By Liana B. Baker
(Reuters) - Apigee, which develops software to manage Web applications, has selected banks for an initial public offering that could value it at more than $700 million, according to people familiar with the matter.
The company is working with banks including Morgan Stanley, JPMorgan and Credit Suisse on the offering, which could come later this year, those people said this week.
The sources requested anonymity because the matter is not public. Representatives for Apigee, JPMorgan, Morgan Stanley and Credit Suisse declined to comment.
San Jose, California-based Apigee has 500 employees and develops products such as Apigee Edge and Apigee Insight, which provide tools to help companies manage Internet applications and data.
Some of the customers it lists on its website include Walgreens, eBay Inc, Shell, Live Nation Entertainment Inc, Kaiser Permanente and Sears.
Apigee focuses on application programme interface, or API, software that helps connects applications on the Internet, and provides services such as security and analytics for this technology. It acquired a predictive analytics company called InsightsOne in January 2014 to expand its offerings.
It says it serves 20 percent of Fortune 100 companies and six of the top 10 telecommunications companies.
The company, which changed its name from Sonoa Systems in 2010, has raised more than $150 million in funding to date. Some of its investors include Accenture Plc, BlackRock Inc, Third Point Ventures, Pine River Capital Management and Wellington Management Co, according to its website.
Some of Apigee's competitors have been acquired. In 2013, CA Technologies bought Layer 7, and Intel Corp purchased Mashery.