WSO2 has raised $130.5M in funding to date. Here are the top-line bullets you need to know.
WSO2, provider of a low-code platform for developing business applications, has raised $90M in a funding round that drew participation from Goldman Sachs Asset Management.
HOW’S THE COMPANY PERFORMING?
- California-based WSO2 provides an open-source, low-code platform that enables developers, architects, and non-tech employees to rapidly build apps and digital services.
- The company helps businesses leverage API management, integration, and customer identity and access management (CIAM) technologies.
- WSO2 technology facilitates over 18T transactions and manages 500M identities annually.
- It plans to end the year with $65M in ARR, up 30–35% YoY. The company plans to reach $100M in revenue in 2022.
- The company currently has over 800 clients across 85 countries — its client base includes Wells Fargo, Qantas, eBay, Societe Generale, Telstra, American Express, and Motorola.
- WSO2 is supported by a global team of around 900 employees.
- The company has offices in Sri Lanka, the US, the UK, the UAE, Australia, Brazil, Germany, and India.
WHY DOES THE MARKET MATTER?
- The low-code development platform market is projected to grow at a CAGR of 28.1% and reach a value of $45.5B by 2025, according to Markets and Markets.
- Higher demand for this technology is likely to be fueled by factors such as digital innovation, the rise of composable businesses, and the push for hyper-automation.
- Demand is also likely to be fueled by a shortage of developers, as these platforms enable non-tech employees to build apps.