MuleSoft, a US-based software integration platform provider backed by corporates Cisco, ServiceNow and Salesforce.com has quietly started work on an initial public offering, according to the Axios Pro Rata newsletter.
Although the information has not been verified, the newsletter cited rumours stating Mulesoft has hired banks including Morgan Stanley to manage the prospective IPO.
MuleSoft produces integration software that connects applications, data and devices into application programming interfaces. It has raised a total of about $260m since it was founded in 2006.
Networking equipment provider Cisco and enterprise software producers Salesforce and ServiceNow all backed MuleSoft’s last round, a $128m series G in mid-2015 that was closed at a $1.5bn valuation, with Cisco and Salesforce investing through their Cisco Investments and Salesforce Ventures units.
Sapphire Ventures, Adage Capital Management, Brookside Capital, Sands Capital Ventures, New Enterprise Associates, Lightspeed Venture Partners, Meritech Capital Partners, Bay Partners, Hummer Winblad Venture Partners and Morgenthaler Ventures also took part.
Salesforce Ventures had initially invested in MuleSoft as part of its $37m series E round in 2013, and latterly participated in a $50m round the following year that included Cisco, and which valued the company at $800m.