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- Mailgun
Mailgun Acquisition, Valuation, Funding & Investors
Mailgun was acquired by Sinch for $1.9B in September 2021, a 14.4x multiple on $132M of revenue.
Mailgun revenue at acquisition
$132M
Last twelve months · Sep 2021
Mailgun revenue multiple at acquisition
14.4x
EV/Revenue · Sep 2021
Mailgun EBITDA multiple at acquisition
34.5x
EV/EBITDA · Sep 2021
About Mailgun
Mailgun is an email delivery service for developers that integrates sending, receiving, and tracking into applications via APIs. Comparable to Twilio for SMS, Mailgun supports features like user mailboxes, photo uploads, and discussion groups. San Francisco-headquartered Mailgun enables scalable email functionality for web apps and services worldwide.
Founded
2010
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Usage-based, Subscription
Revenue
$132M (Sep 2021)
Valuation
$1.9B (acquired Sep 2021)
Mailgun Acquisition
Mailgun was acquired by Sinch for $1.9B on 30 September 2021.
The acquisition price implies a 14.4x revenue and 34.5x EBITDA multiple on $132M of revenue.
Before the acquisition Mailgun had raised $50M across 1 funding round.
Sinch announced on September 30, 2021 that it had entered into a definitive agreement to acquire Pathwire, the cloud-based email delivery platform, from Thoma Bravo. Pathwire includes the Mailgun, Mailjet and Email on Acid products for developers and marketers. During its ownership Thoma Bravo supported the creation of the Pathwire brand by combining the Mailgun and Mailjet products. Pathwire provides email deliverability for transactional and marketing email and delivers over 250 billion emails a year for companies such as DHL, Wikipedia, Toast, Lyft and Microsoft. Sinch, the Stockholm-based cloud communications company, said the purchase would make it one of very few global communications platform-as-a-service providers with email capability. The press release cited a market estimate that worldwide email delivery is worth 16 billion dollars.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 30 Sep 2021 | Strategic M&A | $1.9B | 14.4x | 34.5x |
Sources: thomabravo.com, techcrunch.com, sinch.com
Mailgun Funding History
Mailgun has raised a total of $50M across 1 funding round.
Mailgun funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2017 | Undisclosed stage | Turn/River Capital (lead); Scaleworks; Rackspace | $50M | Mailgun is a transactional email API platform built for developers that was acquired by Rackspace in 2012. The company serves over 150,000 customers across 120 countries, including more than half of the Fortune 100. In February 2017, Mailgun was spun out from Rackspace as an independent company and raised $50 million in financing led by Turn/River Capital, with participation from Scaleworks and Rackspace. William Conway became CEO following the spin-out and stated the capital would accelerate product development, drive growth initiatives, and expand customer support. The company was later acquired by Thoma Bravo in 2019, after which Turn/River retained a minority stake before the business was subsequently acquired by Sinch in 2021 and rebranded as Pathwire. |
Who has invested in Mailgun?
3 investors have backed Mailgun across its funding rounds, including Scaleworks, Turn/River Capital and Rackspace.
Lead investors include Turn/River Capital.
Mailgun Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Feb 2017 | ||
This data is available for Pro users. Sign up to see all 3 Mailgun investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by Mailgun
Mailgun has acquired 1 company to date.
Last acquisition by Mailgun was on October 22nd 2019. Mailgun acquired Mailjet for undisclosed valuation.
Latest Acquisitions by Mailgun
| Description | Mailjet is a Paris-headquartered email service provider founded in 2010 that handles marketing and transactional emails for over 26,000 clients in 156 countries, sending nearly one billion messages monthly. The platform offers APIs, A/B testing, campaign analytics, and 24/7 multilingual support in English, French, German, and Spanish. |
| HQ Country | |
| HQ City | Paris |
| Deal Date | 22 Oct 2019 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Mailgun acquisitions and their M&A valuation multiples. Start Free Trial | |
Mailgun Competitors
Mailgun competitors include listed companies like Calix and SoundHound, and private ones like Iterable, Mural, FullStory and Gamma.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1B | $38M | $1.9B | 1.5x | ||
| Private | $200M | - | $2B | 10.0x | ||
| Private | $125M | - | $2B | 16.0x | ||
| Private | - | - | $1.8B | - | ||
| Publicly listed | $169M | $19M | $2B | 7.6x | ||
| Private | $100M | - | $2.1B | 21.0x |
Mailgun Public Comps
Mailgun is no longer listed, but its public comps include Calix, SoundHound, Five9, Weaver Network, Asana, Bandwidth, Tanla Platforms, Montnets, Teamviewer and Cybozu.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1B | $38M | 1.8x | 1.5x | 45.6x | 11.1x | |||
| $169M | $19M | 10.7x | 7.6x | 97.2x | (24.6x) | |||
| $1.1B | $91M | 1.9x | 1.8x | 24.4x | 7.2x | |||
| $343M | $44M | 4.3x | 4.0x | 33.8x | 26.7x | |||
| $791M | ($175M) | 3.0x | 2.8x | (13.4x) | 23.0x | |||
| $754M | $39M | 2.2x | 1.9x | 42.4x | 13.8x | |||
| $469M | $77M | 1.6x | 1.5x | 9.8x | 8.9x | |||
| $392M | ($17M) | 2.5x | - | (57.1x) | - | |||
This data is available for Pro users. Sign up to see all Mailgun competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Mailgun
| When was Mailgun founded? | Mailgun was founded in 2010. |
| Where is Mailgun headquartered? | Mailgun is headquartered in San Francisco, CA, United States. |
| Is Mailgun publicly listed? | No, Mailgun was acquired by Sinch in September 2021. |
| Who acquired Mailgun? | Mailgun was acquired by Sinch in September 2021. |
| How much was Mailgun acquired for? | Mailgun was acquired for $1.9B in September 2021, a 14.4x revenue multiple. |
| How much funding has Mailgun raised? | Mailgun has raised $50M across 1 funding round. |
| What was Mailgun's last funding round? | Mailgun's last funding round was a $50M undisclosed-stage round in February 2017, led by Turn/River Capital. |
| Who are Mailgun's investors? | Mailgun's investors include Scaleworks, Rackspace and Turn/River Capital. |
| Which companies are comparable to Mailgun? | Companies comparable to Mailgun include Calix, Iterable, Mural, FullStory, SoundHound and Gamma. |
| How many companies has Mailgun acquired? | Mailgun has acquired 1 company, including Mailjet. |
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