1. Like **Datadog** for AI-powered enterprise software and infrastructure problem-solving.

2. Like **New Relic** for automated, AI-driven digital experience and application optimization.

• Application Performance Monitoring (APM): Monitors the performance and health of applications across various environments.
• Infrastructure Monitoring: Provides insights into the performance and health of servers, containers, databases, and networks.
• Digital Experience Monitoring (DEM): Tracks real user performance and synthetic transactions to ensure optimal end-user experience.
• AIOps: Utilizes artificial intelligence and machine learning to automate operations, identify root causes, and predict issues.
• Application Security: Offers runtime vulnerability detection and protection for applications in production.
• Cloud Automation: Automates cloud operations and observability for dynamic cloud-native environments.

Major Customers of Dynatrace (DT)

Dynatrace (DT) operates on a business-to-business (B2B) model, providing its software intelligence platform to large enterprises across diverse industries globally. The company's solutions are critical for monitoring and optimizing complex cloud environments, applications, and infrastructure for leading organizations.

Due to the highly diversified nature of its customer base—which includes a significant portion of the Fortune 100 and Fortune 500 companies—and standard client confidentiality practices, Dynatrace does not typically disclose specific individual customers that represent a "major" portion of its revenue (e.g., more than 10%). Its revenue is spread across thousands of global enterprises.

However, Dynatrace publicly features various prominent enterprise customers in its case studies, press releases, and conference presentations. These companies represent the caliber and type of major organizations that leverage Dynatrace's platform. Below are examples of publicly acknowledged enterprise customers:

• SAP SE (NYSE: SAP): A leading German multinational software corporation known for its enterprise resource planning (ERP) software and other business solutions.
• Vodafone Group Plc (NASDAQ: VOD): A British multinational telecommunications company, one of the largest mobile operators globally.
• Siemens AG (OTC: SIEGY): A German multinational conglomerate corporation, the largest industrial manufacturing company in Europe, focused on industrial automation and digitalization.

These examples illustrate Dynatrace's focus on serving large, complex organizations across various sectors, including technology, telecommunications, and industrial manufacturing, helping them achieve digital transformation and operational excellence.

Dynatrace (DT) relies on the following major cloud infrastructure suppliers:

• Amazon Web Services (AWS), a subsidiary of Amazon (AMZN)
• Google Cloud Platform (GCP), a division of Alphabet (GOOGL)
• Microsoft Azure, a service of Microsoft (MSFT)

Rick McConnell, Chief Executive Officer

Rick McConnell joined Dynatrace as CEO in December 2021. He is a technology executive with over three decades of experience leading and scaling high-growth companies. Prior to Dynatrace, he served as President and General Manager of Akamai Technologies' Security Technology Group, where he was instrumental in scaling the company's revenue past $3 billion and growing its security business significantly. Before Akamai, McConnell was part of the early leadership team at Cisco Systems, contributing to their multibillion-dollar Communications and Collaboration business. He joined Cisco through the acquisition of Latitude Communications, where he had served as President and Chief Executive Officer. This demonstrates his experience in managing other companies and selling one to an acquirer.

Jim Benson, Chief Financial Officer

Jim Benson serves as the Chief Financial Officer of Dynatrace. He joined Dynatrace as CFO in 2022.

Bernd Greifeneder, Chief Technology Officer and Founder

Bernd Greifeneder co-founded Dynatrace in Linz, Austria, in 2005. As CTO, he is responsible for Dynatrace's global product vision and platform. Dynatrace is his third successful venture, and he has over 15 years of engineering leadership experience. One of his previous companies, which focused on load-testing software, was acquired. He is a named inventor on 20 Dynatrace patents.

Steve Tack, Chief Product Officer

Steve Tack is the Chief Product Officer at Dynatrace, responsible for the company's product strategy and application. He has over 20 years of experience delivering innovative solutions. Prior to joining Dynatrace in July 2012, he held management positions in technical sales and engineering, including roles at Compuware as CTO of Application Performance Management and Vice President of Product Management. He was involved in Dynatrace's journey from being a division of a larger company to a spin-out, a private equity-backed firm, and eventually a publicly-traded company.

Colleen Kozak, Chief Transformation Officer

Colleen Kozak leads transformative business initiatives at Dynatrace, focusing on translating strategy into operational objectives. She brings over 20 years of high-tech operations experience and has a background in building and managing global teams and guiding organizations through changes. Before Dynatrace, she was Vice President of Strategy and Operations at Akamai Technologies, where she helped the company scale from $1 billion to nearly $3.5 billion in revenue.

Key Risks to Dynatrace (DT)

1. Intense Competition and Potential Deceleration of Revenue Growth: Dynatrace operates in a highly competitive and rapidly evolving market for observability and AIOps, facing significant threats from both large technology companies and cloud-native providers. This intense competition, combined with potential market saturation and slower customer adoption of new product modules, could lead to a deceleration in the company's Annual Recurring Revenue (ARR) growth. Dynatrace has experienced rapid revenue growth in recent periods, but there is no assurance this growth rate can be sustained. Analysts have also noted concerns over on-demand consumption (ODC) and the timing of large deal closures, which contribute to lower predictability of bookings and cash flow.
2. Dependence on Strategic Partnerships and Subscription Model: Dynatrace's business model relies heavily on subscriptions and its ability to maintain and expand strategic partnerships with major cloud providers. The company's financial health is almost entirely tied to its subscription revenue and its ability to retain and grow customer usage. The upcoming renewals of key partnerships, such as the one with AWS, pose a risk, especially if these partners decide to intensify their own offerings in the observability space, potentially disrupting Dynatrace's revenue streams and market position.
3. Risk of Failure to Innovate and Adapt to Evolving Technology: In the fast-moving observability sector, Dynatrace's long-term competitiveness depends on its continuous innovation and investment in research and development (R&D). A perceived lack of sufficient R&D investment or failure to keep pace with the rapid technological advancements and AI-driven solutions developed by rivals could result in Dynatrace losing its proprietary edge. The company's key revenue driver, Davis AI, is particularly susceptible to competitor innovation, making ongoing technological advancement critical for sustaining its market position and future growth prospects.

The total addressable market (TAM) for Dynatrace's main products and services is estimated to be $65 billion globally. This market is segmented, with approximately $51 billion attributed to observability and $14 billion to security. Dynatrace's offerings center around an AI-powered observability platform that integrates observability, security, and automation.

Dynatrace (symbol: DT) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Expansion of AI-powered Observability Platform: Dynatrace is strategically positioned as a leader in AI-powered observability, with ongoing innovation in its platform. The company emphasizes its third-generation platform, including capabilities like Grail, Smartscape, Davis, and Davis Copilot, to enable autonomous operations. The increasing market demand for AI capabilities as a primary criterion for selecting observability platforms is expected to drive adoption and consumption of Dynatrace’s offerings.
2. Accelerated Growth in Log Management: Log management has been identified as Dynatrace's fastest-growing product category, with annualized consumption rapidly approaching $100 million and experiencing over 100% year-over-year growth. This segment is seen as a significant opportunity to disrupt legacy solutions by integrating logs with other observability data types.
3. Increased Adoption of Dynatrace Platform Subscription (DPS) Licensing Model: The Dynatrace Platform Subscription (DPS) model is a crucial driver, with a substantial portion of the customer base and Annual Recurring Revenue (ARR) already utilizing this flexible and scalable approach (50% of customers and 70% of ARR as of Q2 FY26). Customers on the DPS model tend to adopt twice as many capabilities and exhibit nearly double the consumption growth rates compared to traditional licensing models, leading to greater platform adoption and upsell efficiency.
4. New Customer Acquisition and Enterprise Expansion: Dynatrace is focused on acquiring high-quality new customers who demonstrate a strong propensity for future expansion. The company is experiencing accelerating consumption and adoption across its platform, resulting in an increasing average ARR per customer. Furthermore, Dynatrace continues to see momentum in large strategic deals and pipeline growth, benefiting from the broader trend of multi-cloud tool consolidation among enterprise clients.
5. Strategic Partnerships: Collaborations with key ecosystem partners, such as ServiceNow, Atlassian, and GitHub, are expected to foster revenue growth. These partnerships aim to scale intelligent automation and enhance integrations, expanding Dynatrace’s reach and value proposition within complex enterprise IT environments. The company intends to further expand its strategic partner ecosystem, particularly with cloud-focused partnerships and hyperscaler cloud providers.

Share Repurchases

• Dynatrace initiated a $500 million share repurchase program on May 15, 2024.
• From the program's inception in May 2024 through March 31, 2025, the company repurchased 3.4 million shares for $173 million.
• As of September 30, 2025, Dynatrace had repurchased a total of 5.3 million shares for $268 million under this program.

Share Issuance

• The company's 2019 Plan for equity compensation automatically increases the number of shares reserved for awards each April 1 by 4% of the outstanding common stock from the preceding March 31.
• Shareholder interest experiences moderate dilution due to employee stock option incentive programs.
• Insider and employee stock awards, such as RSUs and PSUs, lead to the issuance of common shares, as seen in a proposed sale of 90,000 shares valued at approximately $4.35 million in October 2025.

Outbound Investments

• Dynatrace acquired SpectX, a high-speed parsing and query analytics company, on September 14, 2021.
• On July 31, 2023, the company acquired Rookout, a developer-first observability platform.
• Dynatrace expanded its portfolio by acquiring Metis, an AI-driven database observability platform, in March 2025, with sources indicating a value of "several tens of millions of dollars."

Capital Expenditures

• Dynatrace's capital expenditures were approximately $29 million in fiscal year 2025 and approximately $32 million in fiscal year 2024. In prior years, capital expenditures included $31.73 million in a recent fiscal period, $21.54 million in another, and $17.70 million in a further preceding period.
• The primary focus of capital expenditures is on continuous investment in research and development and innovation to extend technology and market leadership.
• Key areas of investment include expanding the functionality of the Dynatrace platform, evolving AI capabilities, and developing next-generation log analytics offerings to address new market opportunities.