Briefing Business

The Briefing: WSO2 Raises $90M, Spotify Acquires Findaway, And More

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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WSO2 raised $90M for low-code software

WSO2, a low-code software maker,  announced that it raised $90 million from Goldman Sachs.

CEO Sanjiva Weerawarana said in the funding announcement that the company was conceived 16 years ago with the goal of building “the world’s best open-source software company based out of Sri Lanka.” Today, he said, the company has 800+ customers in 85 countries. It employs over 800 people in Sri Lanka and also has a presence in the U.S., U.K., Brazil, Australia, Germany, Dubai and India.

— Joanna Glasner

Spotify acquires Findaway

Music streaming platform Spotify is acquiring Ohio-based Findaway, a digital audiobook distributor, for an undisclosed sum. Spotify characterized the deal as a strategic move to accelerate its entry into the rapidly growing audiobook industry.

Public offerings

Embark completes SPAC merger: Embark Trucks, a developer of autonomous technology for the trucking industry, announced it has completed its previously announced merger with a SPAC, Northern Genesis Acquisition Corp. II. The combined company has been renamed “Embark Technology” and has commenced trading on Nasdaq under the ticker symbol EMBK.

— Joanna Glasner

Illustration: Dom Guzman

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