Business Software Firm MuleSoft Prices IPO Above Range

March 17, 2017, 12:33 PM UTC

MuleSoft, the business software maker that’s slated to launch its much-watched initial public offering Friday, has priced its shares at $17, above the anticipated range of $14 to $16. That would raise $221 million and value the company at about $2.9 billion.

San Francisco-based MuleSoft (MULESOFT), which sells technology used to stitch together business applications and disparate data sources, filed for its long-rumored offering in February.

Companies often write custom code to tie together apps, but MuleSoft’s pitch is that it is better for developers to use standard application programming interfaces to make such integrations easier to pull off more quickly and simpler to repeat. MuleSoft claims customers including Amtrak, Citrix, Coca-Cola, StubHub, and Anheuser-Busch.

When it filed its IPO papers last month, MuleSoft said it expected to raise $100 million.

According to its S-1 filing with the Securities and Exchange Commission, MuleSoft logged revenue of $57.6 million in 2014, $110.3 million in 2015, and $187.7 million in 2016. Over that period the company posted losses of $47.8 million, $65.4 million and $49.6 million, respectively. Overall, MuleSoft says its technology addresses a $29 billion market. The company will trade on the NYSE under the ticker “MULE.”

During its life as a private startup, MuleSoft raised approximately $259 million in venture funding from backers including Lightspeed Venture Partners, Hummer Winblad, and New Enterprise Associates. Salesforce Ventures led a $128 million Series G round in 2015 that put its valuation at $1.5 billion at the time, making it another “unicorn,” or private startup valued at $1 billion or more.

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MuleSoft’s application integration technology competes with products from IBM, SnapLogic, Tibco, and others. Another rival, Apigee, which went public in April 2015, was snapped up by Google last September for $625 million.

Okta, another business software provider, filed for an IPO earlier this week.

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