One challenge facing Dynatrace is that there is a relatively limited number of large companies that it targets. However, Van Siclen is optimistic about growth because those organizations are introducing new applications that need monitoring including microservices — for example, insurance for users of Zipcars — and for the Internet of Things (IOT) – such as telematics in cars.

The way things are going, Thoma Bravo could find itself with a nice profit if a Cisco rival — perhaps Hewlett Packard Enterprise which paid $4.5 billion to acquire IT management software and services provider Mercury Interactive in 2006 — wants to pay top dollar for the biggest player in the APM market.