Apax Global Alpha Limited has received an update from the Apax Funds regarding the intention to take private Thoughtworks, a portfolio company in the Apax IX Fund. The transaction involves Apax XI and co-investors purchasing all outstanding shares in Thoughtworks, while Apax IX, alongside related co-investors, will roll its entire stake in the company. The purchase price values AGA's total look-through investment in Thoughtworks at approximately €54m. The transaction is expected to close in Q4 2024, subject to customary closing conditions.
Thoughtworks, founded in 1993, is a global technology consultancy known for integrating strategy, design, and engineering to drive digital innovation. The investment thesis is to invest in a highly differentiated business with long-term growth potential and to accelerate the company's transformation under private ownership. The transaction draws on the Apax Funds' strong track record investing in the tech-enabled services subsector, deploying over $5.3bn of equity in 21 deals in the last 18 years.
Apax Global Alpha Limited, listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax Partners. AGA made a commitment of approximately $350m to Apax IX in 2016 and a commitment of approximately $700m to Apax XI in June 2022. The total proceeds received by AGA to date from Apax IX's investment in Thoughtworks stand at approximately €73m.
A further update will be provided as part of AGA's H1 2024 results, which will be published on 5 September.