According to a Zion Market Research report published last year, the global Applications Programming Interface (API) management market is estimated to grow from $609.32 million in 2016 to $ 3.44 billion by 2022. That translates to a healthy annual growth rate of more than 33% during the five year projection period. Billion Dollar Unicorn MuleSoft (NYSE: MULE) is a leading player in the market that is hopeful of delivering $1 billion in revenues in the sector by 2021.

MuleSoft’s Financials

San Francisco-based MuleSoft was founded by Ross Mason and Dave Rosenburg to build a platform that could simplify and accelerate the way businesses connect by leveraging an event-driven architecture to build high-scale web services. Its proprietary Anypoint platform helps transform business by gathering data from disparate applications, databases, and other sources into APIs.

MuleSoft recently reported its fiscal 2017 results. Revenues for the fourth quarter grew 60% to $88.7 million, ahead of the market’s forecast of $83.6 million. Adjusted loss per share of $0.12 was in line with the Street’s expectations for the quarter. It ended the year with revenues growing 57% to $296.5 million. It reported a loss of $0.75 per share for 2017 compared with a loss of $2.73 per share reported a year ago.

By segment, subscription and support services grew 57% over the year to $70.6 million for the quarter. Professional services revenues grew 75% over the quarter to $18.1 million.

For the current quarter, MuleSoft forecast revenues of $87-$90 million with an adjusted loss of $0.09-$0.07 per share. It expects to end the year with revenues of $405-$415 million with a loss of $0.30-$0.26 per share. The market had forecast revenues of $88.7 million for the quarter with a loss of $0.08 per share. The Street was estimating revenues of $396.9 million for the year with a loss of $0.41 per share.

MuleSoft’s Growth

MuleSoft recently announced its target of delivering $1 billion in revenues by the year 2021. It is focusing on getting to that target through continued product innovation and market tie-ups. On the product side, it recently launched a new version of Anypoint Platform that comes with several enhancements that will simplify the creation, discovery, and the ability to reuse IT assets such as APIs and best practice templates. As part of the upgrade, it has simplified the process of allowing teams to take direct ownership of the application and creation process, while ensuring that the IT teams of the organizations can maintain governance and control.