Singapore’s sovereign wealth fund GIC has joined the US$720 million round for global software consultancy firm ThoughtWorks.
Siemens AG, Fidelity Management and Research, and Mubadala Investment Company also participated in the round, according to a statement.
Photo credit: ThoughtWorks
Founded over 25 years ago, ThoughtWorks provides its clients with software design and delivery as well as tools and consulting services to help them transform their businesses into modern digital enterprises. The company said it currently employs 7,000 people across 46 offices to cover 15 countries.
The company plans to use the fresh capital to repurchase equity from existing investors. The investment comes as the software consultancy firm continues to invest in its growth and international expansion initiatives, it said in the statement.
“As the clear market leader in digital transformation, ThoughtWorks’ long-term growth prospects were key to our investment decision,” shared Mubadala’s executive director for technology, Tim Breen. “The company’s unique offerings are pivotal to the digitization of many businesses, which we see accelerating in 2021 and beyond.”
The deal marks GIC’s latest in a string of investments it has made over the last couple of months. In November 2020, it led the US$200 million series D2 round for Chinese edtech company Aixuexi Education Group. A month after, it also led the US$100 million raise of Chinese SaaS startup Huice.
Additionally, GIC recently announced its entry into Europe’s logistics market through a joint venture with urban logistics investment manager Melcombe Partners.
Edited by Collin Furtado
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