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Image Credits:Ishara S.KODIKARA/AFP / / WSO2 CEO Sanjiva Weerawarana speaks to media during a product launch in Colombo on February 26, 2014.
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Image Credits:Ishara S.KODIKARA/AFP / / WSO2 CEO Sanjiva Weerawarana speaks to media during a product launch in Colombo on February 26, 2014.
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WSO2 , a ship’s company that provides API management and individuality and access direction ( IAM ) service for enterprise , has been acquiredby Swedish investment behemoth EQT .
Terms of the deal were not bring out , but TechCrunch has learned via source that the deal appreciate WSO2 at “ more than ” $ 600 million , with EQT attaining a “ significant majority ” wager for the price .
WSO2 ’s ware let in an open sourceAPI managing director , comparable to something likeGoogle ’s Apigee , which job use for building and mix all their digital services , either in the cloud or on - premises . The ship’s company offer tangential services such as API management specifically for Kubernetes , as well as its flagshipIdentity Server — a littlesomething like Okta — that caller expend for get by identicalness and access functionality in their apps , such as individual augury - on ( SSO ) .
WSO2 , which was founded out of Sri Lanka in 2005 , had raised around $ 130 million in financial backing from the ilk of Intel , Cisco and Goldman Sachs , with its most recent tranche comingvia a $ 93 million Series E roundin 2022 . An prescribed evaluation was never announced , but articles from some outlets at the timereporteda valuation of more than $ 600 million . So that would entail WSO2 has remained more or less stagnant , though the “ more than ” facet here could disguise some movement in the companionship ’s rating .
A strong track record
WSO2 co - founding father and CEOSanjiva Weerawaranahas a potent track criminal record in the open origin sphere , particularly among Apache Software Foundation projects , and he was one of the master designers of the cloud - nativeBallerina programing language . Since 2017 , Weerawarana also push back for Uber , which he says is project to“challenge the average ” and make it more socially satisfactory in his native Sri Lanka .
WSO2 is a reasonably well - disseminate company , in keeping with the ethos of other business founded around open generator . While the fellowship depend a U.S. HQ in Santa Clara , and many of its older leadership squad are diffuse across the U.S. , its center of gravity lies in Sri Lanka where much of its workforce is located — include Weerawarana , who ’s based in the capital Colombo .
With that in nous , it ’s deserving note that the acquisition was actually made by an EQT subsidiary called EQT Private Capital Asia , formerly have intercourse as Baring Private Equity Asia , which EQT procuredin 2022 for € 6.8 billionto serve as its private fairness vehicle for Asia .
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With a orbicular spread of customers that let in AT&T , Honda and Axa , this is something that EQT Private Capital Asia mate Hari Gopalakrishnan says was a primal part of its decision to invest . Moreover , with cloud calculation and AI driving demand for certificate substructure , WSO2 was a peculiarly appealing suggestion for an investment funds firm withrecent form in the go-ahead package infinite .
“ Software is a key stress sector for EQT , and WSO2 is a strong party that has scaled globally with an enterprise client base spread across the US and Europe , ” Gopalakrishnan said in astatement . “ [ We ] trust that the company is well - set to capitalise on retentive - full term drift such as digital transformation and rise GenAI acceptation . ”
EQT say that it expect the acquisition to conclude in the 2d half of 2024 .
SUSE goes individual again
