October 13 - Global technology consulting company Thoughtworks announced it has reached an agreement with Hillhouse Capital, under which Hillhouse will acquire the local business operating rights in the Chinese market. The transaction is expected to be completed in early October 2025, with the specific amount undisclosed.

Upon completion of the transaction, Thoughtworks will retain ownership of its offshore business operations in China, while Hillhouse Capital will inject new funding, focusing on strengthening China business capabilities in artificial intelligence and digital transformation services.

It is reported that Guo Xiao, former CEO of Thoughtworks China, has joined Hillhouse Capital as an operating partner and will continue to lead Thoughtworks' China business operations.

Thoughtworks was founded in 1993 and is a benchmark enterprise in the global software development field. The company completed a privatization transaction in 2024 worth $1.75 billion. Since entering China in 2004, the company has established offices in seven locations including Beijing, Shanghai, Shenzhen, and Chengdu, with a workforce of over 2,000 employees.

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