Apttus, a US-based cloud sales software developer backed by enterprise software producer Salesforce, is working on initial public offering plans with investment bank Goldman Sachs, Bloomberg reported on Friday.
Apttus and Goldman Sachs would not confirm the report, while Bloomberg was not at liberty to name its sources. The company was valued at $1.75bn as of last month, according to research firm CB Insights.
Founded in 2006, Apttus has developed what is calls quote-to-cash software, which uses artificial intelligence technology to optimise sales, contract and renewal processes, helping staff to close deals more efficiently once a client has shown interest in a product or service.
The company has raised $329m to date, most recently securing $55m in a series E round last month led by Premji Invest, with participation from Salesforce Ventures, the corporate venture capital arm of Salesforce, K1 Investment Management and Iconiq Capital.
Salesforce Ventures, K1 and Iconiq first invested in Apttus in 2013, backing a $37m series A round, before returning for a $41m series B round in February 2015.
All three investors also backed a $108m series C round in September 2015, led by Kuwait’s sovereign wealth fund Kuwait Investment Authority (KIA). In September 2016, KIA, Iconiq, K1 and investment firm Gulf Islamic Investments provided $88m in series D funding.