ThoughtWorks Responds to $43M Lawsuit Rumours
The article, which is for private DowJones subscribers and cannot be republished, claimed that a recent court ruling forced ThoughtWorks to pay the $43M. As a result, rumours have been circulating that the 800 employee company would have to sell itself in order to raise the funds. According to Bill Kimmel, the recent court battle was in fact not over the amount of the $43M redemption obligation (that's old news); it was about "getting clarification around how the redemption payments happen". Bill went on "this is an ongoing negotiation with SV, and there is no specific issue at this point that has any impact on our ongoing operations." SV cannot force ThoughtWorks to sell, and negotiations are continuing about how the shares will be redeemed.
In a press release put out today, ThoughtWorks said that the last 6 months have been among the most successful in the company's history and that they are on track to exceed $110 million in revenue in 2006. The company has also opened offices recently in Beijing, China, and Toronto, Canada.
Watch this space
- last 6 months 'among' the best
- "there is no specific issue at this point that has any impact on our ongoing operations"
- 'on track to exceed $110 million in revenue' - means nothing without an idea of overheads and current debt (above the $43m mentioned)
The only other info I can find on this story is the following anonymous rumour portal:
Re: Watch this space