Summary:
WSO2, an open-source enterprise software provider from Sri Lanka, was acquired by private equity giant EQT for $600 million.
Founder Sanjiva Weerawarana faced challenges, including skepticism due to the company's location, but remained committed to building a product-oriented tech company in Sri Lanka.
WSO2's success is attributed to its commitment to open source, innovative approach, and a strong team of engineers in Sri Lanka.
The acquisition by EQT will enable WSO2 to continue its growth and potentially reach an IPO.
Weerawarana is known for his unconventional approach to social responsibility, including driving for Uber to challenge societal perceptions about work.
From Sri Lanka to a $600 Million Exit: The Story of WSO2's Founder and His Unorthodox Path
Sri Lanka might not be known for its thriving startup ecosystem, but WSO2, an open-source enterprise software provider, has been a remarkable exception. Founded in 2005, the company recently agreed to be acquired by private equity giant EQT for a whopping $600 million. This impressive exit story is a testament to the vision and perseverance of its co-founder and CEO, Sanjiva Weerawarana.
A Founder's Journey: From IBM to Open Source Success
Weerawarana's journey began at IBM, where he contributed to the development of web service specifications like WSDL and BPEL. However, his ambition to create a new middleware stack wasn't embraced by the tech giant. This led him to co-found WSO2 in 2005, alongside Davanum Srinivas and Paul Fremantle.
Despite facing challenges during Sri Lanka's civil war and enduring pressure to relocate to the US, Weerawarana remained committed to building a product-oriented tech company in his home country. This unwavering dedication resulted in a company with 80% of its 780 employees based in Sri Lanka.
Overcoming Challenges and Embracing Open Source
WSO2 faced skepticism from investors, customers, and competitors due to its location. However, Weerawarana's unwavering vision and commitment to open source attracted early support from Intel Capital, which recognized the potential of a company in Asia to contribute to the open source movement.
A Company Built on Innovation and Resilience
Through its innovative approach and commitment to open source, WSO2 has become a leader in middleware solutions, providing tools for API management and identity and access management (IAM). The company's success is even more remarkable considering its location and the challenges it faced.
The Road to a $600 Million Exit
After 17 years of growth, WSO2 agreed to be acquired by EQT, a major private equity firm. This exit marks a significant milestone for the company and a testament to its founder's vision and dedication. Weerawarana believes this acquisition will allow WSO2 to continue its growth trajectory and eventually reach an IPO.
The Unconventional CEO: Driving for Uber and Fostering Social Change
Beyond his leadership at WSO2, Weerawarana is also known for his unique approach to social responsibility. He began driving for Uber in 2017, aiming to challenge societal perceptions and encourage people to embrace all types of work. He also founded the Avinya Foundation, dedicated to supporting economically disadvantaged children through vocational education programs.
Weerawarana's story is a powerful reminder that success can come from unexpected places. His journey is a testament to the power of perseverance, innovation, and a belief in the power of open source.
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