MuleSoft, an integration platform for connecting SaaS and enterprise applications in the cloud and on-premise, has raised $50 million led by existing investors NEA and Lightspeed Venture Partners as well as new investor Meritech Capital Partners. Cisco also participated as a new investor in this round, along with returning investors Salesforce.com, SAP Ventures, Hummer Winblad Venture Partners, Morgenthaler Ventures and Bay Partners.
This brings the company’s total funding to $131 million. We understand that the valuation of the company is $800 million post-money, which is double from the last funding round, which was a year ago.
MuleSoft lets organizations integrate their cloud and on-premise applications. The company’s Anypoint platform allows for a complete integration platform to enable connectivity to any application, data service or API, across the entire cloud and on-premise continuum. DataMapper, which was released in 2012 as a product innovation for Mule Data Integrator, is a feature in the Anypoint Platform that simplifies data integration and transformation tasks.
MuleSoft also offers Tcat Server, an application server that simplifies management, application provisioning, and diagnostics tasks for Tomcat developers and administrators; Mule ESB, an open source enterprise service bus, which enables organizations to create and integrate application services; and Mule Data Integrator that simplifies data integration and transformation tasks.
The company says that 150,000 developers at thousands of companies, including one-third of the Global 500, use MuleSoft’ Platform. MuleSoft saw 91 percent subscription revenues growth year-over-year in 2013.
Why is the company seeing fast growth (and a doubling of its valuation)? Greg Schott, president and CEO of MuleSoft, told us that as the number of public APIs grow, more companies need to have a product that integrates all of these various services. He says that most developers in the past were writing custom code to connect different systems and technologies, which is inefficient. As the number of connected applications, data sources and devices is growing, this challenge is becoming even more difficult and complex, which is why Mulesoft is seeing more and more IT departments adopt its offering.
In fact, 60 percent of the company’s new revenue is now being driven by SaaS and mobile integrations, he adds.
The new funding will be used towards hiring in sales and marketing and engineering. And the company plans on making more acquisitions this year. Last year, MuleSoft acquired Programmable Web from Alcatel-Lucent.
When we last reported on MuleSoft, the company was eyeing an IPO. Apparently that plan is still on track, and Schott says that the company will be ready for a public offering as early as the end of this year.