RALEIGH – A Raleigh software firm that counted Red Hat’s Bob Young as an early investor has been acquired.
Webonise, a product tech and development firm, has confirmed that it has been sold to New York-based Pearl Street Equity.
No financial terms were disclosed.
Founded in 2012, Webonise builds digital products and software tools across a range of sectors, including robotic process automation and intelligent automation, software development, marketing technology, cybersecurity, data science, e-learning, and sports and iGaming.
Its co-founder and CEO Rob Katz, who formerly served as a top exec for Lulu.com, Young’s self-publishing platform, said the company is now getting ready to scale.
“We’re actively working with the Pearl Street team to take Webonise to the next level,” Katz told WRAL TechWire. “I know our team is passionate about being a part of this journey, and we’re lucky to have such a deep bench of talent across the organization. When you’re as comfortable with a partner as we are with Pearl Street, it makes the entire process that much more exciting.”
As part of the deal, Katz, along with the entire senior team, will remain at the company in their existing roles.
Webonise will also integrate the fintech platform, Olympus Fintech, which is owned by an affiliate, into its growing fintech products and services offerings.
Meanwhile, Young, described as an early investor who was “very supportive of the company from the outset,” has exited his stake in the company.
At present, Webonise employs more than 200 software engineers. It also boasts 19 proprietary systems, 16 channel technology partners, and 250-plus clients on four continents, according to its release. It has offices in the US, India and Canada.
In its early days, Saurav Mishra, Webonise COO and co-founder, said the company focused on gaining a deeper understanding of the internet, and developing technology that could make people’s lives better.
“We brought people in and started out our own team and began by building our own product initially. That initial test failed, but what the process gave us was a tremendous idea of how products work,” he said in an interview published on the company’s website. “Those early experiences and insights led us to what Webonise is today.”
Despite its global footprint, Katz added that having its headquarters in Raleigh was central to its inception.
“[It] has played a critical role in our growth over the last 10 years,” he said. “The city has access to the resources, relationships and infrastructure you can’t find elsewhere, as well as a truly unique entrepreneurial network.”