Apigee Corp. has filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were given for pricing in the filing, but the offering was valued up to $86.25 million. The company will list on the Nasdaq Global Select Market under the symbol APIC.
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The underwriters for the offering are Morgan Stanley, J.P. Morgan, Credit Suisse, Pacific Crest, JMP Securities and Nomura.
Apigee provides a software platform that allows businesses to design, deploy and scale APIs as a connection layer between their core IT systems and data and the applications with which their customers, partners, employees and other users engage with their business.
The foundations of the platform are Apigee Edge, an API-management solution, and Apigee Insights, its predictive analytics software solution. The platform enables a comprehensive view of the enterprise data the user is consuming and generating, and data about the context in which the customer is using the digital product or service, or contextual data.
The company has a customer base that has grown over 35% from the end of fiscal 2012 to the end of fiscal 2014. Customers include many leading businesses: 20 of the Fortune 100, five of the top 10 Global 2000 retail brands and six of the top 10 global telecommunications companies as of January 31, 2015.
Apigee noted its recent financials as:
- Fiscal 2012 revenue was $27.6 million with gross billings of $36.7 million.
- Fiscal 2013 revenue was $43.2 million with gross billings of $43.1 million.
- Fiscal 2014 revenue was $52.7 million with gross billings of $63.8 million.
The company defines gross billings as total revenue plus the change in deferred revenue in a period.
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In terms of the use of proceeds, Apigee took a broad perspective:
We currently intend to use the net proceeds we receive from this offering primarily for general corporate purposes, including working capital, sales and marketing activities, solution and platform development, general and administrative matters, and capital expenditures, although we do not currently have any specific or preliminary plans with respect to the use of proceeds for such purposes.
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