Datadog is set to run in the tech IPO pack after it filed a $100 million S-1 with the Securities and Exchange Commission [SEC] on Friday. 

The New York-based cloud application monitoring company counts more than 8,000 customers and estimates its market opportunity to be $35 billion. The $100 million initial public offering filing is likely a placeholder for the actual amount it expects to raise.

Founded by Olivier Pomel in 2010, Datadog has since collected $147.9 million in total funding, including its last round (Series D) that raised $94.5 million in January. That round was backed by investors Iconiq Capital, Index Ventures, and OpenView Venture Partners, and valued Datadog at $640 million.

The company reported a 97% jump in revenue growth from $100.8 million in 2017, to $198.1 million in 2018. More recently, revenues surged from $85.4 million in the first half of 2018, to $153.3 million the first half of 2019.

Morgan Stanley, J.P. Morgan, Goldman Sachs, Credit Suisse will underwrite the IPO. Datadog, which will be listed under the ticker “DDOG,” has yet to determine its stock price.

Datadog’s Platform

Datadog offers a software-as-a-service (SaaS) platform that integrates and automates infrastructure, application performance monitoring, and log management for greater observability of an entire technology stack.

Last year, Datadog integrated its hybrid cloud monitoring with Amazon Web Services (AWS) X-Ray distributed tracking and tracing system to monitor serverless applications on AWS Lambda. At the same time it added synthetic monitoring to its unified platform, which tracks application and API availability by simulating user traffic.

Competition

IDC expects SaaS-based offerings in application performance management to grow at triple the rate of on-premises services during the next five years.

Datadog’s announcement follows just weeks after competitors Cloudflare and Dynatrace filed IPO’s.

Cloudflare filed confidential forms to pursue an IPO next month, according to Business Insider. Meanwhile, Dynatrace raised $544 million in its IPO earlier this month, selling 35.6 million shares and raising the performance monitoring company’s valuation to $7.8 billion. And rival SignalFx was acquired last week by Splunk for $1.05 billion.