Dynatrace CEO John Van Siclen image: Dynatrace

Dynatrace — a Boston-based company that sells software to help enterprises monitor performance of their apps — has filed for an IPO with the SEC, seeking to raise $300 million in an offering led by J.P. Morgan, Citigroup and Goldman Sachs. Other investment banks including Barclays, Jefferies, UBS and more are also involved in the offering.

Dynatrace’s S-1 filing shows $431 million in revenues for its fiscal 2019 year but with losses of $116 million, quite odd when compared to just $9.2 million in fiscal 2018 loss and $796,000 the year before. Dynatrace isn’t an independent company, having been acquired by Compuware for $256 million in 2011. Compuware was later acquired by private equity firm Thoma Bravo for $2.5 billion in 2014, taking control of Dynatrace as part of the deal. Thoma Bravo — a private equity firm with more than $30 billion in capital commitments — is mentioned 154 times in Dynatrace’s S-1 filing.

Dynatrace VP, Chief Technology Strategist, Alois Reitbauer image: O’Reilly Conferences on Flickr

Other key stats from Dynatrace’s S-1 filing include:

• Roughly $1 billion in long-term debt
• $51 million cash and cash equivalents on hand [as of Q1 2019 end]
• $431 million revenue in fiscal 2019, $398 million in 2018 and $406.4 million in 2017
• $76.8 million R&D spend in fiscal 2019, $58.3 million in 2018 and $52.9 million in 2017
• High sales and marketing spend: Roughly $179 million in fiscal 2019, $145.4 million in 2018 and $130 million in 2017
• 1,364 enterprise customers as of Q1 2019 end, compared to 574 in the same period last year
• $1.1 million [fiscal 2019] total compensation for CEO John Van Siclen, $606,000 for CFO Kevin Burns

Upon completion of an IPO, Thoma Bravo will hold majority voting rights in Dynatrace.

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