Photo Credit: Gerd Altmann from Pixabay

According to a recent report, the US-based IT consulting market is estimated to grow 2% to $546.9 billion market in 2022. Recently listed tech consultant company ThoughtWorks (Nasdaq: TWKS) is expanding its market presence through acquisitions and partnerships.

ThoughtWorks’s Financials

For the first quarter, ThoughtWorks’ revenues grew 38.2% to $320.9 million and non GAAP EPS was $0.13. The market was looking for revenues of $304.25 million.

For the second quarter, ThoughtWorks forecast revenues of $328-$329 million and an EPS of $0.11-$0.12. For the fiscal year, it expects revenues to grow at 29.5%-30.5% on a constant currency basis with an EPS of $0.51-$0.53. The market was looking for revenues of $328.5 million and EPS of $0.11 for the quarter and revenues of $1.37 billion and EPS of $0.09 for the year.

ThoughtWorks’s Acquisitions

Recently, ThoughtWorks announced the acquisition of privately held Brazil-based Handmade Designs. Set up in 2015, Handmade Designs works with businesses to inform CX strategies, enable agile processes, and support them from design to delivery. It has a team of over 50 employees and has built over 100 solutions to achieve its mission of “learning by doing together”. Its customer list includes names like Volkswagen and Santander. The acquisition will allow both companies to create new connections between their client’s brands and people, all powered by design. Handmade Design will bolster and enhance the Thoughtworks customer experience, product, and design service line in Brazil. Terms of the acquisition, or Handmade Design’s financials were not disclosed.

Earlier this year, Thoughtworks had also announced the acquisition of Canadian product development company, Connected. Set up in 2014, Connected is a privately-held, end-to-end, product design and development firm that builds products to delight clients and drive business impact. Today, Connected has over 165 employees and spans a broad spectrum of technologies across the entire software product development lifecycle. The acquisition will allow Thoughtworks to enhance its capabilities in solving business problems through product-led design processes, from defining the strategy to discovery and delivery. Terms of the acquisition were not disclosed.

It also announced a partnership with Bluestone that will launch a full suite of modern digital capabilities to elevate the broker and borrower experience across the home loan life cycle. Thoughtworks’ holistic cloud-hosted digital lending platform is expected to provide brokers, borrowers, and employees greater transparency while facilitating a modern and intuitive approach to loan servicing and collections.

Its stock is currently trading at $14.68 with a market capitalization of $4.5 billion. It hit a 52-week high of $34.43 in September last year and a 52-week low of $12.99 earlier this month. Thoughtworks went public last year when it raised $774 million at a list price of $21 and a valuation of $6.4 billion.

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