Sri Lanka’s leading open-source technology provider, WSO2 secured a $90 million funding line from Wall Street Giant, Goldman Sachs based on a valuation of over $600 million.
WSO2‘s founder and chief executive, Sanjiva Weerawarana announced that the company will be advancing its current products and the new cloud offerings of its Choreo integration platform as a service (iPaaS) and Asgardeo identity as a service (iDaaS) solutions.
With funding from Goldman Sachs, the company aims to quickly realize its vision to become a cloud-first company.
“We have a lot planned with this newest funding. It will be used to roll out our next-generation, cloud-native solutions for securely delivering APIs, applications, and digital identities (Choreo and Asgardeo); further invest in our core open-source products for API management (WSO2 API Manager) and customer identity and access management (WSO2 Identity Server); accelerate our worldwide business expansion; and grow the company’s global partner and support network,” the Company which is based out of Sri Lanka said.
Employing more than 800 people in Sri Lanka, WSO2 has become a truly global business with more than 50 people in the United States (and growing fast) and rapidly expanding teams in the UK, Brazil, Australia, Germany, Dubai, and India.
In addition to supporting its commercial offerings, the Company also plans to invest in extending the capabilities and community around Ballerina, the open-source language that radically simplifies how developers build and deploy cloud-native applications.
WSO2 has been relying on its own funds for business growth over the past several years. In 2021, the company expects its revenue to grow 30-35%, closing the year at around $65 million in ARR.
“We plan to hit $100 million in 2022 — which means while it took us 15 years to get to the first $50 million, we will get the next $50 million in two! The company has rapidly grown from 550 to nearly 900 employees in less than two years; hired several key senior leaders; added 65-plus channel partners across the Americas, EMEA, and APAC regions in the past year; and seen an 80% increase in original equipment manufacturing (OEM) partners,” Weerawarana said.