The drought in successful tech initial public offerings (IPOs) may be officially over as shares in cloud information technology management software firm Apptio Inc. surged on their debut Friday on the Nasdaq exchange.

Shares in Apptio, offered at $16, surged as high as $24.60 before ending the day at $22.55, up almost 41 percent.

Goldman, Sachs & Co., J.P. Morgan Securities and BofA Merrill Lynch were lead book runners on the float, while Barclays Capital, Jefferies LLC, RBC Capital Markets and Pacific Crest Securities assisting.

Founded in 2007 and perhaps notable in Silicon Valley folklore as the very first company venture capital firm Andreessen Horowitz invested in, Apptio offers cloud-based Technology Business Management (TBM) software that helps chief information officers manage the business of IT.

The company offers a Software-as-a-Solution (SaaS) platform of business analytics that provides facts and insights about technology cost, value and quality that allows CIOs and other IT heads to make data-driver solutions. Apptio’s platform delivers applications that aim to help companies align their technology spend to business outcomes while automating processes such as cost transparency and benchmarking, both on-premises and in the cloud.

Despite claiming to have a third of the Fortune 100 as customers, the company has yet to make a profit. But unlike some of its peers, it is getting close, having only lost $14.9 million in the first six months of 2016, down from $18.4 million in the same period the year before. Revenues for the first six months rose to $61.7 million, from $47.2 million a year ago.

Happy days?

The successful float of Apptio follows the float of Big Data advertising technology platform provider The Trade Desk on Wednesday, which also saw strong market support with shares in the company surging 67 percent on its first day of trading. Next up to bat is enterprise virtualization and storage firm Nutanix Inc. which is seeking $11 to $13 a share in its forthcoming IPO, followed by cloud software company Coupa Inc.

Going into the float, Apptio had raised $136 million over five rounds from investors including the aforementioned Andreessen Horowitz, along with 137 Ventures, Cisco, Greylock Partners, Janus Capital Group, Madrona Venture Group, SharesPost Investment Management, Shasta Ventures, The Hillman Companies and T. Rowe Price.

Image credit: Apptio