Apax-Backed Consulting Firm Thoughtworks Files to Go Public
(Bloomberg) -- The parent company of technology consulting firm Thoughtworks has filed for an initial public offering, disclosing revenue gains in the past year.
Chicago-based Turing Holding Corp. in its filing Friday listed the size of the offering as $100 million, a placeholder that will change when it sets terms for the share sale. The company, backed by Apax Partners, plans to change its name to Thoughtworks Holding Inc.
Thoughtworks said it has more than 9,000 employees based in 17 countries.
Funds affiliated with Apax will continue to control the company after the IPO, according to the filing. Siemens AG and affiliates of Singapore’s GIC Pte also own stakes of 5% or more in Thoughtworks, according to the filing.
Thoughtworks had net income of $37 million on revenue of $498 million during the first six months of 2021, according to its filing. That compared with net income of $38 million on revenue of $401 million during the same period last year.
The offering is being led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol TWKS.
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