Dynatrace, a software intelligence platform company that’s owned by private-equity firm Thoma Bravo, filed a prospectus with US regulators for an initial public offering on Friday.
The Waltham, Mass.-based company didn’t say how many shares it would offer, or outline a projected price range for the IPO. It set a $300 million placeholder maximum price. Dynatrace said it expects to be a controlled company with Thoma Bravo continuing to own shares.
The firm applied to have a listing on the New York Stock Exchange under the ticker symbol DT.
Dynatrace was previously a division of Compuware and became part of Thoma Bravo when it acquired the latter in 2014. Dynatrace was split off as a standalone unit in 2015.
“As enterprises embrace the cloud to effect their digital transformation, our all-in-one intelligence platform is designed to address the growing complexity faced by technology and digital business teams,” the company said in the filing.
It had 2,300 customers in more than 70 countries working in industries from banking to travel and manufacturing.
Revenue rose to about $431 million in the year ended March 31 from $398 million for the 2018 year, the company said in its filing. The bulk of that comes from subscriptions, which rose to $349.8 million from $257.6 million. But Dynatrace said the growth in subscription revenue “may not be indicative of our future subscription revenue growth and we may not be able to sustain revenue growth consistent with recent history, or at all.”
The company swung to a loss of $116.2 million from profit a year earlier of $9.22 million. In the filing, Dynatrace said it estimates that the annual potential market opportunity for its software intelligence platform is about $18 billion.
Underwriters for the IPO include Goldman Sachs, JPMorgan and Citigroup, according to the filing.