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I sold Omniture when we felt like we should have sold Omniture and it was the right time.". 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. Who is family. "It is a fact that in some cases for some companies it makes sense to join forces with an acquirer.". Domo also announced that the Board of Directors has elected Carine Clark as Executive Chair and appointed John Pestana as a new independent director. Who is under. Domo recently announced its first ever quarterly results since it went public in June, and the overall picture for the business intelligence company hasnt really changed much over the months since its IPO filing first gave investors a look at its operating figures. Domo offers cloud software for "business intelligence and analytics." 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. When that didnt work, he changed tactics. This has led him to achieve the position of one of the richest persons in the world. Known in Utahs tech community as a successful entrepreneur, James co-founded Omniture with John Pestana and facilitated its $1.8 billion acquisition by Adobe before starting Domo. If the kids are like, My mom works at the coolest place in the world, or, My dad works at an awesome place, then mom or dad has got a lot of pride in where they are and where they work, and theyre going to stay here, he said. that values the company at $2 billion, the same valuation it reached in April of 2014 when it raised a previous $200 million from BlackRock. Stay up to date with what you want to know. Mercato Partners Commends Portfolio Company Domo and CEO Josh James on Successful IPO PRESS RELEASE PR Newswire Jul. Josh founded Domo in 2010 to transform the way CEOs and other executives manage their business and to help drive value from the tens "It did come as a surprise, but now that Domo is public, perhaps James is looking for his next opportunity to create a startup," he said. Got a tip? It is backed by some heavy hitters includingBlackRock, Greylock and Benchmark. Who is at rest. Who topples. Use Forbes logos and quotes in your marketing. WebJosh James, Founder/CEO of Domo (& Founder/CEO of Omniture) shares learnings from building two unicorns. The board also will not expand in size without James consent, during the term of the agreement. Who is honored. Why Are Domo's Valuation Multiples So Much Lower Than Those Of Other Cloud Companies? Who reigns. Different people have different leadership styles. It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. It can blow up when it vests control in a founder whose talent is hype, or even when the visionary founder needs sage counsel and doesnt feel any pressure to listen. Domo is one of the Utah companies that won no-bid state contracts at the beginning of the pandemic, along with Nomi Health and others as part of TestUtah.com, an effort to make testing more accessible that has since drawn controversy. Another aspect of James management that should unnerve investors is his apparent predilection for using Domo as his personal piggy bank, with family members given drawdown rights. Domo has $100 million in bookings under contract and is growing at a rate of 100%, says James. Such incentives run from five to 20 years, enabling companies to earn a portion of the total refund every year if they meet goals specified in the incentive. The IPO wont change that materially. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';fnames[1]='FNAME';ftypes[1]='text';fnames[2]='LNAME';ftypes[2]='text';fnames[3]='MMERGE3';ftypes[3]='text';fnames[4]='MMERGE4';ftypes[4]='text';}(jQuery));var $mcj = jQuery.noConflict(true); exechange publishes weekly reports ($) on capital market-relevant executive changes. Who is last. Who is vested. He's known for being a motivational speaker and an expert salesman, sometimes compared to Salesforce founder Marc Benioff. Who is in quest. Who is hostile. Someones got to be on top. sltrib.com 1996-2023 The Salt Lake Tribune. Keeping this cookie enabled helps us to improve our website. While that money can support smaller emerging companies popular with Domos cloudusers, such a fund might also raise eyebrows as a sign of the company lacking focus for its time and money. WebJosh James sold his first company to Adobe for $1.8 Billion, his next startup Domo, a business software company, was recently valued at $2 Billion. James has resigned as CEO of Domo. Even before Domo reported its earnings this week, Cowen analyst Derrick Wood told Business Insider that the company's bull run wouldn't be likely to turn away a would-be buyer, even if the price tag may have gone up a little bit. Read the full story in the exechange report 10.2022 ($). Whats going on: The Silicon Slopes tech summit allows tech leaders in Utah and beyond to come together for networking, learning and education in the tech field. Who steps down. Who goes through hell. Who is well. Editor in Chief Lisi Merkley is majoring in both journalism and Spanish. Whos obsolete. Who is left. Who is thrilled. Who scolds. Weve been working five years for this, to create the worlds first business cloud, says James, who founded Domo in 2010. 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. Josh James Domo; Founder/CEO Omniture Founder/CEO Orem, UT. Who comes. Can religion save us from Artificial Intelligence? Whos in. James was the co-founder of Omniture, Inc., a provider of online business optimization products and services, and from 1996 to 2009, he served as its chief executive officer. (Credit: Domo). Eventually, others joined the cause, including other tech CEOs from around the state. Its founder says that the fundraise was opportunistic to give the company enough runway to reach cash flow break even, without potentially punitive provisions from investors to maintain the high valuation. Shares closed more than 10% higher on Friday, sending its market cap up to about $925 million quadruple what it was at its 52-week low. In addition to its revenue growth, Domo continues to add new features and capabilities to its analytics platform. The question not being answered in the registration statement is: Whats the upside? WebDomo, 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. Stay up to date with what you want to know. "It's easy to imagine James looking for a fresh start.". On the other hand, Constellation analyst Wang thinks that neither Salesforce nor Amazon Web Services may be especially inclined to buy. Domo said: Domo, Inc. (Nasdaq: DOMO) today announced a leadership Who means well. 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. All rights reserved. Who bows. Hes willing to go against convention and try new things, and thats not always easy.. Facebook gives people the power to share and makes the world more open and connected. Do Not Sell or Share My Personal Information, Work phones make a comeback as offices ban WhatsApp, TikTok, The cameras know who you are. In 2020, the vendor was one of the first to pivot to a virtual conference, and this year will mark the third straight year Domopalooza will be an online-only event. Currently, there is a lot of positive discussion and criticism about him. Theres a chat feature called Buzz that allows employees to communicate about each piece in threaded conversations and a task management piece to track who should be doing what. Who can say it? Who wins. Defeating Ransomware With Recovery From Backup. Indeed, Greylock'sAneel Bhusri and Benchmark's Matt Cohler sit on the board of Domo. The days most visible group was Mothers Demand Action, members of which crowded the halls in a sea of red as they advocated lawmakers for gun control measures. Thank you for supporting local journalism. He also previously co-founded and served as CEO of Omniture, a web analytics company. 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. The announcement follows a decline in Domo Inc.s share price of 35% since March 2021. Who is missed. James made headlines this year after he suggested Domo was awarded a Utah tax incentive worth up to $23 million to keep the company in Utah, even though he reportedly had no plans to relocate. The business intelligence software firm Domo Inc. announced a surprise leadership change today, naming John Mellor its new chief executive officer. WebOne of Utah's leading cloud unicorns, Domo has raised money more like a Silicon Valley company: $690 million so far, and James says he may not be done. Who is first. 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. Catherine Wong, Domos chief product officer and executive vice president of engineering since 2013, was promoted to chief operating officer. Josh Jamess duties as CEO will be taken over by John Mellor, most recently Chief Strategy Officer at Domo Inc. Josh Jamess move coincides with a management shake-up also involving the position of Chief Operating Officer. I used to waste three days prepping for a board meeting. Now, he says, board members can just check their phones at the end of a quarter or sales push and hit refresh. 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. It hit a $2 billion valuation by 2016, before many people had even heard of it. Who stumbles. Domo Announces Leadership Transition - Yahoo! All Rights Reserved. The company burst onto the high-tech scene in 2015 with a putative $2-billion valuation by venture investors. In its announcement about James, Domo also announced promotions and changes to its board of directors. Who wants to go. Ready to drive increased productivity with faster pc performance? Who obeys. Who is invested. In an attempt to boost the tech sectors visibility in Utah, he created a group called the Internet Roundtable in 1999. Copyright 2010 - 2023, TechTarget 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.". Domo Domo Chief Financial Officer Bruce Felt's previous company SuccessFactors, where he was also CEO, sold to SAP for $3.4 billion back in 2012. Major stock exchanges are starting to look askance at dual-class stock structures that vest supermajority control in individuals or small groups. Who is confident. The company held its "organizational meeting" last week, which is a first step as a company files the IPO paperwork, Recode'sTheodore Schleifer reported. Whos old. Domos new fund to invest in partners follows a playbook established by other would-be business ecosystem leaders like Josh James is on Facebook. deductible, Report a missed paper by emailingsubscribe@sltrib.comor calling801-237-2900, For e-edition questions or comments, contact customer support801-237-2900or emailsubscribe@sltrib.com. He added: "Do I want to sell? Josh James (@domojosh) Instagram photos and videos Prior to Domo, James was best known for selling his previous company Omniture to Adobe for $1.8 billion in 2009. SAP seems like a likely suitor. Domo being investigated by state over CEO's remarks He founded Silicon Slopes, an initiative with the mission to promote the interests of Utahs high-tech industry and is a board member of Parity.org, where he was a co-founder of the Parity Pledge initiative. Mark Zuckerberg has used his unassailable control over Facebook to turn it into a global social media company, but also to resist pressure to respond properly to the companys proliferating public problems. "But I have to admit, I am always surprised when founders stay as long as James did.". Who signs. Most recently, the vendor added collaborative development capabilities in September 2021 and launched a more efficient version of Domo Everywhere, its embedded analytics platform, in June 2021. Investors should stay away from this IPO. Likewise, Henschen said Domo is in good hands with its new CEO and COO. Who is sad. Josh James has stepped down as the companys CEO, Chairman and as a director. Thats a problem for Domo, because the rise of passive investments keyed to stock indexes means that many investors wont be buying its stock. Domos move to slash its valuation by 75% in order to attract investors paid off, with the company successfully going public late last week. It competes with a whole slew of other business-intelligence tools, including Tableau and Anaplan. (Rick Egan | The Salt Lake Tribune) Ed Catmull, then-president of Pixar and Walt Disney animation studios, visits with Josh James, then-CEO of Domo, at Domopalooza 2017 in Salt Lake City. Donate to the newsroom now. 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. In addition to hosting parties, James said he wants Domo to help its employees and their families by offering fertility benefits to their employees. "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. Follow her on Twitter @elisynkay. The moves were unveiled on the same day that Domo, founded in 2010 and based in American Fork, Utah, released its fiscal fourth-quarter and year-end 2022 earnings report.