Meet the founder who built and sold a $600M enterprise software startup from Sri Lanka

Sanjiva Weerawarana: A Sri Lankan Success Story

Sanjiva Weerawarana is a remarkable figure in Sri Lanka’s tech industry. In 2005, he founded the enterprise software firm WSO2, which grew to nearly $100 million in annual recurring revenue (ARR) before being sold to private equity firm EQT for $600 million in May 2024. Despite Sri Lanka’s modest startup ecosystem, WSO2 has stood out with major clients like Samsung, Axa, and AT&T.

Founding WSO2

Weerawarana’s journey began at IBM, where he helped develop web service specifications such as WSDL and BPEL. When IBM showed no interest in his innovative middleware stack idea, he decided to establish WSO2. Despite the ongoing civil war in Sri Lanka at the time, WSO2 thrived. Today, 80% of its 780 employees are based in Sri Lanka, with the rest spread across the U.S., Europe, and Asia.

Growth and Open Source Success

WSO2, an open-source enterprise software provider, benefited greatly from the open-source movement, which allowed global collaboration and development. With Intel Capital as its earliest backer, WSO2 positioned itself well during the rise of cloud computing and microservices. Recently, the company has integrated AI into its products, launching a new API manager that allows developers to use AI-powered chatbots for API testing.

Acquisition and Future Plans

The acquisition by EQT marks a significant milestone for WSO2, providing the company with the resources to pursue longer-term strategies and setting its sights on an IPO within five years. EQT’s investment reflects confidence in WSO2’s robust product offerings, deep enterprise client relationships, and sound financial management.

Weerawarana’s Commitment to Sri Lanka

Weerawarana’s commitment to Sri Lanka is unwavering. Through the Avinya Foundation, established in 2022, he supports economically disadvantaged children with vocational education programs. Additionally, his decision to drive for Uber in 2017 was aimed at challenging social stigmas around certain types of work in Sri Lanka, demonstrating that all jobs deserve respect.

Conclusion

Sanjiva Weerawarana’s story is a testament to the potential of Sri Lanka’s tech industry. With WSO2’s continued growth and the support of EQT, the company is poised to make even greater strides on the global stage. Weerawarana’s vision and dedication to his country and industry continue to inspire many.