S.F. startup MuleSoft plans $100 million initial public offering

MuleSoft, a business-software unicorn, has filed papers for an initial public offering of its stock, according to a new regulatory prospectus that details the San Francisco startup’s plans to raise $100 million through the IPO.

The filing with the Securities and Exchange Commission didn’t specify a price per share for the first time sale of the company’s shares.

MuleSoft provides software that can stitch together an array of business apps and data sources that normally can’t easily sync up and connect.

“Connect anything. Change everything,” is how MuleSoft touts its technology in the prospectus.

Founded in 2006, MuleSoft has raised an estimated $259 million in venture capital financing.

MuleSoft lists 13 investors on its website. Among the notable backers: San Jose-based Cisco Systems, Santa Clara-based ServiceNow, San Francisco-based Salesforce and San Francisco-based Hummer Winblad Venture Partners.

The company’s valuation is believed to be $1.5 billion.

In the IPO filing with the SEC, the company noted that it has produced red ink since it was founded.

“We have incurred net losses in each period since our inception,” the company stated in the prospectus. Plus, the red ink could persist, the company warned investors: “We cannot assure you that we will achieve profitability in the future or that, if we do become profitable, we will be able to sustain profitability.”

During 2016, Mulesoft lost $59 million on revenue of $187.7 million, the IPO prospectus showed. Its loss in 2016 was less than the loss of $65.4 million during 2015. However, the loss in 2016 exceeded the setback of $47.8 million during 2014.

Revenue in 2016 jumped 70 percent from the totals for 2015.

At the end of December, MuleSoft had 841 workers, a big increase from the 444 people it employed at the end of 2014. The company had 590 customers in 2014 and now has “over 1,000,” it said in the filing.

“We have recently experienced a period of rapid growth in our business, operations, and employee headcount,” MuleSoft said. “We expect to continue to expand our operations and employee headcount in the near term.”

 

Above: Screen shot from MuleSoft’s website. 

 

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