Software Maker Appian Said to Interview Banks for Potential IPO

Appian Corp., a maker of business-process management software, has interviewed banks to help underwrite a potential initial public offering, according to a person familiar with the matter.

No banks have been hired and a specific time frame and valuation for an IPO have yet to be set, said the person, who asked not to be identified because the talks are private. PV Boccasam, a general partner at Novak Biddle Venture Partners and an Appian board member, confirmed the move.

Appian, based in Reston, Virginia, sells technology that helps customers -- like German bank BayernLB or the U.S. Department of Homeland Security -- build and use custom software applications. The company posted more than $100 million in revenue last year and is almost profitable, the person said.

It’s a slow time for IPOs as market volatility has shaken equities. There is yet to be a U.S. listing of a technology company this year.

Boccasam said the company doesn’t need the capital and can decide to go public when there is a better window for new stock issuance.

“We have all of the dynamics and metrics,” Boccasam said. An IPO is “not a destination. It’s part of the journey.”

Appian was founded in 1999 by Matt Calkins, who has since served as chief executive officer and chairman. Calkins holds a majority stake in the company, Boccasam said.

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