Sanjiva Weerawarana, celebrated for his entrepreneurial prowess, founded the enterprise software company WSO2. Since its inception in 2005, the company has seen nearly $100 million in annual recurring revenue. Weerawarana’s keen business insight and focus on customer value have led to WSO2’s prominent global client base.
The company’s open-source software solutions have been adopted across various industries. WSO2’s unique commitment to the open-source community has positioned it as a preferable choice among tech giants like Samsung, AT&T, and Axa. Markedly, this success was achieved despite being based in Sri Lanka, a region not renowned for high-tech startups.
In 2024, the business attracted a hefty proposal from EQT, a private equity firm. The deal, subject to regulatory acceptance, entails buying WSO2 for $600 million.
WSO2’s global impact from Sri Lankan roots
This acquisition could potentially consolidate EQT’s position in the IT sector.
The transaction promises to create wealth. About 30% of the profits are projected to be distributed among WSO2’s employees, upholding Weerawarana’s belief in the significance of equity in his business. The prospect of wealth accumulation could also catalyze the emergence of new entrepreneurial endeavors.
Founded in Colombo, WSO2 emerged as a significant player in the tech field by providing vital middleware solutions. The company offers tech tools like API Management and Identity and Access Management (IAM), reflecting the increasing focus on cybersecurity in the digital business era.
Despite substantial pressure to relocate operations to the U.S., Weerawarana was adamant about keeping the company in Sri Lanka. His decision, which faced opposition from investors and clients alike, was rooted in his conviction that a successful tech firm can originate from Sri Lanka.
