Bill Spruill, co-founder and CEO of Raleigh-based, Global Data Consortium, recently sold his startup for an undisclosed sum.
When Bill sold Global Data Consortium to the owner of the London Stock Exchange, he made his employees millionaires. Spruill described the transaction as a “Bronto-level transaction,” which was acquired by NetSuite for $200 million in 2015.
“We’re minting more than 25 millionaires,” Bill Spruill said. More than 20 of the company’s employees have become millionaires as a result of the sale, and Spruill will step down as CEO to focus on increasing minority talent in the region’s tech industry and supporting other Black entrepreneurs.
He plans to invest in young startups or persuade other Black tech workers to back a promising Triangle startup.
Spruill was only able to raise $5 million from investors when he founded the Global Data Consortium, leaving the majority of the company’s equity in the hands of its employees.
Spruill and Data Global co-founder Charles Gaddy ensured that the employees had enough equity to receive substantial payouts.
Spruill, a Goldsboro native, is a prominent Black tech founder in the Triangle. In an industry that has historically struggled to diversify its workforce. Bill Spruill is now working to change that.
“Finding Black mentors, both locally and nationally, was a challenge for me,” he said. “One of my goals in the Triangle is to create more Black mentors and senior leaders.”
Cities in the South, such as Raleigh and Atlanta, are becoming diverse tech hubs.They offer more space, a lower cost of living, and better infrastructure than long-established tech hubs like New York City.