Software consultancy Thoughtworks eyes $6.1 billion valuation

08 September 2021 1 min. read

Thoughtworks Holding Inc., a Chicago-headquartered software consultancy, has announced a US initial public offering. The global firm is aiming for a $6.1 billion valuation, according to its regulatory filing from Tuesday.

The consultancy – which has 9000+ people across 48 offices in 17 countries – will look to capitalize on continued red-hot capital markets. The S&P 500 SPX has gained 7.3% in the last three months.

The 28-year old private company will look to sell 36.84 million shares priced between $18-$20 for a total of $736.8 million. It has applied to list its common stock on the Nasdaq under the ticker symbol “TWKS.”

Goldman Sachs and JP Morgan are serving as lead underwriters for the IPO.

Software consultancy Thoughtworks eyes $6.1 billion valuation

Thoughtworks in a January pre-IPO deal raised approximately $720 million from investors Siemens AG, Fidelity, and GIC. The consultancy had a $4.6 billion valuation as of January 2021.

Thoughtworks provides strategy, design, and engineering services that drive digital transformation in a wide range of industries. The firm’s consulting services span customer experience, product, and design; data and AI; digital transformation and operations; and enterprise modernization, platforms, and cloud.

Thoughtwork’s client roster include leading corporates such as Kroger, PayPal, and Telus. Some of the firm’s recent work includes helping fast food chain Sonic design and implement an enterprise digital platform strategy on Amazon Web Services and supporting retail analytics firm 84.51° with the rebuilding and launch of one of their key product offerings.