FINANCIAL CHRONICLE – Sanjiva Weerawarana has announced his intention to resign as the CEO of the Sri Lanka-based technology firm WSO2, with his departure set for May 31. Devaka Randeniya, currently the Chief Revenue Officer, will assume the role of acting CEO while the board searches for a permanent replacement.
Weerawarana co-founded WSO2 in August 2005 with Paul Fremantle and Davanum Srinivas, receiving initial investments from Intel Capital, Toba Capital, and Pacific Controls. Over the past two decades, he has played a pivotal role in transforming the company into a significant global technology player, despite facing numerous challenges along the way.
Reflecting on the company’s struggles, Weerawarana remarked to FINANCIAL CHRONICLE, “We officially ran out of money three times,” when discussing some of the toughest moments in WSO2’s history. The most challenging period occurred in 2015, when shareholders demanded that the company achieve profitability. WSO2 successfully turned cash-positive within two years, which set the stage for subsequent growth.
This growth attracted the attention of private equity firm EQT, which acquired WSO2 for $600 million in 2024. Looking ahead, the company’s ambitions remain ambitious. “We aim to scale the company to achieve revenues between $500 million and $1 billion,” Weerawarana stated, characterizing his departure as a transition to new leadership that will enhance the company’s commercial objectives, rather than an end to his involvement.
Weerawarana had previously stepped down as CEO in 2017, temporarily handing over the reins to Tyler Jeswell, before returning to lead the company through its acquisition and expansion phases. “My prior resignation was aimed at bringing in someone with a stronger focus on product marketing and sales; however, the context is different now as we are a much larger organization,” he explained. “The new CEO will be someone with substantial experience.”
WSO2 has seen over 200 employees go on to earn their PhDs, with around 10 to 15 alumni now working at major tech companies like Google, Microsoft, and Amazon. Despite stepping back from the CEO position, Weerawarana clarified that he will remain active in public life. “I have three foundations: the Lanka Software Foundation, the Lanka Data Foundation, and the Avinya Foundation. My intention is to devote more time to these initiatives,” he noted.
WSO2’s core offerings include API management for enhancing digital service efficiency, Identity and Access Management (IAM) for security purposes, and cloud-native integration tools that unify various business systems. The company has also recently shifted its focus toward artificial intelligence with the introduction of Choreo, a developer platform aimed at creating, deploying, and managing autonomous AI agents alongside traditional applications.
