On Wednesday after the close of trading, S&P Dow Jones Indices announced that Datadog would replace Juniper Networks on the S&P 500 index beginning on July 9. Juniper was acquired by Hewlett Packard Enterprise earlier in the day. Datadog stock is up 10.8% in the Thursday premarket following the announcement.

While the S&P 500 inclusion gives Datadog a temporary boost, its solid fundamentals, growing customer base, and strong bookings provide a solid base for future growth.

The maker of monitoring software for businesses will replace Juniper Networks, a fellow information-technology company that was just acquired by HPE.