Apptio is said to be making deals with banks to take the company public, Talk of a possible IPO has shadowed the software developer over the past couple of years.
Bellevue-based Apptio has made agreements with several banks to prepare for an initial public offering, according to a report in The Wall Street Journal.
Apptio, which develops cloud-based software that helps companies manage their information-technology services and costs, has partnered with Goldman Sachs, J.P. Morgan Chase and Bank of America, the Journal reported, citing people familiar with the deal. Sources said the IPO could value the company at $1 billion.
Furthering the evidence that the company is preparing for an IPO, Apptio is advertising a job opening for a director of technical accounting and financial reporting that requires previous experience “at a publicly traded company with responsibility for external reporting.”
Apptio’s potential dive into the public markets comes as little surprise. A potential IPO at the company has been a hot topic of conversation for years.
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Co-founder and Chief Financial Officer Kurt Shintaffer told The Seattle Times in 2013 that the company would go public if that would be an “opportunity to drive more growth.”
Co-founder and Chief Executive Sunny Gupta told the Puget Sound Business Journal earlier this year that he was in no hurry to take the company public, and said IPOs “just happen” as a result of growing customer and product bases.
Gupta declined to comment on the most recent report.
If Apptio does go public soon, it would be the region’s first IPO since December, when Juno Therapeutics entered the public markets. Tech companies have generally been staying private longer than they used to, in part because of the availability of a large pool of private investment dollars.
Apptio was founded in 2007 and has raised about $136 million.
Its list of investors also hint at an upcoming IPO, backers known for investing largely in public companies. They include Andreessen Horowitz, Greylock Partners, Shasta Ventures, The Hillman Cos., T. Rowe Price, Janus Capital and Madrona Venture Group.
Reports of a possible Apptio IPO circulated after the company announced it raised a $45 million round in 2013.
The founders, serial entrepreneur Gupta, Shintaffer and Paul McLachlan, have said many times that they would build Apptio into a large, independent business.
Gupta previously founded IT repair software company iConclude, which was quickly sold to Opsware.
Apptio added a number of former Microsoft and Amazon executives in late 2013, including the board appointment of former Microsoft CFO Peter Klein, who took the now-defunct HomeGrocer.com public in 2000.
IPO rumors once again circulated in March when Apptio CFO Sean Boyle left after only 16 months in the role.
Boyle returned to a finance role at Amazon.com, and Shintaffer stepped back into the CFO role last month.
Apptio has more than 600 employees and more than 200 customers.