Dive Brief:
- Apptio announced the pricing of their initial public offering Thursday and began trading Friday, according to an announcement.
- The 9-year-old Bellevue, WA-based company is looking to raise $96 million with the IPO, with 6 million shares available at $16 per share.
- The company has raised about $136 million in funding from venture capital firms so far.
Dive Insight:
Apptio focuses on technology business management (TBM) software, which helps a company’s IT staff better manage business infrastructure technology and track costs. It also helps businesses track how much they are spending on cloud computing services. With its filing to go public, Apptio is illustrating its belief in the growth potential of the TBM market.
Our ticker: $APTI is live. Thank you to our employees, customers, & everyone who made this possible. We wouldn't be here w/out you. pic.twitter.com/CXxsKQfB9c
— Apptio (@Apptio) September 23, 2016
Apptio is one of only a handful of tech companies to IPO in 2016, with the majority of the activity occurring over the last few months, a sign that the market for tech IPOs is gaining momentum.
The company had $129.3 million in sales and $41.0 million in net losses in 2015.
