By Olivia Oran
(Reuters) - Human resources software company SilkRoad has selected JPMorgan Chase & Co
The Chicago-based company is hoping to piggy-back on the IPO of peer Workday Inc
JPMorgan declined to comment. SilkRoad and Piper Jaffray could not be reached for comment.
SilkRoad, which also competes with Oracle Corp
Last year, IPOs from cloud-based companies besides Workday included ServiceNow Inc
The market for business software is expected to reach $300 billion globally by the end of 2013, according to market research firm Gartner.
Founded by serial entrepreneur Flip Filipowski in 2003, the company's investors include Azure Capital Partners, Tenaya Capital and Foundation Capital.
The company, which is expected to hit a run rate of roughly $70 million this year according to the sources, helps companies manage employees and other resources.
The U.S. market for technology IPOs so far this year has lagged. Only one company, online money transfer provider Xoom Corp
(Reporting By Olivia Oran in New York; Editing by Gerald E. McCormick)