Turing Holding (Thoughtworks), which provides software development and consultancy services, filed on Friday with the SEC to raise up to $100 million. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
Thoughtworks states that it is a leading premium global technology consultancy, providing premium, end-to-end digital strategy, design, and engineering services to help companies navigate their digital transformation journeys. The company has over 300 current clients across a variety of industry verticals and geographies.
The Chicago, IL-based company was founded in 1993 and booked $901 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol TWKS. Thoughtworks filed confidentially on June 14, 2021. Goldman Sachs, J.P. Morgan, Credit Suisse, BofA Securities, Citi, RBC Capital Markets, and HSBC are the joint bookrunners on the deal. No pricing terms were disclosed.
