Global software consultancy ThoughtWorks, backed by private equity firm Apax Partners, has acquired Fourkind, a privately-held Finnish consulting services firm that has machine learning, data science, strategy, design and engineering expertise. Financial terms of the deal were not disclosed.
This is M&A deal number 114 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
ThoughtWorks, based in Chicago, Illinois, has 8,000 employees and 48 offices across 17 countries worldwide.
Fourkind, founded in 2017, employs roughly 40 data scientists, machine learning experts, designers, engineers and strategists. The consultancy has served more than 80 customers across roughly 11 countries, the seller says.
This acquisition will "grow FourKind and expand ThoughtWorks’ European footprint and significantly improve ThoughtWorks ability to support and service clients in Finland, the Netherlands and the Nordics," the buyer said.
Fourkind’s 40 employees will continue to operate from their existing premises in Helsinki and Amsterdam. The founders and leadership team will remain in post after the acquisition, the buyer said.
ThoughtWorks Acquires Fourkind: Executive Perspectives
In a prepared statement about the deal, ThoughtWorks President and CEO Guo Xiao (pictured above) said:
"We have been on the hunt for a company that will help us accelerate growth in our key strategic focus areas of data, digital transformation, enterprise modernization and customer experience. We are delighted that Fourkind will be joining the ThoughtWorks family. The Fourkind team’s blend of machine learning, data science, strategy, design and engineering has helped their clients lower the perceived risk of adopting new approaches to artificial intelligence. We were impressed with their track record of delivering significant return on investment for their clients’ AI and machine learning investments. We believe that our complementary strengths and culture make Fourkind and ThoughtWorks a winning combination."
Added Jonne Heikkinen, managing director & one of the founding partners, Fourkind:
"When we set up Fourkind, our vision was to help forward-looking organizations create futureproof services and products. We are most well known for groundbreaking innovation in utilizing machine learning in ways that are breaking boundaries of what has previously been considered possible. We believe that being part of ThoughtWorks will offer us the opportunity to grow faster and be part of an agile and successful global team of like-minded passionate technologists who want to make an extraordinary impact in the world."
ThoughtWorks and Apax Partners: Recent Investments
This is ThoughtWorks' second acquisition of 2021. The other deal involved buying Gemini Solutions, a privately-held software development and consulting services firm from Silicon Valley. Meanwhile, ThoughtWorks owner Apax Partners also is having a busy year. The private equity firm recently acquired Herjavec Group, the MSSP founded by Shark Tank angel investor Robert Herjavec.