Dynatrace raised $544 million in its initial public offering (IPO) today, selling 35.6 million shares and raising the performance monitoring company’s valuation to $7.8 billion.

The Massachusetts-based firm initially targeted an $11- to $13-per-share price before raising its IPO on Wednesday night to $16 per share, according to its amended S-1/A filing with the U.S. Securities and Exchange Commission. Trading opened on the New York Stock Exchange at $25.50 per share this morning.

Thoma Bravo will maintain operational control as it stakes claim to nearly 200 million shares, which account for roughly 70% of the company.

Dynatrace makes an artificial intelligence (AI) powered software platform built for the enterprise cloud that uses automation to generate performance-related data.

“Driven by the recognition that the cloud would change everything, we reinvented our technology platform and in doing so we refreshed our entire business,” said Bernd Greifeneder, CTO and founder, Dynatrace.

The 26-year-old company competes against the likes of Cisco’s AppDynamics, Datadog, and New Relic. Dynatrace’s public debut marks the first application performance monitoring vendor IPO since New Relic in 2014.

“This IPO, while a wonderful milestone, is just a stepping-stone in our evolution. I couldn’t be more excited for what’s to come as we enter a new chapter as a company,” Greifeneder said.

Meanwhile Cloudflare, a security and content delivery network provider, filed confidential forms to pursue an IPO in September, according to Business Insider.

Talk of Cloudflare pursuing an IPO has been circulating since last fall; however, this seemed to be taken off the table after the company raised $150 million in late-stage funding in March.

Best known for its content delivery network services — it claims to support over 13 million web domains — it also has a stake in both cloud and security.

Traditionally, appliances such as load balancers, DDoS mitigation gear, WAN optimizers, malware scanners, firewalls, and authentication devices ensured that traffic reached its destination securely.

CloudFlare’s claim to fame is that it can enable all of these functions by turning all this hardware into cloud services.

With all of its businesses, it seeks to eliminate hardware and act as an internet edge service provider.

Not only does CloudFlare compete with some of the biggest cloud providers, it also rents security and optimization services in competition with hardware from traditional vendors including Cisco and Juniper Networks.