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ThoughtWorks IPO Details, Software Consultancy Valuation: 10 Things to Know

ThoughtWorks, through its parent Turning Holding Corp., has filed for a proposed IPO (Initial Public Offering), the software consulting company has disclosed. Here are 10 things to know about the potential ThoughtWorks IPO (proposed symbol: $TWKS).

Note: Blog originally published June 17, 2021. Updated thereafter with additional public filing registration statement information.

ThoughtWorks CEO Guo Xiao

1. Business Focus: ThoughtWorks, founded in 1993 and led by CEO Guo Xiao, is a software consultancy that emphasizes digital transformation projects.

2. Areas of Expertise: They include...

  • Customer experience, product and design;
  • enterprise modernization, platforms and cloud;
  • Data and artificial intelligence (AI); and
  • digital transformation and operations.

3. Key Partners: The lineup, perhaps predictably, includes Amazon Web Services (AWS), Microsoft Azure and Google Cloud Platform (GCP).

4. Headcount: ThoughtWorks has roughly 8,000 employees across 48 offices in 17 countries as of May 2021. That's up from 7,000+ employees in the January 2021 timeframe, according to a statement at that time.

5. Key Acquisitions: Recent ThoughWorks tuck-in acquisitions include...

  • February 2021: FourKind, a 40-person Finnish consulting services firm that has machine learning, data science, strategy, design and engineering expertise.
  • January 2021: Gemini Solutions, a 170-person software engineering firm with operations staff based in Romania. The Gemini Solutions team provide nearshore support for ThoughtWorks’ clients in the UK and Germany, while continuing to support Gemini’s existing clients in North America, France and Germany, ThoughtWorks said at the time of the deal.

6. Ownership: Private equity firm Apax Partners acquired ThoughtWorks in 2017. The valuation was $800 million, according to PitchBook. Other noteworthy Apax Partners investments and acquisitions include:

7. Additional ThoughtWorks Investors and Company Valuation: ThoughtWorks raised $720 million at a $4.6 billion valuation in January 2021. Investors included GIC, Siemens AG, Fidelity Management and Research LLC, and Mubadala Investment Company. The company's current valuation is undisclosed.

8. ThoughtWorks Revenue and Net Income: Undisclosed for now. It's a safe bet details will likely emerge when the IPO draws near.

9. ThoughtWorks Offering Price Range: That has not been determined yet.

10. IPO Timing: The IPO is "expected to commence after the SEC completes its review process, subject to market and other conditions," ThoughtWorks said. More specific timing details were not disclosed.

Stay tuned for ongoing updates to this blog.

Joe Panettieri

Joe Panettieri is co-founder & editorial director of MSSP Alert and ChannelE2E, the two leading news & analysis sites for managed service providers in the cybersecurity market.