Success Story May 19, 2022 at 12:00 pm

How this Black tech CEO turned his employees into millionaires

Abu Mubarik May 19, 2022 at 12:00 pm

May 19, 2022 at 12:00 pm | Success Story

Tech entrepreneur Bill Spruill. Photo via Twitter

Black tech entrepreneur Bill Spruill is co-founder of Global Data Consortium (GDC), which makes software that verifies the identity of people behind online transactions. Customers of the company include Amazon, Mercado Libre, DHL Global and Tipalti.

Recently, Spruill turned his employees into millionaires when he sold GDC for an undisclosed sum. GDC was acquired by the owner of the London Stock Exchange, according to Axios.

Spruill and his co-founder, Charles Gaddy, only raised $5 million from investors during the early stages of the company. This left most of the company’s equity in the hands of its employees, according to Axios. This also means that employees get to receive significant payouts as a result.

The figure involved in the acquisition was not disclosed but Spruill described the deal as a “Bronto-level transaction.” In 2015, NetSuite acquired Bronto for $200 million.

Some 20 employees of GDC are now millionaires. “We’re minting over 25 millionaires,” Spruill explained to Axios.

Following the sale of GDC, Spruill will now step down as CEO of the company to focus on other tech ventures. His focus will be on diversifying the tech industry with several projects.

In 2020, he led a campaign to get more of North Carolina’s Triangle tech scene to put their cash reserves in Black-owned banks. And one of the beneficiary banks was Durham’s M&F Bank, one of the oldest Black-owned financial institutions in the country.

“How do I continue to boost minority involvement in tech?” Spruill told Axios. “That’s part of the next chapter,” the tech CEO said of his next step.

A native of North Carolina, Spruill has more than 20 years of experience in Enterprise Data Management. He began his career with SAS Institute focused on channels, and a host of companies focused on international address verification, matching and data quality after he left SAS.

He is also not new in the acquisition and merger of businesses. Spruill was part of the acquisition of AddressDoctor, Loqate, Identity Systems and Intelligent Search Technology. What’s more, he has wide experience with challenges facing high-growth technology companies.

He has also “built and executed more than fifty alliance deals generating more than $80MM in revenues during his career.”

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