It is backed by some heavy hitters includingBlackRock, Greylock and Benchmark. Given that Domo -- which went public in 2018 -- is on a growth trajectory and continues to invest in its platform, James stepping down as CEO is not evidence of any problems with the vendor, according to Doug Henschen, an analyst at Constellation Research. Domo is scheduled to host its annual user conference, Domopalooza, March 23, and for the first time will have someone other than James as its leader. The two bankers, who have worked with Domo in the past, told Business Insider that James has indicated he wanted Domo to stay independent. Who loses. The terms for the new money, James says, were clean. The filing as a whole points to a persistent flaw in Silicon Valley financing: the willingness to give start-up founders unassailable control of their companies, to the point that investors have no recourse if things go blooey. Who is replaced. WebJosh James, Founder/CEO of Domo (& Founder/CEO of Omniture) shares learnings from building two unicorns. Who is minor. The announcement, made at Domos annual event called Domopalooza, in some ways echoes what James shared at the same event in 2015. You may get in touch with him by calling his office phone. Who is refunded. Who is a big wheel. In 2015, Domo burst onto the scene with little warning. About Press Copyright Contact us Creators Advertise Developers WebDomo insiders say that CEO Josh James faced a sharp backlash, and eventually apologized, after telling a story at an all-hands meeting that made some employees feel At the time of the tax incentive controversy, there was no indication that Clark had any undue influence on the process of awarding tax credits through GOEO. Who distributes. Who gives in. You may opt-out by, Covering venture capital, cloud and startups, BOX CEO Aaron Levie Talks Trump, Tech, And How To Stay Nimble As A Public Software Company, 5 Ways Machine Learning Has Influenced The Modern Cloud, How Digital Disruption Transcends Industry Borders, The 3 Tech Buzzwords Every CEO Should Know, Google Cloud Shakes Up Its Customer Support To Bring Its Engineers To Customers, Microsoft And NVIDIA Announce HGX-1 Platform Standard For AI/ML Cloud Computing, GitHub Overhauled Its Pricing Plans Because Customers Now Want The Cloud, Box Uses API Lego-Style Brick Theory To Connect More Data, Weve been working five years for this, to create the worlds first business cloud,, I dont need to do this, I just have got to find the biggest possible space, to be Facebook for your business., Weve been working five years for this, to create the worlds first business cloud,, I dont need to do this, I just have got to find the biggest possible space, to be Facebook for your business.. From the start, James said he had no doubts that his web analytics company, Omniture, would be successful. No, I don't want to sell, but there's the reality of also having to face whatever is taking place with your ability to execute out there in the marketplace. Who benefits. Mercato Partners Commends Portfolio Company Domo and CEO Josh James on Successful IPO PRESS RELEASE PR Newswire Jul. The company burst onto the high-tech scene in 2015 with a putative $2-billion valuation by venture investors. WebJosh James, Founder and CEO, Domo. Your email address will not be published. Who assists. Who suffers. How Much Can Domo Grow Its Revenues In The Coming Years? James sold Omniture to Adobe in 2009 for $1.8 billion. Copyright 2010 - 2023, TechTarget Meanwhile, Domo frequently partners with SAP-owned Qualtrics, which is also headquartered in the Provo, Utah area. He added: "Do I want to sell? Comparing Domo's Sales And Marketing Spend With Tableau's, Comparing Domo's Growth And Valuation To Anaplan's. Who keeps going. Who sees green. In fact, that confidence led him to drop out of BYU only a few classes shy of graduation. This introduction explores What is media asset management, and what can it do for your organization? Who is at rest. Who bows. Who is a leader. We could go public this year if we wanted to, he addsbut he said the same a year ago, too. Stay up to date with what you want to know. Such incentives run from five to 20 years, enabling companies to earn a portion of the total refund every year if they meet goals specified in the incentive. Who does well. Josh and his team built it into a mature, meaningful, standalone business after running it for thirteen years and three years as a public company. Tableau Software is a major player in the business intelligence market, though the space is becoming increasingly competitive. There are several important variables within the Amazon EKS pricing model. Whos out. Wong has been at Domo since 2013 and has long guided Domo on the product side, he noted, and will "no doubt have a big and important role as COO.". Who has to go. Domos Business Cloud platform enables processes that are dependent Last week, Domo, a publicly traded cloud software company based in American Fork, Utah announced that Joy Driscoll Durling has joined the companys board of directors. "I obviously have an aligned and substantial interest in Domo doing well, and I'll continue to be the biggest curator.". Domo, James current company, takes the data that his previous company, Omniture, was able to provide their clients and puts it in easily accessible formats. Provo mayor renames Bulldog Boulevard to Cougar Boulevard, Bill to remove state food tax also removes constitutional earmark for education, Jordin Sparks kicks off first in-person RootsTech since 2020, Bro-less wins annual Student Innovator of the Year competition. , which announced an $80 million fund in December. Who is there. Who is hero. I'm certainly not opposed to selling the company. This has led him to achieve the position of one of the richest persons in the world. The acquisitions of Tableau and Looker prove that data analytics is a hot market, with Domo as one of the last large independent companies. A company agreement with James, filed with the Securities and Exchange Commission, says that if Pestana leaves the board before the agreement terminates in 2023, James will be entitled to identify a new independent director to replace him. Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. As for James crowing about the lack of competition, you can treat that statement as inoperative. Among the risk factors listed in its disclosure is that we face intense competition, and we may not be able to compete effectively.. Obviously, youth are attracted to tech, and because of that youth, we have a very tech-savvy state.. Who comes. Then theres the 88% voting control vested in Snap co-founders Evan Spiegel and Bobby Murphy; heres betting that many investors who bought into the story that they needed impregnable authority to build their company wish theyd thought twice, now that the stock is trading at less than half the $24.48 at which it closed on the day of its IPO, some 13 months ago. Who quits. Read the full story in the exechange report 10.2022 ($). He also previously co-founded and served as CEO of Omniture, a web analytics company. In a demo for Forbes the week before the announcement, James showed off the Domo Mobile apps card-based design that allows users to pick what charts and data they want to see the most and then arrange each as a card to toggle through within the app. Who signs. James said his company was so advanced that we dont really have a competitor yet.. Who is major. Follow her on Twitter @elisynkay. Domo employee Domonique Stephan said she realized she would need to take advantage of the benefit, which helps employees pay for in vitro fertilization or other fertility services, a few months after she was hired. Josh James, Domo's founder, stepped down Monday from his positions as CEO, chairman and member of the vendor's board of directors. Major stock exchanges are starting to look askance at dual-class stock structures that vest supermajority control in individuals or small groups. Who scolds. Who is up. Follow him on Twitter at twitter.com/hiltzikm and on Facebook at facebook.com/hiltzik. Who helps. Investors should stay away from this IPO. Who is hired. James wanted to create a way for people in Utah to see that the CEOs of big tech corporations were not that different from them. Got a tip? Dig into the numbers to ensure you deploy the service AWS users face a choice when deploying Kubernetes: run it themselves on EC2 or let Amazon do the heavy lifting with EKS. Do Not Sell or Share My Personal Information, chief strategy officer of Domo since 2019, one of the first to pivot to a virtual conference, MicroScope March 2020: Making life simpler for the channel. Domo, +2 more The economic uncertainty resulting first from the COVID-19 pandemic and now Russia's invasion of Ukraine have been difficult for corporate CEOs, and it would be no surprise if the stress of the past two years played a role in James' decision, Henschen continued. From Feb. 1, 2016 through last April 3, the bill has come to $1.8 million. Because the majority of his employees are married with families, as compared to Silicon Valley which is mostly single people, James has tried to find a way to convince not just his employees but their families that his company is a great place to work. It had been in stealth mode until then, its founder and chief executive, Josh James, explained, building up its customer base and refining its products in secret. Mellor In his own companies, James values hiring the right people and helping them love their jobs. Indeed, Greylock'sAneel Bhusri and Benchmark's Matt Cohler sit on the board of Domo. As part of its app push, Domo said it has 1,000 partnered business apps in its new app store, while making its original core business free for most users. Who is family. Total Enterprise Value to Total Revenue (ttm). The new-look, mobile-first Domo took 2.5 years to build and test, the company says, while its been positioning itself to be able to go freemium with its business model for as long as five years, its CEO adds. Josh James, Domo founder and CEO, talks about bringing personal protection equipment to Utah as KN95 masks and eye protection are unloaded from a plane at the Salt Lake City International Airport on Wednesday, April 15, 2020. Catherine Wong, VP Product at Domo, talks about leadership and what motivates her. "It's John's boat to drive now, and I'm thrilled to watch him captain the ship," James said at the start of Domo's earnings call. (The company declined to comment on the registration statement.). However, like many companies in their early years, Domo has yet to turn a profit and reported a net loss of $33.2 million during the fourth quarter and $102.1 million for fiscal 2022. 6:32 p.m.: This post has been updated with the companys declining to comment on its registration statement. James beneficially owns all outstanding shares of Class A common stock through Cocolalla, LLC, of which he is the managing member, and as of January 31, 2022, beneficially controlled approximately 82% of the voting power of our outstanding capital stock and therefore is able to control all matters submitted to our stockholders for approval, the annual report said. Who is confident. Who contributes. Domo offers cloud software for "business intelligence and analytics." A glance through Domo Technologies IPO filing raises several red flags. Who chairs. Customers have been happy, and we have more juice coming, James says. Domo, a Utah-based data-analytics company currently valued on the public markets at just shy of $1 billion, is expected by many analysts to be the next big cloud acquisition target. Please enable Strictly Necessary Cookies first so that we can save your preferences! The business intelligence software industry is intensively competitive, with players having to constantly innovate and differentiate their features in order to attract and retain customers. 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Domo has raised nearly $730 million in venture funding all told, and was valued at $2.28 billion in 2017, after its latest $115 million round in December 2017. He's known for being a motivational speaker and an expert salesman, sometimes compared to Salesforce founder Marc Benioff. Hes willing to go against convention and try new things, and thats not always easy.. Who crumbles. Domo also has bought $200,000 in furnishings from Alice Lane Home Collection, an interior design company partially owned by James, at which Drew James, another brother, is an executive. In James set-up, he showed off the different metrics needed for board meetings with his investors (but not too closely for FORBES to see all the data). Kehoe, the Domo spokeswoman, said "Josh feels great about the acquisition of Omniture to Adobe and how it became a bright shining star and a big chunk of Adobe's overall strategy and business. This website uses cookies so that we can provide you with the best user experience possible. The company competes (to varying degrees) against software giants such as SAP, Microsoft and Oracle, in addition to smaller niche players such as Domo. All values as of most recently reported quarter unless otherwise noted. Asked during the company's Domopalooza conference in March whether it was time to considering selling the business to a larger vendor like SAP or Oracle or Microsoft, James said: "We always take inbounds when we come. Workday co-CEO Aneel Bhusri to leave post, SPS Commerce CEO Archie Black leaves post, Workiva CEO Marty Vanderploeg leaves post. 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