Software company Datadog Inc. will be added to the S&P 500 index next week, replacing Juniper Networks Inc. after its recent acquisition by Hewlett Packard Enterprise Co.

Datadog will be included in the index prior to the start of trading on July 9, according to a press release from S&P Dow Jones Indices. Shares of Datadog were up 10.7% in after-hours trading Wednesday.

The hope of AppLovin and Robinhood being selected has once again been dashed. Their shares both dropped 1.3%.

Inclusion in the US equity gauge can elevate a company’s profile and boost demand for its shares from passive investment funds that track the index. Companies must have a market capitalization of at least $22.7 billion and meet profitability, liquidity and share-float standards to qualify for the S&P 500, per guidelines.

Datadog in May reported first-quarter results that beat expectations and raised its full-year forecast. In June, Wolfe Research upgraded the company to outperform from peer-perform on the view that Datadog is “one of the best-positioned names” to benefit from artificial intelligence adoption.

Stephens Inc. Managing Director Melissa Roberts estimates that passive funds will need to purchase about 54 million Datadog shares following the company’s inclusion in the index.

In its previous quarterly reconstitution, S&P Dow Jones Indices left membership in the benchmark gauge unchanged. Prior to that, DoorDash Inc., Williams-Sonoma Inc., TKO Group Holdings Inc. and Expand Energy Corp. were added.