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

Thoughtworks Overview

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

United StatesChicago, IL

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.

Thoughtworks acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • Apax Partners
5 Aug 2024PE buyout$805M0.8x18.5x

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

Thoughtworks valuation by funding round
DateStageValuationRevenue Multiple
Jan 2021Undisclosed stage$4.6B5.7x

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

Thoughtworks revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jan 2021$803M$4.6B5.7xUndisclosed 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

Thoughtworks funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2021Undisclosed stageFidelity; GIC; Siemens; Mubadala$720M$4.6BThoughtworks, 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

Investors in Thoughtworks by funding rounds participated
InvestorHQRoundsRoleFirst check
FidelityUnited StatesBoston, MA1ParticipantJan 2021
GICSingaporeSingapore1ParticipantJan 2021

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Acquisitions 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

ITOC
Handmade Design
Connected
Fourkind
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 CountryAustraliaBrazilCanadaFinland
HQ City
-
São Paulo
Toronto
Helsinki
Deal Date6 Feb 202328 Jun 202227 Apr 20221 Feb 2021
Valuation$18Mundisclosed$84Mundisclosed
EV/Revenue
EV/EBITDA

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Thoughtworks Competitors

Thoughtworks competitors include listed companies like Nagarro and CANCOM, and private ones like MegazoneCloud, Ardoq, 3D VIRTUAL TECHNOLOGIES, LLC and TJM Labs.

Public and private companies comparable to Thoughtworks
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NagarroGermanyGermanyPublicly listed$1.2B$134M$1.1B1.2x
MegazoneCloudSouth KoreaSeoulPrivate--$1.8B-
ArdoqNorwayOsloPrivate--$300M-
3D VIRTUAL TECHNOLOGIES, LLCUnited StatesUnited StatesPrivate--$215M-
TJM LabsUnited StatesWilmington, DEPrivate--$750M-
CANCOMGermanyGermanyPublicly listed$2B$118M$740M0.4x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Beyondsoft$996M$33M0.6x0.6x18.0x-
Sonata Software$1.1B$81M0.7x0.7x10.2x10.4x
Aubay$693M$69M1.1x1.0x10.9x9.5x
TXT Group$454M$68M2.0x1.7x13.4x11.5x
Birlasoft$554M$85M1.1x1.0x6.9x6.5x
GFT Technologies$1B$80M0.9x0.8x11.1x9.4x
Toukei Computer$134M$53M6.1x6.2x15.6x-
Wavestone$1.1B$153M0.7x0.7x4.8x4.8x

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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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