"Acquisition Attempt Failed!!!" error is seen in the ApplicationLog.log file of ThingWorx Platform

Acquisition Attempt Failed!!! Clearing pending acquires. While trying to acquire a needed new resource, we failed to succeed more than the maximum number of allowed acquisition attempts (3). Last acquisition attempt exception

[L: ERROR] [O: c.t.p.p.PostgresModelExceptionTranslator] [I: ] [U: ] [S: ] [P: ] [T: ForkJoinPool-11-worker-9] Connections could not be acquired from the underlying database!

[L: WARN] [O: c.m.v.r.BasicResourcePool] [I: ] [U: ] [S: ] [P: ] [T: C3P0PooledConnectionPoolManager[identityToken->2vn8taao8busogbkxse3|6628d62d]-HelperThread-#0] com.mchange.v2.resourcepool.BasicResourcePool$ScatteredAcquireTask@40583817 -- Acquisition Attempt Failed!!! Clearing pending acquires. While trying to acquire a needed new resource, we failed to succeed more than the maximum number of allowed acquisition attempts (30). Last acquisition attempt exception: 
[L: WARN] [O: c.m.v.r.BasicResourcePool] [I: ] [U: ] [S: ] [P: ] [T: C3P0PooledConnectionPoolManager[identityToken->2vn8taao8busogbkxse3|6628d62d]-HelperThread-#0] Having failed to acquire a resource, com.mchange.v2.resourcepool.BasicResourcePool@1a586eec is interrupting all Threads waiting on a resource to check out. Will try again in response to new client requests.

SEVERE [localhost-startStop-2] org.apache.catalina.startup.ContextConfig.beforeStart Exception fixing docBase for context [/Thingworx]

SEVERE [localhost-startStop-2] org.apache.catalina.core.ContainerBase.addChildInternal ContainerBase.addChild: start: org.apache.catalina.LifecycleException: Failed to start component [StandardEngine[Catalina].StandardHost[localhost].StandardContext[/Thingworx]]