MuleSoft takes on $128M as ServiceNow becomes an investor

MuleSoft, a company selling software for application integration and application programming interface (API) management, announced a $128 million round today.

The company carries a valuation just over $1.5 billion, MuleSoft founder Ross Mason told VentureBeat in an email.

The new funding will help MuleSoft keep expanding geographically, among other things.

MuleSoft has been in a position to go public this year, but with this funding round, the company — like many other late-stage enterprise tech companies — may choose to postpone that move.

“There are a lot of advantages to continuing to stay private, including flexibility in how we run the business,” Mason wrote.

MuleSoft claims to have more than 700 enterprise customers, as it challenges incumbents in the integration business such as IBM and Tibco. Startups such as IFTTT, SnapLogic, and Zapier are not as far along.

San Francisco-based MuleSoft started in 2006. To date the company has raised $259 million, including the $50 million round announced in March 2014. The company employs more than 500 people, Mason wrote.

Salesforce Ventures led the round. Publicly traded service-management software company ServiceNow participated as a new investor, alongside Cisco Investments, Adage Capital Management, Bay Partners, Brookside Capital, Hummer Winblad Venture Partners, Lightspeed Venture Partners, Meritech Capital Partners, Morgenthaler, NEA, Sands Capital Ventures, and Sapphire Ventures (formerly SAP Ventures).