. Thoughtworks acquired ITOC for $18M.
Latest Acquisitions by Thoughtworks
| Description | - | Handmade Design is a design studio creating custom products and digital services. Operating remotely, it develops user-centered websites, branding, and prototypes for startups in Europe and North America using tools like Figma and Webflow. | Toronto-headquartered Connected is a product development firm founded in 2014 that collaborates with companies throughout the software product lifecycle, from ideation to scaling, emphasizing user-centric design and business outcomes. Recognized as one of Canada's Top Small & Medium Employers, it serves ambitious clients in North America. | Fourkind is a Copenhagen-based consultancy integrating machine learning, data science, strategy, and engineering for Nordic enterprises. The firm builds AI platforms and analytics for retail, finance, and manufacturing clients like Maersk and Novo Nordisk. Services encompass platform economy models and real-time metrics loops tested in production environments. Launched in 2017, Fourkind operates across Scandinavia with a focus on generative AI deployments. | |
| HQ Country | |||||
| HQ City | - | São Paulo | Toronto | Helsinki | |
| Deal Date | 6 Feb 2023 | 28 Jun 2022 | 27 Apr 2022 | 1 Feb 2021 | |
| Valuation | $18M | undisclosed | $84M | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Thoughtworks acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Thoughtworks Competitors
Thoughtworks competitors include listed companies like Nagarro and CANCOM, and private ones like MegazoneCloud, Ardoq, 3D VIRTUAL TECHNOLOGIES, LLC and TJM Labs.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.2B | $134M | $1.1B | 1.2x | ||
| Private | - | - | $1.8B | - | ||
| Private | - | - | $300M | - | ||
| Private | - | - | $215M | - | ||
| Private | - | - | $750M | - | ||
| Publicly listed | $2B | $118M | $740M | 0.4x |
Thoughtworks Public Comps
Thoughtworks is no longer listed, but its public comps include Beyondsoft, Sonata Software, Aubay, TXT Group, Birlasoft, GFT Technologies, Toukei Computer, Wavestone, Sinodata and Tata Teleservices.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $996M | $33M | 0.6x | 0.6x | 18.0x | - | |||
| $1.1B | $81M | 0.7x | 0.7x | 10.2x | 10.4x | |||
| $693M | $69M | 1.1x | 1.0x | 10.9x | 9.5x | |||
| $454M | $68M | 2.0x | 1.7x | 13.4x | 11.5x | |||
| $554M | $85M | 1.1x | 1.0x | 6.9x | 6.5x | |||
| $1B | $80M | 0.9x | 0.8x | 11.1x | 9.4x | |||
| $134M | $53M | 6.1x | 6.2x | 15.6x | - | |||
| $1.1B | $153M | 0.7x | 0.7x | 4.8x | 4.8x | |||
This data is available for Pro users. Sign up to see all Thoughtworks competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Thoughtworks
| When was Thoughtworks founded? | Thoughtworks was founded in 1993. |
| Where is Thoughtworks headquartered? | Thoughtworks is headquartered in Chicago, IL, United States. |
| Is Thoughtworks publicly listed? | No, Thoughtworks was acquired by Apax Partners in August 2024. |
| Who acquired Thoughtworks? | Thoughtworks was acquired by Apax Partners in August 2024. |
| How much was Thoughtworks acquired for? | Thoughtworks was acquired for $805M in August 2024, a 0.8x revenue multiple. |
| What is Thoughtworks' valuation? | Thoughtworks was last valued at $4.6B in its undisclosed-stage round in January 2021. |
| How much funding has Thoughtworks raised? | Thoughtworks has raised $720M across 1 funding round. |
| What was Thoughtworks' last funding round? | Thoughtworks' last funding round was a $720M undisclosed-stage round in January 2021. |
| Who are Thoughtworks' investors? | Thoughtworks' investors include Fidelity, GIC, Siemens and Mubadala. |
| What is Thoughtworks' revenue? | Thoughtworks' latest recorded revenue is $803M (January 2021). |
| What is Thoughtworks' revenue multiple? | Thoughtworks' latest valuation implies a 5.7x revenue multiple ($4.6B valuation on $803M of revenue). |
| Which companies are comparable to Thoughtworks? | Companies comparable to Thoughtworks include Nagarro, MegazoneCloud, Ardoq, 3D VIRTUAL TECHNOLOGIES, LLC, TJM Labs and CANCOM. |
| How many companies has Thoughtworks acquired? | Thoughtworks has acquired 5 companies, including ITOC, Handmade Design, Connected, Fourkind and Gemini Solutions. |
| What was the largest acquisition by Thoughtworks? | The $84M acquisition of Connected in April 2022 is the largest acquisition Thoughtworks has made to date. |
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