Briefing Business

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

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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