ThoughtWorks, a US-based software consultancy backed by industrial product and appliance manufacturer Siemens, has filed to raise $100m in an initial public offering.
Its parent company, Turing Holding, intends to change its name to Thoughtworks Holding prior to the completion of the offering.
Founded in 1993, Thoughtworks provides a range of strategy, design and engineering consultancy services to help companies with their digital transformation initiatives. Revenue at the company hit $498m for the six months ending June 2021, up from $401m in the same period the year before.
ThoughtWorks’ largest shareholders include Siemens, private equity firm Apax Partners’ Turing EquityCo vehicle and Gamnat, an investment subsidiary of Singaporean sovereign wealth fund GIC.
ThoughtWorks received $720m of funding in January 2021 from Siemens, GIC, financial services and investment group Fidelity and Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company. That round valued it at $4.6bn.
In 2017, Apax Partners agreed to acquire the business for an undisclosed amount.
Investment firm Schroder Ventures International Investment Trust’s Schroder Ventures US Fund had led a $28m round for the company in 2000 that also featured investment bank Cowen, according to a Wall Street Journal report.
Goldman Sachs and JP Morgan are lead underwriters for the offering, which is set to take place on the Nasdaq Global Select Market.
The other underwriters selected for the IPO are Credit Suisse, BofA Securities, Citigroup, RBC Capital Markets, HSBC, Baird, Cowen, Nomura, Piper Sandler, Wedbush Securities, William Blair, CastleOak Securities, Mischler Financial Group and Siebert Williams Shank.