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Rally Software files for $70m IPO

Rally Software, a leading provider of Agile project management applications, has just filed an IPO in which the company claims it plans to raise as much as $70 million (£47 million).

The company offers an assortment of tools, products and services that help its clients use Agile for software development. The filing states that the firm has had more than 1,000 customers with 154, 982 paid users as of October 2012. Its clients span 36 of the Fortune 100 companies, including such giants as Microsoft, HP and AOL.

.Agile Software's renewal rate for the 2012 fiscal year among existing clients was 129 per cent, after accounting for factors like upgrades and downgrades. The company has not been profitable yet, with recorded net losses of over $9 million (£6 million), $10.5 million (£7) million and $6 million (£4 Million) in fiscal years 2011, 2012 and 2013 respectively.

Rally Software currently employs over 280 staffers and has acquired a few other companies over the past few years, including AgileZen and Flowdock among others.

The filing and its details can be found at the official US Securities and Exchange Commission website.