Apptio, a US-based technology business management software provider backed by networking equipment manufacturer Cisco, filed for a $75m initial public offering on Nasdaq on Friday.
Founded in 2007, Apptio produces strategic business management software that helps IT departments analyse and plan technology investment and compare performance to comparative businesses.
The company made a $14.9m net loss in the first half of 2016 from $75.6m in revenue, cutting losses year on year while increasing sales.
The IPO will follow approximately $136m in funding across five rounds, with Cisco investing as part of a $20m series C in 2010 that also featured venture capital firms Andreessen Horowitz, Greylock Partners, Madrona Venture Group and Shasta Ventures.
Apptio’s last funding was a $45m series E round in 2013 backed by Janus Capital, Hillman Company, Andreessen Horowitz, Greylock, Madrona, Shasta and accounts managed by T. Rowe Price Associates. It was valued at $600m as of a $50m round in 2012.
Cisco owns a share of Apptio worth less than 5%. Its largest shareholder is CEO and co-founder Sunny Gupta, who owns an 18.7% stake and a further 5.9% through the Gupta Family Irrevocable Trust vehicle.
Madrona Venture Group holds a 16.6% stake in the company, while Greylock Partners owns 16.5% and Shasta Ventures 9.5%.
Goldman Sachs, JP Morgan Securities and BofA Merrill Lynch are joint lead bookrunners for the IPO. Barclays Capital, Jefferies, RBC Capital Markets and Pacific Crest Securities will be the bookrunners.