Apptio, a provider of IT business management software, has filed for a $75 million IPO with plans to list on the NASDAQ under the symbol APTI. The company has raised about $137 million in funding since its 2007 founding, most recently securing a $45 million Series E in May 2013 at a valuation just north of $900 million.
The news comes just about a month after Impinj, another Seattle-area company, took the jump into the public markets, with promising early returns. The provider of RFID technology initially priced its shares at $14 apiece and saw that figure soar 28% by first day's close; Impinj was trading at $20 at end-of-day Friday, a 43% uptick from the initial price.
Although Impinj has seen marked success with its IPO, for Apptio, filing to go public revealed some less-than-ideal financials. Most notably, the company's annual net loss has increased three consecutive years, from $23.7 million in 2013 to $41 million in 2015.
While 2016 has been unusually bereft of tech IPOs, the activity that has gone down has a distinct Pacific Northwest feel. That's true when it comes to the VC firms exiting, too: Seattle-based Madrona Venture Group was an early investor in both Impinj and Apptio.