MuleSoft files for IPO
MuleSoft, a SaaS integration company valued at $1.5 billion by venture capitalists, this morning filed for an initial public offering.
The deal: San Francisco-based MuleSoft plans to raise $100 million, although that's likely a placeholder figure that will increase later. It plans to trade on the NYSE under ticker symbol MULE, with Goldman Sachs serving as lead underwriter.
Financials: MuleSoft reports a $50 million net loss on $188 million in revenue for 2016, compared to a $65 million net loss on $110 million in 2015 revenue. It raised over $250 million in total venture capital funding, from firms like Lightspeed Venture Partners, Hummer Winblad, NEA, Sapphire Ventures, Bay Partners, Morgenthaler, Meritech Capital and Salesforce Ventures.
Why it matters: Snap is sucking up all the tech IPO headlines, but MuleSoft is much more representative of the types of tech companies ― cloud-based enterprise software ― that are expected to hit market in 2017.