Thoughtworks Holding, Inc.
investors.thoughtworks.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2024 10-Q, filed Nov 12, 2024. Its latest SEC filing is a 15-12G from Nov 25, 2024.
10-Q for Q3 FY2024, filed Nov 12, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Provides digital strategy, design and software engineering services to large enterprises and technology disruptors.
10-K for FY2023, filed Feb 27, 2024Thoughtworks Holding, Inc. ("Thoughtworks," the "Company," "we," "us," or "our") is a global technology consultancy that integrates…View ↗
Thoughtworks provides end-to-end digital strategy, design and engineering services. We connect strategy to execution, using…View ↗
During 2023, we served over 500 clients ranging from large, global enterprises to technology disruptors, who utilized our services and…View ↗
How Did They Make Money?
Clients pay for professional services mostly at agreed hourly, daily, or monthly rates based on hours worked; fixed-price projects bring in the agreed price as work progresses.
10-K for FY2023, filed Feb 27, 2024
$1.1B
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10-K for FY2023, filed Feb 27, 2024
$1.1B ↗
Who Were Their Customers?
Clients include large global enterprises and technology disruptors. Its team-based sales model uses client partners, account managers, delivery professionals and senior leaders, with teams for new clients, existing accounts and partner business.
10-K for FY2023, filed Feb 27, 2024
Did Revenues Turn Into Profits?
Not on paper. It lost $68.7M in FY2023, but brought in more cash than it spent: $40.1M of free cash flow.
10-K for FY2023, filed Feb 27, 2024
−$20.3MView ↗
10-K for FY2023, filed Feb 27, 2024
−$68.7MView ↗
10-K for FY2023, filed Feb 27, 2024
$40.1MView ↗
How Were They Changing?
- Net income
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Sources
10-Q for Q3 FY2024, filed Nov 12, 2024
−$6.1MView ↗
- ▼ −77% (Loss)
- vs −$25.9M in Q3 FY2023
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Nov 13, 2024
Apax funds completed the acquisition, taking Thoughtworks private
Stockholders received $4.40 per share in cash.
Sources
8-K, filed Nov 13, 2024
The transaction, valued at approximately $1.75 billion, takes Thoughtworks private. Under the terms of the agreement, Thoughtworks’…View ↗
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Jun 21, 2024
Mike Sutcliff became CEO and joined the board
Sources
8-K, filed Jun 21, 2024
On June 17, 2024, Thoughtworks Holding, Inc. (“Thoughtworks” or the “Company”) appointed Michael Sutcliff, the Company’s Chief Executive…View ↗
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May 7, 2024
Thoughtworks raised full-year revenue guidance
Sources
8-K, filed May 7, 2024
First quarter revenues of $248.6 million Raises full year revenue guidance and reiterates full year Adjusted EBITDA Margin guidance…View ↗
Grew. Revenue grew 46% in 4 years, from $772.2M in FY2019 to $1.1B in FY2023, about 10% a year.
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