AppDynamics has unveiled Application Analytics, which apparently provides real-time IT operations and business intelligence from across distributed application environments. The move comes as AppDynamics, which has raised $200 million, charts a long-term course to a potential IPO.

AppDynamics is best known as a provider of application performance management (APM) technology. But CEO Jyoti Bansal has been pushing an "application intelligence" vision that gathers and analyzes data up and down a customer's application stack. The new Application Analytics offering, slated to ship this fall, "captures operational and business events" from a customer's "entire application environment," AppDynamics claims.

The launch, announced at the company's AppSphere 2014 conference in Las Vegas, comes as Bansal plots a course from private markets -- and $200 million in venture capital -- towards a potential IPO. Bansal does not consider an initial public offering to be an "exit" strategy, according to a conversation with me in October. Rather, he called a potential IPO "a milestone event" that's part of a company's longer-term, ongoing growth strategy.

Bansal things AppDynamics can become the next $1 billion cloud company. For its fiscal Q3 2014, the company's annualized bookings run-rate surpassed $160 million, and trailing 12-month revenue grew more than 200 percent. The new Application Analytics offering "enables IT not only to manage IT operations, but also to provide business units with vital metrics they can use to optimize user engagement, conversion, and ultimately, revenue," AppDynamics said in a prepared statement.

The big question: Can AppDynamics continue to grow rapidly, fend off competition from privately held upstarts and entrenched rivals like CA Technologies, and become profitable? Bansal says the company is managing its cash burn rate closely, marching toward a cash flow positive status, and in good shape for long term growth.

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