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Thoughtworks Holding, Inc. (symbol: TWKS) is a global technology consultancy focused on revolutionizing the design, creation, and delivery of software while advocating for positive social change. The company works with a diverse range of clients, from commercial entities to social and governmental organizations, who have ambitious missions that require innovative solutions.
Thoughtworks sets up smart, dedicated teams that thrive on challenges and think disruptively to help clients succeed. The company’s agile development tools are designed to help clients continuously improve and deliver high-quality software. Thoughtworks is committed to industry improvement and often shares its learnings through books, blogs, events, and conferences, as well as by championing open source initiatives.
The company operates across several global service lines, including Enterprise Modernization, Platforms and Cloud; Customer Experience, Product and Design; Data and Artificial Intelligence (AI); and Digital Transformation and Operations. Thoughtworks derives the majority of its revenue from North America but also has a significant presence in APAC, Europe, and LATAM.
Thoughtworks is a strong believer in the power of software and technology as tools for social change. Through its social impact program, the company collaborates with organizations that have humanitarian missions and broad reach, helping them leverage technology to drive their impact. Learn more by visiting Thoughtworks.
Thoughtworks (NASDAQ: TWKS) has been awarded the 2024 CSO Award from Foundry's CSO for the second consecutive year. This recognition highlights the company's outstanding security initiatives and business value. Thoughtworks' Chief Information Security Officer, Nitin Raina, implemented a Security Champions program within delivery teams to address the challenges of federated business structures and diverse client landscapes.
The program promotes a shift-left approach to security in software development, enabling decentralized decision-making and risk handling. This innovative approach has created a more self-sufficient security culture, enhancing early threat detection and increasing visibility across the organization. Thoughtworks will accept the award at the 2024 CSO Conference & Awards in October 2024.
Thoughtworks (NASDAQ: TWKS) reported Q2 2024 financial results, highlighting a 12.4% year-over-year revenue decline to $251.7 million. The company announced a definitive merger agreement to be acquired by an Apax Partners affiliate for $4.40 per share. Thoughtworks expanded its restructuring program, aiming for total savings of $185-210 million by October 31, 2024. Key financial metrics include:
- Net loss margin: (14.5)% vs (4.3)% in Q2 2023
- Adjusted EBITDA margin: 2.3% vs 10.2% in Q2 2023
- Diluted loss per share: $(0.11) vs $(0.04) in Q2 2023
The company's bookings for the trailing twelve months ended June 30, 2024, were $1.2 billion, stable sequentially but down 20% year-over-year due to reduced client budgets and smaller contract sizes.
Thoughtworks (NASDAQ: TWKS) has announced a definitive merger agreement with Apax Partners LLP. An affiliate of Apax Funds will purchase all outstanding shares of Thoughtworks common stock for $4.40 per share, implying a total enterprise value of approximately $1.75 billion. The purchase price represents a 30% premium to Thoughtworks' closing stock price on August 2, 2024, and a 48% premium over the 30-day volume-weighted average price.
The transaction, unanimously approved by a special committee of independent directors, is expected to close in the fourth quarter of 2024. Upon completion, Thoughtworks will become a privately held company and delist from NASDAQ. The deal is subject to customary closing conditions but does not require additional stockholder approval.
Thoughtworks (NASDAQ: TWKS), a global technology consultancy, has announced it will release its second quarter 2024 financial results on Tuesday, August 6, 2024, before the market opens. The company will host a conference call at 8:00 a.m. ET on the same day to discuss the results with investors. A live webcast of the call will be available on the company's investor relations website, with an archived version and transcript accessible afterwards. This announcement provides investors and analysts with a clear timeline for accessing Thoughtworks' latest financial performance data and engaging with company leadership.
Thoughtworks (NASDAQ: TWKS), a global technology consultancy, has launched its inaugural Software-Defined Vehicle (SDV) Pulse report in collaboration with AWS. The report provides insights and trends to help automotive industry players navigate the transition to SDV. It identifies 40 key technologies, practices, and trends, categorized into three adoption stages: concept phase, early adoption, and mass adoption. Highlights include in-vehicle zero-trust architecture, continuous compliance, developer portals for vehicle APIs, Rust for embedded development, Automotive Grade Linux, and hardware accelerators in the cloud. The report aims to guide auto manufacturers and suppliers in leveraging these technologies to remain competitive.
Thoughtworks (NASDAQ: TWKS) announced its participation in several upcoming conferences with the investment community. These events include the J.P. Morgan Global Technology, Media, and Communications Conference in Boston on May 20, 2024, the TD Cowen Technology, Media & Telecom Conference in New York on May 29, 2024, the BofA Securities Global Technology Conference in San Francisco on June 4, 2024, and both the Baird Global Consumer, Technology & Services Conference and Wolfe Research Small and Mid-Cap Conference in New York on June 5, 2024. The company's engagements will consist of fireside chats and meetings, with webcast information available on its investor relations website.
Thoughtworks Holding, a global tech consultancy, announces CEO Guo Xiao stepping down, succeeded by industry veteran Mike Sutcliff effective June 17, 2024. Xiao leaves a legacy of growth and innovation, while Sutcliff brings vast experience from Accenture and entrepreneurship to lead Thoughtworks into the future.
Thoughtworks Holding, Inc. (NASDAQ: TWKS) reported first quarter 2024 revenues of $248.6 million, exceeding expectations. The company raised full-year revenue guidance and reiterated full-year Adjusted EBITDA Margin guidance. Despite a challenging macroeconomic environment, the business saw stability, with strong bookings and 49 new clients. The restructuring program led to $87 million in annualized savings and plans for additional savings of $25 million to $30 million. However, there was a year-over-year decline in revenues, net loss margin, and Adjusted EBITDA Margin. The company expects to return to sequential quarter-over-quarter revenue growth in Q2 2024.
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