Mailgun Due Diligence

Run due diligence on Mailgun: check incident history and compliance and get alerts when suppliers or ownership change.

United States · owned by Sinch (Sweden) · www.mailgun.com · 44 vendors

Mailgun is a transactional email API platform built for developers, enabling businesses to send, receive, track, and validate emails at scale. It offers tools for email deliverability optimization, email list validation, inbox placement testing, and email preview. Originally founded in 2010 and acquired by cloud communications provider Sinch in 2021, Mailgun serves hundreds of thousands of companies worldwide.

Resilience scores

Disruption prediction

Mailgun: 1 critical incidents expected in the next three months, based on its recorded incident history.

Forecast estimates are rounded up to whole numbers.

No active incident reported (its status page, as of 2026-11-09 17:25 UTC)

22 of Mailgun's 44 vendors have incident tracking.

Technology vendors

Services catalogue

27 services in catalogue across 5 categories; runs on 44 sub-vendors.

Insights

Last updated 2026-07-21 · revision 19

44 direct vendors, 288 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

9 in-scope frameworks identified; showing 3.

ISO 27001 (source) — Evidence found

Evidence: https://www.mailgun.com/, https://www.mailgun.com/gdpr/, https://trust.sinch.com/?product=mailgun

ISAE 3000 (source) — No public evidence

Evidence: https://trust.sinch.com/?product=mailgun, https://sinch.com/legal/

HIPAA (source) — No public evidence

Evidence: https://www.mailgun.com/industries/healthcare/, https://trust.sinch.com/?product=mailgun

Financials

Three-year financials

Financial Resilience Score: 7/10

Sinch Group (parent of Mailgun) demonstrates solid financial resilience anchored by scale (~SEK 27bn in net sales), diversification across SMS, RCS, voice, email, and verification channels, and a track record of profitability since founding in 2008. Adjusted EBITDA margin expanded from 11.3% in 2022 to 13.3% in 2025, and free cash flow (R12M ~SEK 1.9bn) supports a healthy net debt/adjusted EBITDA ratio of ~1.6x, well within the internal 2.5x target. The company serves >200,000 customers and handles 900bn+ interactions/year, with Mailgun specifically counting 8 of the 10 largest tech companies among its clients. However, organic growth has been sluggish (1–3%) versus the mid-term target of 7–9%, and reported revenue declined in 2025 due to significant FX headwinds (USD-dominant trading revenues translated into a strengthening SEK). Equity fell ~22% in 2025, primarily driven by >SEK 2.2bn in share buybacks and FX translation losses on goodwill (~SEK 18bn) and customer relationships (~SEK 9.8bn). A SEK 700m tax provision recognized in Q4 2024 (SEK 667m remaining) represents an unresolved contingent exposure. Regional weakness in APAC (–10% organic gross profit in Q1 2026) and margin pressure in the competitive email market (Twilio SendGrid, Amazon SES) add to the risk profile, though overall the balance sheet and cash generation remain robust.

Key strengths: Profitable since founding in 2008 with expanding adjusted EBITDA margin (11.3% → 13.3% from 2022 to 2025), Strong free cash flow generation (~SEK 1.9bn R12M) with 54% cash conversion, Debt discipline: net debt/adj. EBITDA of 1.6x, within 2.5x target, Diversified CPaaS portfolio spanning SMS, RCS, voice, email, verification, Blue-chip Mailgun customer base including Microsoft, Lyft, Wikipedia, Substack, American Express, Named 2026 Gartner Magic Quadrant Leader for CPaaS, Global footprint across 59 countries serving >200,000 customers

Risk factors: Significant FX exposure: USD-dominant revenues reported in SEK caused 11pp reported vs organic growth drag in Q1 2026, Organic growth (1–3%) well below mid-term target of 7–9%, Equity declined ~22% in 2025 due to buybacks and FX translation losses, Large goodwill (~SEK 18bn) and customer relationship (~SEK 9.8bn) intangibles pose impairment risk, SEK 667m unresolved tax provision on balance sheet as of Q1 2026, APAC regional weakness (–10% organic gross profit in Q1 2026), Intense competition in email from Twilio SendGrid, Amazon SES, Postmark, Margin pressure in Americas messaging business

Revenue by geography

Revenue by product/service

Workforce by country

Signed-in users can see whether their own company is exposed to this vendor's disruption, plus the full sub-vendor list and country breakdowns, every in-scope compliance framework plus gaps and next steps, and alerts when any of it changes.

View the full interactive report