Thoughtworks Completes Acquisition of Handmade Design to Boost CX and Design Strategy in Brazil

Rhea-AI Summary

Thoughtworks (NASDAQ: TWKS) has completed the acquisition of Handmade Design, a Brazilian design consultancy, enhancing its customer experience and product design capabilities in Brazil. This strategic move aims to enable Thoughtworks to provide end-to-end solutions, driving growth and value for its clients. The announcement emphasizes Thoughtworks’ commitment to the Brazilian market and its focus on delivering extraordinary customer experiences. Financial details of the acquisition remain undisclosed.

Positive

• Acquisition of Handmade Design enhances Thoughtworks' design and customer experience capabilities.
• Strengthens Thoughtworks' presence and commitment in the Brazilian market.
• Potential for increased client growth and revenue through improved service offerings.

Negative

• Financial details of the acquisition were not disclosed, creating uncertainty about the transaction's impact.

CHICAGO--(BUSINESS WIRE)-- Thoughtworks (NASDAQ: TWKS), a global technology consultancy that integrates strategy, design and engineering, today announced it has completed the acquisition of privately-held, Brazilian-based Handmade Design, an innovation through design consultancy to generate business value for clients. This acquisition adds premium customer experience (CX) and product design capacity and capabilities in Brazil for the benefit of clients and end users worldwide.

“We are thrilled to welcome Handmade Design and its clients to Thoughtworks and look forward to working together to strengthen our ability to provide end-to-end solutions — from strategy to delivery — that help our clients rapidly drive growth and value through extraordinary customer experiences. Today’s announcement also reinforces Thoughtworks’ long-term commitment to Brazil bolstering our customer experience, product and design service line,” said Marta Saft, managing director, Thoughtworks Brazil.

Thoughtworks announced its intent to acquire Handmade Design on June 28, 2022. Financial details were not disclosed.

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About Thoughtworks
Thoughtworks is a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. We are 12,000+ people strong across 50 offices in 17 countries. Over the last 25+ years, we’ve delivered extraordinary impact together with our clients by helping them solve complex business problems with technology as the differentiator.

Thoughtworks Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the use of terms such as “should,” "expect," "will," "continue," “intend,” “plan,” “aim,” or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements represent our management's beliefs and assumptions only as of the date of this press release. You should read this press release with the understanding that our actual future results may be materially different from what we expect. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, which include but are not limited to: statements about the impact of Thoughtworks’ acquisition of Handmade; access to skilled talent; statements regarding relationships with clients; and any other statements of expectation or belief. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our performance or achievements to differ materially from outcomes or results expressed or implied in this press release. Such risk factors include, but are not limited to, those related to: the current and future impact of the COVID-19 pandemic on Thoughtworks' business and industry; uncertainty regarding the demand for and market utilization of our services; the ability to maintain or acquire new client relationships; the ability to maintain or acquire new talent; general business and economic conditions; adverse impact from volatile, negative or uncertain political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; the effects of competition on the future business of Thoughtworks; and our ability to successfully execute our growth strategy and strategic plans, including plans related to this acquisition. Additional information concerning these and other risks and uncertainties are contained in the "Risk Factors" section of Thoughtworks’ Annual Report on Form 10-K, our quarterly reports on Forms 10-Q, and other filings and reports that Thoughtworks may file from time to time with the SEC. Except as required by law, Thoughtworks assumes no obligation, and does not intend to, to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220816005134/en/

Media:

Linda Horiuchi, global head of public relations

Email: linda.horiuchi@thoughtworks.com

Phone: +1 (646) 581-2568

Source: Thoughtworks

FAQ

What is the significance of Thoughtworks acquiring Handmade Design?

The acquisition enhances Thoughtworks' customer experience and product design capabilities, especially in Brazil, aiming to drive client growth.

When did Thoughtworks announce the acquisition of Handmade Design?

Thoughtworks announced its intent to acquire Handmade Design on June 28, 2022.

How will the Handmade Design acquisition affect Thoughtworks' operations?

The acquisition is expected to strengthen Thoughtworks' service offerings and enhance its ability to deliver end-to-end solutions to clients.

What are the financial implications of the Handmade Design acquisition for TWKS?

Financial details have not been disclosed, leading to uncertainty regarding the immediate financial impact on Thoughtworks.