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Sri Lanka is not typically associated with tech start-ups, yet WSO2 has defied the odds. Over two decades, this open-source enterprise software provider has carved a niche for itself, attracting clients like Samsung, Axa, and AT&T. Recently, the company agreed to a buyout by private equity giant EQT, valuing WSO2 at $600 million.
Founded in 2005 amidst Sri Lanka’s civil war, WSO2 offers middleware tools for API management and identity access management. The company’s resilience is a testament to its founder, Sanjiva Weerawarana, a seasoned computer scientist with a history at IBM. Despite pressure to relocate, Weerawarana kept WSO2 rooted in Sri Lanka, leveraging local talent and defying investor scepticism.
Intel Capital was an early supporter, recognizing WSO2’s potential in the open-source landscape. Over the years, the company secured $133 million in funding, though profitability was achieved in 2018. The EQT deal marks a new chapter for WSO2, providing resources for expansion and potentially paving the way for an IPO.
WSO2’s journey is more than a business success. It’s a story of perseverance, innovation, and a commitment to building a tech ecosystem in an unlikely location. With a $600 million valuation and a bright future ahead, WSO2 is undoubtedly a standout in Sri Lanka’s entrepreneurial landscape.
