Can you tell us if it is compatible with the product version that we currently have installed?
CA PIM 12.8 and 12.9
Basically, ObserveIT is not vulnerable to the open SSL bug (heartbleed) as it does not use open SSL. and the ObserveIT Application server is Microsoft-IIS based, which used Only Microsoft technology and hence it is not susceptible to the HeartBleed vulnerability.
Most of the issues that were reported are TLS 1.0 and 1.1 issues, and this was due to the usage of .Net 3.5 in older ObserveIT versions, such 18.104.22.168.
Since ObserveIT v7.4 it is using .Net 4 and the system now supports TLS v1.2.
It is suggested to upgrade the version to a newer one in order to be able to resolve vulnerabilities coming from the usage of TLS 1.0 and 1.1.