Shegun Otulana, a Nigerian entrepreneur who moved to Birmingham, Alabama in 1998 to pursue his studies in electrical engineering and managing information systems (MIS) at the University of Alabama at Birmingham, has made an indelible impact on the city’s burgeoning technology space. Otulana recently sold his software startup, Therapy Brands, which produces software for mental and behavioural health practices, for a whopping $1.2 billion to global investment firm KKR in May 2021.
He subsequently started Harmony Venture Labs (HVL), a leading innovation and growth company that seeks to build companies and their own software products. With HVL, Otulana aims to create a “thriving ecosystem” in the city by assisting early-stage startups in understanding whether they are headed in the right direction.
Otulana’s entrepreneurial journey began in 2004 when he founded Zertis, a software consulting business that offered custom software solutions to small businesses, including attorneys, home health care operators, and a lumber company. Zertis served as an early “ideation lab” for Otulana and has had a significant influence on his approach with HVL.
The company tried various products, including its flagship FlareStar server, which provided a networking solution for companies that might not be able to afford Microsoft Windows services. Otulana stepped away from Zertis in the late 2000s but returned as CEO in January 2011, eventually releasing TheraNest a couple of years later, which has made his name known throughout the city.
TheraNest, which allows behavioral health providers to manage all facets of their therapy business, was created after Otulana struggled to find an existing replacement that a therapist, including Crystal Mullen-Johnson, the current CEO of Thrive Counseling, could use. Otulana’s research into the market and potential opportunities opened his eyes to the possibility of developing a customizable software product for therapists. After testing with a few clients, TheraNest was released publicly in May 2013, and Otulana stepped down from his post as CEO of Zertis to focus on it in August of the same year.
Otulana’s success is built on his strong ties to Birmingham. He and his wife Mary Fouad, who pushed him towards the entrepreneurial side of his work, have connections to the city and feel an obligation to support the locals.
