The default setup is to have 1 to 1 (1 Nova/365 Analytics instance per O365 tenant). However, you can do a multi-tenant setup where you first create a Multitenant container, then create any amount of sub-instances in TMS, connect them to one O365 tenant each and the last step is to set up reporting on the root multitenant container:
For SoftwareONE support staff - please contact your management team and ask for additional information about this as Quest technical support channel is not directly responsible for such deployment for partners.