Nearly 10 years ago, cloud-based monitoring platforms were still working out some kinks. Today, the challenge of any data monitoring system is to offer the most seamless, streamlined platform—from its application, installation, management tools and flexibility to adjust to individual business model needs. Datadog clearly nailed its monitoring efforts since launching in 2010. Today, Twitter, The Washington Post, DreamWorks, Comcast, Activision, Deloitte, Peloton, Whole Foods, are just some of the companies utilizing the company’s monitoring services.
Founded in 2010 by IBM Research alum Olivier Pomel, the New York-based data monitoring service offers various cloud-based applications to track servers, databases, tools, and more through a SaaS-based data analytics platform.
The proof in Datadog’s growth is in its continued expansion, company-wide and with its services, particularly within the past year. In 2018, it launched Watchdog, a more automated system in monitoring cloud apps. Earlier this year, Datadog expanded in its acquisition of the AI-based application testing platform Madumbo. Founded in 2017, the Paris-based company gives users options to test their web apps without producing additional code by using their Madumbo testing recorder system.
Now, Datadog has its eye on an IPO. The company is planning to raise $492 million in an IPO priced between $14 and $16 with backing from investors ICONIQ Strategic Partners, OpenView Venture Partners, and Index Ventures. It plans to list on the Nasdaq as “DDOG.”
The company already ranked #19 on Forbes Cloud 100 2018 list. In 2018, the Datadog revenue increased 97 percent in 2018 with an $11 million profit loss and is projected to be worth $37 billion by 2023, according to Gartner. The company estimates its current market value at approximately $35 billion.
Software monitoring applications are a key driver in business performance—from enhancing the customer experience, working more efficiently, and seeing solid returns—and more companies will invest in implementing these platforms.
“Our platform provides comprehensive visibility and insights into IT infrastructure, application performance and the real time events impacting this performance,” read the company’s SEC filing. “Our platform is employed across public cloud, private cloud, on-premise and multi-cloud hybrid environments. We believe that our platform currently addresses a significant portion of the IT Operations Management market.”