Apptio Inc. will consider selling shares to the public as the software maker, whose products help clients such as Goldman Sachs Group Inc. and Coca-Cola Co. simplify their technology spending, wins new users.
“We certainly see Apptio being a large, independent company, which could mean becoming publicly traded,” Chief Executive Officer Sunny Gupta said in an interview Tuesday in London. He declined to comment on timing for an initial public offering.
The company’s revenue jumped about 50 percent to more than $100 million last fiscal year from a year earlier, Chief Marketing Officer Chris Pick said. Seattle-based Apptio is growing as companies shift to more complex technology that combines remote, cloud-based services with in-house programs, Gupta said.
The company has raised $136 million from investors such as Andreessen Horowitz and T. Rowe Price Group Inc. Gupta declined to comment on reports that the company is approaching a $1 billion valuation.
The money raised from technology IPOs has increased 63 percent in the last 12 months to $10.1 billion globally, according to data compiled by Bloomberg.
Apptio helps companies analyze their IT spending and benchmark their performance against peers, complementing products from vendors such as Amazon.com Inc. and SAP SE. Cisco Systems Inc. saved $300 million in running costs using the company’s software, Gupta said.
Gupta said he came up with the idea for Apptio after Hewlett-Packard Co. bought his last employer, Marc Andreessen’s Opsware Inc. in 2007. Don Duet, Goldman’s co-head of technology and an Opsware customer, told him the bank was struggling to find ways to manage IT spending.
“Spreadsheets are primarily what we’re displacing,” Gupta said. “Everyone has a budgeting problem and a forecasting problem. IT is the last discipline to still run on spreadsheets.”