Nearshore Americas
Thoughtworks IPO

Thoughtworks Goes Public, Raising $344 Million

US IT consultancy Thoughtworks Inc – one of the pioneers of agile software development – has gone public, raising US$344 million in the IPO that valued it at nearly US$9 billion.

Thoughtworks has reportedly floated more than 35 million shares on the Nasdaq, with the company officials promising that they would use the proceeds to expand operations.

The Chicago, Illinois-based company has a roster of more than 300 clients, including the likes of Telus Corp, Daimler AG, Paypal, and American supermarket chain Kroger Co.

Thoughtworks was founded in 1993 by Indian American Roy Singham. But in 2017, he sold it off to equity investor Apax Funds, having grown the company into a major player in the global software services industry.

Today, its annual revenue has reached $800 million, with net income growing to $79 million. The company posted $260 million in revenue for the quarter ending June 2021.

The company has employed more than 9,000 people in 17 countries. ThoughtWorks has been present in Latin America since 2009 when it launched an office in Porto Alegre, Brazil.

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It has since been expanding rapidly in the region, opening offices in Ecuador and Chile, and employed more than 1,000 people in Brazil alone, where it now runs delivery centers in Recife and Sao Paulo as well.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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