Snap Inc may have dominated the Tech IPO scene so far in 2017, but it is becoming increasingly apparent that it won't be the only tech company to go public this year. AppNexus, a New York-based ad tech company, filed its IPO paperwork confidentially in 2016.
AppNexus is reportedly eyeing an IPO valuation of somewhere in the region of $1.5 billion to $2 billion, with a public filing revealing the company's financials expected as soon as the second quarter of this year. The company was valued at $1.8bn at a funding round in 2015 and received further backing to the tune of $31 million in a funding round in September 2016, with $10 million alone coming from News Corp, owner of Dow Jones Newswires and The Wall Street Journal.
About the float
AppNexus confidentially filed its paperwork for the float in November 2016, having announced 150 redundancies the previous month - a 13% cut in total staff numbers - in an apparent move to streamline services prior to any potential IPO. These redundancies had the goal of homogenising the company structure, which had previously been split into a buy-side and sell-side, and also helped concentrate the workforce in the company's New York office.
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About the company
AppNexus is an ad tech company which was founded in 2007. It has created a cloud-based software platform which both enables and optimises online advertising, making it a direct competitor of Google. AppNexus has worked with clients such as LinkedIn, Bloomberg, ESPN and USA Today and boasts a wide range of products which optimise native, video, display and mobile advertising.
With little more information forthcoming since reports that the company filed for IPO in November last year, this remains very much a rumour at this stage, but could be one of many tech IPOs to sink your teeth into in 2017.