Apax Partners considers making Thoughtworks Holding private
Shares of Thoughtworks jumped as much as 25% in Tuesday morning trading, the biggest intraday gain since September 2021. They were up 18% at the close in New York, giving the company a market value of $2.3 billion.
Thoughtworks stock had fallen more than 80% through Monday from its peak in the days following the company’s initial public offering. Thoughtworks in February provided a profit outlook for the year that disappointed investors.
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Apax bought Thoughtworks in 2017 for an undisclosed amount. It listed the company through a Nasdaq IPO in September 2021 and remains its controlling shareholder.
Deliberations are ongoing, and there’s no certainty they will lead to a formal offer, the people said. Representatives for Apax and CPPIB declined to comment. A spokesperson for Thoughtworks said the company is focused on executing its business plan and declined to comment further.
Other major shareholders of Thoughtworks include German engineering firm Siemens AG and Singaporean sovereign fund GIC Pte, which both invested before the IPO, according to data compiled by Bloomberg.
Thoughtworks operates in 18 countries and counts more than 12,500 employees, according to its website. Its clients include Bayer AG, Mercedes-Benz Group AG and Paypal Holdings Inc.
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