AppDynamics (APPD) is scheduled to raise $132 million as the first "unicorn" IPO of 2017. The company's platform analyzes and optimizes its customers' business-critical software applications, competing closely with December 2014 IPO New Relic (NYSE:NEWR). Both companies were founded by former management of Wily Technology, which was acquired by CA in 2006 for $375 million. Both are also spending heavily on sales and marketing, driving adjusted EBITDA negative and CFFO near breakeven. However, AppDynamics has successfully gained traction with large enterprise customers, including 275 of the Global 2000, while New Relic historically targeted SMBs with its freemium model. AppDynamics also boasts higher annual billings and billings growth, and its quarterly sales growth of 53% masks an impressive 89% growth in its core subscription revenue due to a shift away from licenses.