Black Excellence: A Look Into How This Black CEO Turned His Employees Into Millionaires

Bill Spruill is a tech entrepreneur of African descent who helped found the Global Data Consortium (GDC). GDC develops software that verifies the identities of individuals conducting online transactions. Amazon, Mercado Libre, DHL Global, and Tipalti are among the companies with whom the company conducts business.

 

Recently, Spruill made all of his employee’s millionaires by selling GDC for an undisclosed amount. The owner of the London Stock Exchange, according to Axios, has acquired GDC.

 

During the early stages of the company, Spruill and his co-founder Charles Gaddy received only $5 million in funding from investors. According to Axios, this meant that the majority of the company’s equity was held by its employees. Consequently, this also means that employees can receive substantial payouts.

 

The purchase price was not disclosed, but Spruill referred to it as a “Bronto-level transaction.” In 2015, NetSuite acquired Bronto for $200 million.

 

Twenty employees at GDC are currently millionaires. Spruilstarteded to Axios, “We are creating over 25 millionaires.”

 

Now that GDC has been sold, Spruill will step down as CEO of the company so he can focus on other technological endeavors. He will work on multiple initiatives to diversify the tech industry.

 

In 2020, he led an initiative to convince more of the Triangle tech scene in North Carolina to place their cash reserves in Black-owned banks. Durham’s M&F Bank, one of the oldest Black-owned banks in the country, was one of the banks that received the funding.

 

“How can I continue to attract more minorities to technology careers?” Axios was informed by Spruill. Regarding his next step, the CEO of a technology company stated, “That is part of the next chapter.”

 

Spruill was born in North Carolina and has over twenty years of experience in Enterprise Data Management. He began his career as a channel developer at SAS Institute. Following his departure from SAS, he worked foseveralof companies specializing in international address verification, matching, and data quality.

 

He also has experience with business acquisitions and mergers. The acquisition of AddressDoctor, Loqate, Identity Systems, and Intelligent Search Technology included Spruill. Additionally, he has extensive experience with the issues that high-growth technology companies face.

 

Throughout his career, he has “built and executed more than fifty alliance deals” that have generated over $80 million.

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