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.

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.

Datadog shares rose over 9% in after-hours trading Wednesday after S&P Dow Jones Indices announced the company will join the S&P 500, according to Benzinga. Datadog will replace Juniper Networks, which was acquired by Hewlett-Packard Enterprise earlier in the day.