UK-based Juniper research, in their report Cloud Computing – Enterprise Markets: SaaS, PaaS & IaaS, 2014-2018, estimates the global cloud computing market to be worth $90.7 billion by the year 2018. Within cloud computing, Software-as-a-Service (SaaS) market is expected to grow from $23.2 billion in 2013 to $53 billion by the year 2018.
San Francisco-based MuleSoft was founded in 2006 by Ross Mason with the vision that connecting multiple applications should not be hard. It began as an open source project and soon became one of the most widely used platforms to connect multiple SaaS offerings with enterprise applications through either a cloud-based platform or an on-premise enterprise software.
Their proprietary Anypoint platform helps organizations connect with multiple applications, data sources, and APIs. Today, their platform is supporting billions of transactions per day and has been deployed by companies like Walmart, Nokia, Nestlé, and MasterCard.
They continue to improve the platform and recently added new features that will help organizations integrate with the new Salesforce1 Mobile App. Through Anypoint, organizations will be able to seamlessly integrate SaaS applications and enjoy the benefits of being able to get a single view of the customer or employee, connect SAP and enterprise data to the new Saleforce1 Mobile App, deliver new apps, and enable mobile employee productivity.
More recently, they also expanded Anypoint to integrate with Microsoft’s cloud-based enterprise solutions such as Microsoft SharePoint, SQL Server, and Microsoft Dynamics CRM. MuleSoft’s solutions for Microsoft will let IT organizations using .NET find an easier way to connect applications based on their requirements, both on-premise and in the cloud.
MuleSoft began as an open source model, but today, they operate on a license fee-based revenue model. They charge their customers a subscription fee for support, consulting, and training services. They do not disclose their financials, but have recorded spectacular revenue growth. During the first half of 2013, their revenues had grown 116% over the year. For the first quarter this year, Mulesoft announced a growth of 97% in new subscription bookings.
They are venture funded and have received $131 million in funding from investors including Morgenthaler Ventures, Hummer Winblad Venture Partners, Lightspeed Venture Partners, SAP Ventures, Bay Partners, New Enterprise Associates, Salesforce, Meritech Capital Partners, Cisco, and Salesforce.com. Their last round of funding was held in March this year when they raised $50 million from Meritech Capital Partners, Cisco, and Salesforce.com at a valuation of more than $800 million.
The market is speculating an IPO soon, but Mulesoft has neither confirmed nor denied it. They have, however, added to their senior management and recently hired Steve Collins, ex-CTO of ExactTarget and NAVTEQ to their board of directors. Earlier this year, they also appointed Matt Langdon, ex-CFO of TIBCO Software as their CFO. They are building their team and products to cater to, what they define, as a “$500 billion problem”.