Hillhouse Investment Management (“Hillhouse”), one of the world’s leading global private alternative asset managers, today announced that it has reached an agreement to partner with Thoughtworks, a global technology consultancy through the acquisition of Thoughtworks’ local business serving China. Thoughtworks will retain ownership of their offshore business in China.
This partnership provides continuity for clients, new career opportunities for employees and positions the China business for further growth. Hillhouse will invest additional growth capital to strengthen the business’ capabilities in next-generation technologies, particularly artificial intelligence (AI) and digital transformation services. The transaction is expected to close in early October.
Mike Sutcliff, CEO of Thoughtworks, said: “We are pleased to have reached this agreement with Hillhouse Investment, which provides the employees of our China local market business the best opportunity to bring their exceptional talent to new parts of the Chinese market. Hillhouse will open doors, create new opportunities and support these talented teams in taking on more complex and challenging projects. At the same time, Thoughtworks will continue to offer global clients access to exceptional talent in China through our offshore business, ensuring we deliver the same quality and innovation our clients expect.”
The China business will be headed up by Xiao Guo, who was the former CEO of Thoughtworks and who was also responsible for launching the business in China back in 2004. Thoughtworks’ China business is one of the country’s leading technology consulting businesses, with a 20+ year track record of partnering with leading enterprises across financial services, retail, automotive and manufacturing sectors. The business is recognized for its deep engineering culture, agile delivery model and client-first approach.
Xiao Guo, former CEO of Thoughtworks and operating partner at Hillhouse Investment said: “Thoughtworks China has built a strong foundation over the past two decades by combining world-class engineering with a client-first mindset. With Hillhouse’s partnership and focus on AI and digital innovation, I believe the business is well-positioned to accelerate its growth and continue shaping the future of technology consulting in China.”
The partnership marks a significant milestone for both organizations. Thoughtworks’ China local business will benefit from Hillhouse’s resources, networks and expertise in scaling innovative businesses, accelerating its growth in next-generation technologies and expanding opportunities for clients and employees. At the same time, Hillhouse will be able to strengthen its commitment to building sustainable, innovation-led companies in China, creating long-term value for clients, employees and the broader ecosystem.
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About Hillhouse
Founded in 2005, Hillhouse Investment (“Hillhouse”) is a global alternative investment manager dedicated to partnering with high quality businesses for the long-term. With over two decades of experience, Hillhouse has grown to be among the largest alternative asset managers with a range of investment strategies that span public equities, private equity (across buyout, venture capital and growth strategies), private credit and real assets.
Hillhouse collaborates with industry-defining enterprises, aiming to establish alignment with sustainable, forward-thinking companies across healthcare, business services, consumer and industrial sectors. The firm manages capital on behalf of leading institutional clients worldwide, including university endowments, foundations and sovereign wealth funds across the Americas, Europe, Asia and the Middle East.
For more information, visit www.hillhouseinvestment.com
About Thoughtworks
Thoughtworks is a global technology consultancy that integrates design, engineering and AI to drive digital innovation. We are over 10,000 Thoughtworkers strong across 47 offices in 18 countries. For 30+ years, we’ve delivered extraordinary impact together with our clients by helping them solve complex business problems with technology as the differentiator.
Media contacts:
Roger Ng, Head Edelman Smithfield Singapore
Email: roger.ng@edelmansmithfield.com
Linda Horiuchi, global head of public relations
Email: linda.horiuchi@thoughtworks.com
Phone: +1 (646) 581-2568