Singapore’s sovereign wealth fund, GIC, along with Siemens AG, Fidelity Management and Mubadala Investment Company have invested a combined US$720 million ($954.5 million) in ThoughtWorks, a global software consultancy.

ThoughtWorks, which was founded 25 years ago in Chicago, has its roots in digital transformation and agile software development. The company has also been responsible for defining the tech principles used by organisations around the world.

According to ThoughtWorks, the proceeds will be used to repurchase equity from existing investors, as the company continues to invest in growth and its expansion overseas.

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“This placement is a very positive indicator of how strong our company and brand are perceived in the market. It’s wonderful that GIC, Siemens, Fidelity and Mubadala see ThoughtWorks to be a strong investment and this is an endorsement of the strength and relevance of our business and people”, says Guo Xiao, president and chief executive officer, ThoughtWorks.

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“Since partnering with ThoughtWorks in 2017, the company has gone from strength to strength – accelerating growth and profitability and transforming to be world class in a highly strategic global market. ThoughtWorks’ talented employees, global footprint and reputation for technical excellence make it a standout offering in the rapidly evolving digital transformation space”, adds Rohan Haldea, partner at Apax. “We welcome GIC, Siemens, Fidelity and Mubadala Investment Company as additional investors to support the company’s growth strategy.”

Goldman Sachs and JP Morgan served as placement agents.