MuleSoft, a company selling application programming interface (API) management and application integration software, today submitted its regulatory filing to raise $100 million in an initial public offering (IPO). The company is aiming to go public on the New York Stock Exchange (NYSE) under the appropriate symbol MULE.
The company has been in a position to go public for years and most recently raised money in 2015.
Most of MuleSoft’s revenue comes from subscriptions and support; the rest comes from professional services, consulting, and training. In 2016 MuleSoft came up with a $49.5 million loss on $187.7 million in revenue, according to the filing. The annual loss narrowed from $65.4 million in the prior year. Revenue rose 70 percent from $110.3 million, and 38 percent of it came from outside the U.S.
The average subscription and support revenue per customer at the end of the year was $143,000, up from $105,000 the year before.
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Founded in 2006, MuleSoft had 1,071 customers at the end of December, according to the filing. Customers include BMW, eBay, Target, and Verizon. At the end of 2016 the San Francisco-based company had 841 employees, with 177 working on research and development.
The filing comes two weeks after Snap, the company behind Snapchat, filed to go public. That IPO will likely be considerably larger than MuleSoft’s.
Investors include Bay Partners, Hummer Winblad Venture Partners, Lightspeed Venture Partners (which also invested in Snap), Morgenthaler Partners, and Sapphire Ventures.
Competitors mentioned in the filing include Google (which acquired Apigee), IBM, Oracle, and Tibco. MuleSoft relies on public cloud market leader Amazon Web Services (AWS) for hosting, and AWS does offer an API management service. So does competing cloud infrastructure provider Microsoft Azure.
The underwriters on the deal are Goldman Sachs, JP Morgan, BofA Merrill Lynch, Allen & Co., Barclays, Jefferies, Canaccord Genuity, Piper Jaffray, and William Blair.
