Altamir - 2018 Registration document

1

Business description and activities

Presentation of the Company

www.thoughtworks.com

1) Business description ThoughtWorks is a leading digital transformation and software company which helps businesses solve complex technology problems. Headquartered in Chicago, the company operates in 14countries, with40officesworldwide andover 5,000employees globally. Specialized in the design and delivery of customised software to large companies, ThoughtWorks is considered a leader in the industry and tackles the most complex digital transformation problems for its clients. The company was an early pioneer of the ‘Agile’ approach and has been at the forefront of other new development methods, such as DevOps and re-factoring. 2) Investment rationale ThoughtWorks is a leader in the attractive digital transformation sector. The industry is both large and expected to grow circa 20% per year over the next 4 years as companies increasingly invest in digital transformation to stay competitive and shift their focus from cost-cutting and efficiency initiatives to customer experience and business outcomes. The company enjoys a differentiated position as a unique, “pure-play” digital transformation services provider with strong technical expertise. ThoughtWorks is ledby a strongmanagement team with a consistent track-record.

The investment thesis is to back a business at the forefront of digital transformation to both accelerate growth and improve margins. 3) Value creation levers The objective is to accelerate growth, including through better accountmanagement practices,margin improvement, andamore focused commercial strategy. 4) Achievements since the acquisition Since acquisition, Apax Partners LLP has engaged with ThoughtWorks on several initiatives. These include: i) the improvement of account management and mining capabilities, especially among its top clients; ii) investment in new technology capabilities to ensure ThoughtWorks remains the leader in digital innovation; iii) a focus on North America to ensure it is a key strategic priority for management; and iv) improved general-and-administrative expenses efficiency and margins, a project supportedbyApax Partners LLP’sOperational Excellence Practice (“OEP”). 5) Performance The investment is off to a strong start with robust organic growth in 2018 and the improvement of margins. Performance in China, Germany, Brazil and the UK has been particularly strong.

DATE OF INVESTMENT

PORTFOLIO AT FAIR VALUE

SECTOR

COUNTRY

RESIDUAL COST

FAIR VALUE

2017

10.7 m

28.1 m

2.8 %

€

€

U N I T E D S TAT E S

36 Registration document ALTAMIR 2018

www.altamir.fr