The company partners with companies like IBM, AWS, Azure and Rackspace as well as mobile app back-end service providers such as StackMob and Parse to build connectors and handle observability data flows. In 2014, after raising nearly $200 million in venture capital from investors including Insight Venture Partners, T. Rowe Price, Benchmark Capital and BlackRock, New Relic went public. In the years following, the company used part of the proceeds to make several acquisitions, snatching up Pixie Labs, a service for monitoring cloud-native workloads, and CodeStream, a developer collaboration tool. 2021 saw New Relic undergo a restructuring plan to move away from a software subscription sales model to a consumption-based model, which included laying off nearly 160 employees. But in its most recent fiscal quarter, the company showed steady gains, growing fiscal year Q1 2024 revenue 12% year-over-year to $242.6 million.