Global software consultancy ThoughtWorks, backed by private equity firm Apax Partners, has acquired Gemini Solutions, a privately-held software development and consulting services firm from Silicon Valley. Terms of the deal were not disclosed.
This is M&A deal number 60 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Gemini Solutions was founded in 2005 and delivers software and product development services. The company has more than 170 employees, including software engineers and operations staff based in Romania.
The acquisition will strengthen ThoughtWorks' European expansion efforts, according to the firm. The company will use Gemini's Romanian operations to establish ThoughtWorks Romania, with the Gemini Solutions team at its core. The team will provide nearshore support for ThoughtWorks’ clients in the UK and Germany, while continuing to support Gemini’s existing clients in North America, France and Germany, ThoughtWorks said.
Serban Tir, previously the chief technology officer of Gemini, will serve as the general manager of ThoughtWorks Romania.
ThoughtWorks Acquires Gemini: A Common Philosophy
Guo Xiao, president and CEO, ThoughtWorks, commented on the deal:
"We are delighted that Gemini Solutions Inc. will be joining the ThoughtWorks family. The team will form a key part of ThoughtWorks' global as well as European expansion plans. We have been seeking a premium partner to help increase our nearshore delivery capability and capacity, especially in Europe, and Gemini is a perfect fit. We're excited about taking on the baton from the Gemini founders and taking the business to the next level of its evolution. The team brings with them a wealth of experience and will also accelerate growth in our key strategic focus areas of digital transformation, enterprise modernization, data, and customer experience. Gemini's talent, cultural fit, commitment to delivery, ability to grow, and existing client relationships fit nicely with our own.”
Theo Nissim, CEO and founder, Gemini Solutions, added:
"Since our inception, we have worked to help leading organizations regardless of size or maturity to flourish and thrive by providing exceptional software solutions. ThoughtWorks and Gemini Solutions have a common philosophy and dedication to client success. We are excited to have the opportunity to become part of a leading player in the global IT industry. This acquisition is also a testament and validation of the great talent and capability of the Romanian IT sector that a global organization like ThoughtWorks would look to invest in this market.”
ThoughtWorks Background
Headquartered in Chicago, ThoughtWorks itself was acquired by private equity firm Apax Partners in 2017.
ThoughtWorks, which was founded in 1993, now has more than 7,000 people working across 46 offices in 15 countries.
The company’s key focus areas include digital strategy and service design, experience design, lean product development, portfolio design and management and customer research and testing.
Earlier this month, ThoughtWorks secured $720 million in financing from Siemens AG, Fidelity Management and Research, GIC and Mubadala Investment Company. The deal valued the company at $4.6 billion.
