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Thoughtworks Acquires AWS Cloud MSP Itoc

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Global technology consultancy Thoughtworks has acquired Itoc, an Australian Amazon Web Services (AWS) Advanced Consulting Partner and Cloud Managed Services Provider. Financial terms of the deal were not disclosed.

This is technology M&A deal number 35 that ChannelE2E has covered so far in 2023. See more than 2,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.

Thoughtworks Acquires AWS Cloud MSP Itoc

Thoughtworks, founded in 1993, is based in Chicago, Illinois. The company has 12,050 employees listed on LinkedIn. Thoughtworks’ areas of expertise include Agile development (Scrum, XP, Lean), retail customer experience consulting, management consulting, data science and analytics, product innovation, open source communities, continuous delivery, user experience design, Agile development tools and mobile strategy. In 2022, Thoughtworks achieved AWS Premier Tier Services Partner status, the company said.

Itoc, founded in 2012, is based in Fortitude Valley, Queensland, Australia. The company has 68 employees listed on LinkedIn. Itoc’s areas of expertise include cloud computing, DevOps, AWS consulting, cloud architecture, managed AWS, proof of concepts, cloud cost optimisation, training & community, cloud engineering, open source, managed services, cloud applications, eCommerce, cloud enablement, business transformation, SaaS, AWS and IntelligentOps. Itoc was recognized as AWS’ 2021 consulting partner of the year in Australia for its deep expertise with AWS services, the company said.

The Itoc acquisition expands Thoughtworks’ capabilities and will strengthen the Thoughtworks enterprise modernization, platforms and cloud service line in Australia. The companies said Itoc's entire team would be joining Thoughtworks, and co-leaders Richard Steven and Trent Haag also will stay on post-acquisition.

Thoughtworks Acquires Itoc: Executive Perspectives

Guo Xiao, CEO, ThoughtWorks
Guo Xiao, CEO, ThoughtWorks

Guo Xiao, president and chief executive officer, Thoughtworks, commented on the news:

“While businesses looking to modernize operations are moving to the cloud for increased speed at scale, they are also looking for ways to innovate, enhance customer experiences and stand out from the competition. I am excited about making this acquisition happen with the highly talented team at Itoc who have accelerated hundreds of clients’ digital transformations through the creative and optimum use of their IT infrastructure on a highly-flexible AWS cloud platform.”

Richard Steven and Trent Haag, co-leaders of Itoc said,

“We are proud to be one of the first Australian born-in-the-cloud players and recognized for our ability to identify clients’ problems and create the strategies that empower them to deliver the future today. We are thrilled to combine Itoc’s and Thoughtworks’ progressive work cultures, values and pioneering spirit as we accelerate our clients’ paths to innovation and realize business benefits faster.”

Thoughtworks M&A Activity

Thoughtworks is a publicly-traded company, having IPOed in September 2021 after filing for an IPO in August of the same year. The company is no stranger to M&A, having previously acquired Fourkind, Gemini Solutions and Connected.