Thoughtworks Completes Acquisition of Handmade Design

Thoughtworks Acquires Toronto-based Product Development Consultancy Connected

April 27, 2022

IT Services

Thoughtworks has acquired Connected, a Toronto-based product development consultancy with over 165 employees, to strengthen its customer experience, product and design (CXPD) capabilities and expand its presence in Canada. Connected’s full team will join Thoughtworks, and Connected leadership will take roles within Thoughtworks’ Canada organization; financial terms were not disclosed.

WPP Acquires Majority Stake in Made Thought

December 6, 2021

Marketing & Advertising

WPP has acquired a majority stake in branding and design agency Made Thought and will integrate the studio into AKQA, joining Universal Design Studio and Map Project Office to form a collective called The New Standard. Made Thought, founded in 2000, operates from London and New York and employs roughly 55 people, serving clients including Pinterest, Unilever, LVMH and Sonos.

ThoughtWorks Acquires Gemini Solutions Inc

January 13, 2021

IT Services

ThoughtWorks has agreed to acquire Gemini Solutions Inc., a privately-held software development and consulting firm, to establish ThoughtWorks Romania and strengthen its nearshore delivery capabilities in Europe. The Gemini team of over 170 engineers based in Bucharest, Cluj and Iași will support ThoughtWorks’ clients across the UK, Germany, North America and France, and Serban Tir will become general manager of ThoughtWorks Romania.

Apax Partners Takes Thoughtworks Private in $1.75 Billion Buyout

November 13, 2024

IT Services

Apax Partners’ funds completed the acquisition of Thoughtworks for approximately $1.75 billion, taking the company private at $4.40 per share (a 48% premium to the 30‑day VWAP). Thoughtworks will no longer trade on NASDAQ and will operate as a privately held company as it focuses on long‑term strategy and expanding its AI‑enabled software and data engineering services.

GIC, Siemens, Fidelity and Mubadala Invest $720M in ThoughtWorks

January 14, 2021

IT Services

ThoughtWorks received a $720 million investment from GIC, Siemens AG, Fidelity Management and Research LLC, and Mubadala Investment Company at an enterprise value of $4.6 billion. The capital will be used to repurchase equity from existing investors and to support the company's growth and international expansion; Apax Partners is referenced as a prior investor.

Thoughtworks Acquires Australian AWS Consultancy Itoc

February 6, 2023

IT Services

Thoughtworks (NASDAQ: TWKS) has acquired Itoc, a privately-held Australian Amazon Web Services (AWS) Advanced Consulting Partner and cloud managed services provider. The acquisition — which brings Itoc's ~70 employees and AWS expertise into Thoughtworks — expands Thoughtworks' cloud, enterprise modernization and managed services capabilities in Australia; financial terms were not disclosed.