Business process management firm Appian Corp. is joining the rush to the stock market by enterprise software companies, announcing Friday that it has filed for an initial public offering.

According to the S-1 filing, Appian is seeking an IPO of common stock on the Nasdaq under the ticker symbol “APPN.” The company did not disclose how many shares they will be offering or a price guidance at this stage, though it did note it’s looking to raise $86 million. Morgan Stanley & Co. LLC, Goldman, Sachs & Co., and Barclays Capital Inc. are named as book runners for the float, with Pacific Crest Securities, Canaccord Genuity Inc., and Cowen and Co. listed as co-managers.

Founded way back in 1999, Appian offers a software-as-a-service platform that assists enterprises in improving their business processes and case management by connecting various stakeholders. Specifically, the company’s product unites users with all their data, processes and collaborations – in one environment, on any mobile device, through a social interface.

The company booked $135 million in sales for the 12 months ended March 31 from customers in industries including marketing and advertising, insurance, utilities and energy, financial service, retail and healthcare. Better-known companies and organizations using the platform include the U.S. Department of Agriculture, Sprint, Dallas Fort-Worth Airport, Bicardi, BUPA North America, Centurylink and the Department of Homeland Security.

Appian is a fairly small player in BPM, a market that’s expected to grow from $6.7 billion in 2016 to $13.5 billion by 2021, according to one report. The company’s list of competitors is long, ranging from mega-firms such as Salesforce.com Inc., IBM Corp., Oracle Corp. and SAP SE to newer firms such as ServiceNow Inc., RedHat Inc. and OpenText Corp. Although many of those competitors can bundle their BPM servicing, putting pressure on Appian as a standalone provider, the company is continuing to grow.

The Appian IPO joins a list of tech companies that have either gone public this year or have announced their intention to, with the latest to float, big data firm Cloudera Inc., hitting the New York Stock Exchange on Friday with a 20 percent pop.

Appian is a different sort of company to many going public this year in that it actually dates back nearly two decades and, unlike many of the others going public, it has a rare rare feature: It’s actually profitable. Its niche, longevity and profitability may get a good reception from investors.

Appian is believed to have raised at least $47.5 million in venture capital funding. Known investors include New Enterprise Associates and Novak Biddle Venture Partners.

Image: Appian