If you can explain what 'an API management platform' is, you too can be worth $700m

In other news, cloud upstart Apigee files for IPO

Cloud software company Apigee has filed IPO documents and plans to raise $86m on a total valuation of $700m.

The San Jose-based company touts "an API management and predictive analytics platform," whatever that is, and boasts clients including eBay, Adobe, AT&T, Citrix and the BBC. Competitors include giants IBM and Oracle.

The upstart is largely VC-funded, with Norwest Venture Partners owning a 26.2 per cent stake and Bay Partners holding 18.6 per cent. Last year it was named the fifth-fastest growing company in North America in its field.

The filing to the Securities and Exchange Commission (SEC) does not list the number of shares to be sold or their launch price, but it does introduce an initial target of $86.3m in funds. The IPO is being underwritten by Morgan Stanley, JPMorgan and Credit Suisse and will use the ticker 'APIC'.

Last year, Apigee's revenues went up 22 per cent to $52.7m but its losses increased to $60.8m from $25.9m the year before.

Apigee specializes in APIs, connecting their clients' services and content to developers to encourage the creation of new applications that pull into more customers.

"We're basically like a content delivery network for APIs," Apigee CEO Chet Kapoor told The Register back in 2011. ®

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