Private equity house Apax has seen its portfolio business ThoughtWorks boosted to a $4.6bn valuation thanks to a string of new investors committing to the company.
Apax, which bought into the global software consultancy four years ago, has now been joined by GIC, Siemens AG, Fidelity Management and Research and Mubadala Investment Company through a new $720m investment.
The capital will go towards repurchasing equity from existing investors, Apax said.
Apax partner Rohan Haldea said, “Since partnering with ThoughtWorks in 2017, the company has gone from strength to strength – accelerating growth and profitability and transforming to be world class in a highly strategic global market.
“ThoughtWorks’ talented employees, global footprint and reputation for technical excellence make it a standout offering in the rapidly evolving digital transformation space.
“We welcome GIC, Siemens, Fidelity and Mubadala Investment Company as additional investors to support the company’s growth strategy.”
Mubadala executive director for tech, Tim Breen, added, “As the clear market leader in digital transformation, ThoughtWorks’ long term growth prospects were key to our investment decision.
“The company’s unique offerings are pivotal to the digitization of many businesses which we see accelerating in 2021 and beyond.”
Goldman Sachs & Co and JP Morgan Securities served as placement agents to ThoughtWorks in connection with the transaction. Kirkland & Ellis acted as legal advisor to ThoughtWorks.
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