- Companies
- WSO2
WSO2 Acquisition, Valuation, Funding & Investors
WSO2 was acquired by EQT for $600M in May 2024, a 6.0x multiple on $100M of revenue.
WSO2 revenue at acquisition
$100M
Last twelve months · May 2024
WSO2 revenue multiple at acquisition
6.0x
EV/Revenue · May 2024
Cumulative funding WSO2 raised
$113M
across 3 funding rounds
About WSO2
WSO2 is a global software company offering API management, application development, and customer identity and access management tools deployable on-premises or in the cloud. Enabling over 60 trillion annual transactions and 1 billion identities for enterprises, universities, and governments, the firm employs over 800 staff across offices in Australia, Brazil, Germany, India, Sri Lanka, UAE, UK, and US.
Founded
2005
HQ
Website
Status
Acquired
Customer focus
B2B & B2G
Revenue model
Subscription
Revenue
$63M (May 2022)
Valuation
$600M (May 2022)
WSO2 Acquisition
WSO2 was acquired by EQT for $600M on 3 May 2024.
The acquisition price implies a 6.0x revenue multiple on $100M of revenue.
Before the acquisition WSO2 had raised $113M across 3 funding rounds.
WSO2, founded in 2005 and headquartered in Austin, TX with roots in Santa Clara, California, provides open-source API management, integration, application development, and identity and access management (IAM) software to enterprise customers globally, with over 80% of revenue from blue-chip clients in the Americas and EMEA. EQT Private Capital Asia (BPEA Fund VIII), the Asia arm of Swedish private equity firm EQT, agreed on May 3, 2024, to acquire WSO2 from existing shareholders for a significant majority stake valued at more than $600 million, though official financial terms were not disclosed; the deal closed on August 13, 2024. Advisors included Ropes & Gray and Simpson Thacher & Bartlett for EQT, and JP Morgan and Cooley for sellers. EQT aims to accelerate WSO2's growth and innovation by leveraging its software sector expertise, global industry network, and dedicated digital value-creation team, positioning WSO2 to capitalize on digital transformation and GenAI trends amid expanding enterprise demand. WSO2 joins EQT's portfolio of enterprise software firms including IFS, SUSE, Billtrust, Storable, Waystar, and Virtusa. A new board was formed post-closing, chaired by Jonas Persson (former Microsoft Sweden CEO and chair of SUSE, Acumatica, IFS, Sitecore), with Hari Gopalakrishnan (EQT Partner, Global co-head of services sector) and founder/CEO Dr. Sanjiva Weerawarana. WSO2 management, led by Weerawarana, expressed enthusiasm for partnering with EQT to enhance innovation, global footprint, and enterprise empowerment in the digital economy, building on WSO2's proven track record since 2005.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 3 May 2024 | PE buyout | $600M | 6.0x |
WSO2 Valuation
WSO2 is currently valued at $600M, based on its Series E in May 2022.
The $3M round was led by Redstart Labs.
WSO2's valuation has moved from $600M at its Series E in November 2021 to $600M in May 2022, across 2 priced rounds.
WSO2 valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2022 | Series E | $600M | 9.5x |
| Nov 2021 | Series E | $600M | 9.2x |
WSO2 Revenue
WSO2's latest recorded revenue is $63M, as of its Series E in May 2022. At a $600M valuation, that implies a 9.5x revenue multiple.
Revenue moved from $65M in November 2021 to $63M in May 2022, while the revenue multiple moved from 9.2x to 9.5x.
WSO2 revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| May 2022 | $63M | $600M | 9.5x | Series E |
| Nov 2021 | $65M | $600M | 9.2x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
WSO2 Funding History
WSO2 has raised a total of $113M across 3 funding rounds.
WSO2's first fundraising round was a $20M Series D in August 2015. The most recent completed round was a $3M Series E in May 2022.
WSO2 funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2022 | Series E | Redstart Labs (lead) | $3M | $600M | WSO2, a California-headquartered digital transformation solutions provider founded in 2005, completed its Series E funding round at $93 million in May 2022, with $90 million from lead investor Goldman Sachs Asset Management Private Credit in November 2021 and $3 million from Redstart Labs, backed by Info Edge. The round brought total equity capital raised to $140 million, valuing the company at over $600 million. WSO2 enables enterprises to drive digital transformation through API management, integration, customer identity and access management, executing over 18 trillion transactions and managing more than 500 million identities annually. The company reported Annual Recurring Revenue of $63 million for 2021 and targeted $90 million for 2022, while having been profitable for the prior four years. Funds will support geographical expansion, particularly in India, acceleration of cloud-based low-code platforms like Choreo and Asgardeo, and API Manager and Identity Server enhancements, with plans to go public in the US by 2025. WSO2 also plans technology acquisitions under $10 million and previously acquired Platformer in June 2021 to bolster Kubernetes capabilities. |
| Nov 2021 | Series E | Goldman Sachs (lead) | $90M | $600M | WSO2, a leader in digital transformation technology, provides open-source, low-code, cloud-native platforms for API management, integration, customer identity and access management (CIAM), and delivering APIs, applications, and digital services. The company secured $90 million in growth capital from client vehicles advised by Goldman Sachs Asset Management Private Credit on November 15, 2021, as the first tranche of its Series E round. This flexible capital supports worldwide business expansion, growth of the global partner network, rollout of next-generation platform-as-a-service offerings like Choreo and Asgardeo, and investment in core products such as WSO2 API Manager and WSO2 Identity Server. Prior to the funding, WSO2 had been cash flow positive since 2017 and profitable since 2019, financing growth internally with its own profits. It served over 800 customers in more than 80 countries, including Fortune 1000 companies. In its announcement, WSO2 projected 30-35% revenue growth for 2021, expecting to close the year at around $65 million in ARR, with plans to reach $100 million in 2022. Another source reported $63 million ARR achieved in 2021. The round later expanded with an additional $3 million from RedStart Labs (a subsidiary of Info Edge) in May 2022, bringing the total Series E to $93 million and aiding expansion in India. Goldman Sachs highlighted WSO2's alignment with high-growth software trends in API management and integration for a global blue-chip customer base. WSO2 employs nearly 1,000 people across offices in the US, Sri Lanka, UK, UAE, Australia, Brazil, Germany, and India, positioning it in the growing low-code development market projected to reach $45.5 billion by 2025. |
| Aug 2015 | Series D | Pacific Systems Control Technology (lead); Internet of Things Corp; Machine-to-Machine Intelligence (M2Mi) Corp; Toba Capital | $20M | - | WSO2 is an enterprise software company founded in 2005 that provides API management, integration, and identity and access management solutions for digital transformation. The company operates on an open-source, API-first model allowing on-premises and cloud deployment with no vendor lock-in. WSO2 built its business model around product development with strong partner ecosystem integration rather than direct services. WSO2's financial trajectory shows strong growth: the company reported $11.2 million in ARR in 2015, approximately ten years after founding. By 2020, revenue had grown to $50 million, and by 2021, ARR reached $63.3 million with 31% year-over-year growth and 109% net dollar retention. In August 2024, EQT acquired WSO2 at a $600 million valuation when the company was projected to reach $100 million in ARR by Q3 2024. |
Who has invested in WSO2?
6 investors have backed WSO2 across its funding rounds, including Goldman Sachs, Toba Capital, Redstart Labs, Internet of Things Corp, Machine-to-Machine Intelligence (M2Mi) Corp and Pacific Systems Control Technology.
Lead investors include Redstart Labs, Goldman Sachs and Pacific Systems Control Technology.
WSO2 Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Aug 2015 | ||
| 1 | Lead | Aug 2015 | ||
| 1 | Lead | May 2022 | ||
| 1 | Participant | Aug 2015 | ||
This data is available for Pro users. Sign up to see all 6 WSO2 investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by WSO2
WSO2 has acquired 2 companies to date.
Last acquisition by WSO2 was on May 28th 2025. WSO2 acquired Moesif for undisclosed valuation.
Latest Acquisitions by WSO2
| Description | Moesif is a San Francisco-based API analytics and monetization platform for SaaS companies building AI and API products. The service tracks usage metrics, detects anomalies, and supports metered billing models. Moesif serves clients including You.com, PandaDoc, UPS, and Sinch, enabling growth for startups and enterprises in financial services, healthtech, and logistics. | Platformer is a Kubernetes-native application platform designed for deploying and managing workloads across cloud, hybrid, on-premises, and edge environments. It simplifies CI/CD pipelines, autoscaling, and multi-tenancy for enterprises, drawing expertise from prior integrations with EDS, HP, Dell, Intel, Alcatel-Lucent, Oracle, SAP, and Microsoft deployments. Sydney-based, Platformer supports production-grade operations for telcos like NBN and Spark, enabling seamless application portability. |
| HQ Country | ||
| HQ City | San Francisco, CA | Melbourne |
| Deal Date | 28 May 2025 | 16 Jun 2021 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all WSO2 acquisitions and their M&A valuation multiples. Start Free Trial | ||
WSO2 Competitors
WSO2 competitors include listed companies like PKSHA Technology and Reconova Technologies, and private ones like Deeproute, Engram, Iambic and Reducto.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $600M | - | ||
| Private | - | - | $600M | - | ||
| Private | - | - | $600M | - | ||
| Private | - | - | $605M | - | ||
| Publicly listed | $140M | $47M | $627M | 2.4x | ||
| Publicly listed | $66M | ($8M) | $635M | - |
WSO2 Public Comps
WSO2 is no longer listed, but its public comps include PKSHA Technology, Reconova Technologies, ExaWizards, Beijing Hanyi Innovation, Ropeok Technology Group, Datasection, Vrain Solution, Beijing CTJ Info Tech, Coveo Solutions and Rezolve AI.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $140M | $47M | 4.1x | 2.4x | 12.2x | 10.7x | |||
| $66M | ($8M) | 10.0x | - | (82.0x) | - | |||
| $77M | $13M | 6.6x | 5.7x | 39.3x | - | |||
| $28M | $5M | 15.6x | 13.9x | 89.9x | 50.9x | |||
| $23M | ($28M) | 18.6x | - | (15.2x) | - | |||
| $216M | $27M | 1.6x | 1.6x | 12.7x | 13.0x | |||
| $21M | $6M | 14.5x | 11.5x | 49.0x | - | |||
| $123M | $13M | 5.3x | 4.9x | 51.3x | 34.6x | |||
This data is available for Pro users. Sign up to see all WSO2 competitors and their valuation data. Start Free Trial | ||||||||
Common questions about WSO2
| When was WSO2 founded? | WSO2 was founded in 2005. |
| Where is WSO2 headquartered? | WSO2 is headquartered in San Jose, CA, United States. |
| Is WSO2 publicly listed? | No, WSO2 was acquired by EQT in May 2024. |
| Who acquired WSO2? | WSO2 was acquired by EQT in May 2024. |
| How much was WSO2 acquired for? | WSO2 was acquired for $600M in May 2024, a 6.0x revenue multiple. |
| What is WSO2's valuation? | WSO2 was last valued at $600M in its Series E in May 2022. |
| How much funding has WSO2 raised? | WSO2 has raised $113M across 3 funding rounds. |
| What was WSO2's last funding round? | WSO2's last funding round was a $3M Series E in May 2022, led by Redstart Labs. |
| Who are WSO2's investors? | WSO2's investors include Internet of Things Corp, Pacific Systems Control Technology, Redstart Labs, Machine-to-Machine Intelligence (M2Mi) Corp, Goldman Sachs and Toba Capital. |
| What is WSO2's revenue? | WSO2's latest recorded revenue is $63M (May 2022). |
| What is WSO2's revenue multiple? | WSO2's latest valuation implies a 9.5x revenue multiple ($600M valuation on $63M of revenue). |
| Which companies are comparable to WSO2? | Companies comparable to WSO2 include Deeproute, Engram, Iambic, Reducto, PKSHA Technology and Reconova Technologies. |
| How many companies has WSO2 acquired? | WSO2 has acquired 2 companies, including Moesif and Platformer. |
See companies similar to WSO2
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




