WSO2, the Sri Lankan software firm led by founder Sanjiva Weerawarana, has achieved dramatic year-on-year earnings growth, marked by reaching the $100 million milestone. This success is a testament to the company’s business model, team dedication, and a loyal global customer base.
Under Weerawarana’s leadership, the company focuses on continual innovation – expanding its product and service range, and making strategic decisions that have contributed to its phenomenal growth. WSO2, an open-source enterprise software provider, is recognized for its contribution in the middleware stack sector with tools like API and Identity & Access Management (IAM).
WSO2 displays an unwavering commitment to meet its diverse clients’ needs by offering integrated and analytical platforms. This approach helps businesses improve efficiency and performance. WSO2’s open-source development commitment ensures they stay at technology’s cutting edge.
In spite of the challenging startup environment in Sri Lanka, WSO2 serves multinational clients such as Samsung, Axa, and AT&T.
WSO2’s success spurs Sri Lankan startups
Their success story is a beacon of inspiration for local startups, proving that geographic constraints need not limit the aspirations and achievements of Sri Lankan enterprises.
Recently, private equity company EQT acquired WSO2 in a $600 million deal. This development implies that all shares, including those held by investors and employees (past and present), will be owned by EQT. This step changes WSO2’s status to a sole proprietorship under EQT after the transaction concludes.
Weerawarana, who has opted to remain in Sri Lanka despite investor pressure, recognizes the significance of shareholding in startups as a wealth creation tool for entrepreneurs. His advice to fellow entrepreneurs is about avoiding early selling of their shares, as their value can potentially increase over time.
Despite the challenges, choosing to stay in Sri Lanka reflects Weerawarana’s commitment to nurturing local startups. His decision exemplifies the potential benefits of investing in emerging economies and highlights the importance of local entrepreneurship.
Despite its geographical location, WSO2 has proved that Sri Lanka’s startup ecosystem can compete globally. A focus on local talent development and fostering innovation has extended their reach worldwide, energizing the entire region’s startup ecosystem.
