Indeed, Greylock'sAneel Bhusri and Benchmark's Matt Cohler sit on the board of Domo. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. 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. Who quits. Who is a big wheel. 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. Whos out. Who keeps going. 2023 Forbes Media LLC. Who is left. "Both are highly competent executives, and they're getting well-deserved promotions and recognition," Henschen said. Join Facebook to connect with Josh James and others you may know. 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. Currently, there is a lot of positive discussion and criticism about him. When I went out to Silicon Valley to try and raise money for my company, we literally were getting one-sixth the valuation of our competitors who were doing the exact same thing and were the exact same size, James said. James attended Brigham Young University for three and a half years and studied entrepreneurship. ( Rick Egan | The Salt Lake Tribune ) Josh James, CEO/founder of Domo, at right, speaks with Ed Catmull, president of Pixar and Walt Disney animation studios and Who kicks back. We are using cookies to give you the best experience on our website. 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. Who reigns. Who is down. It took me four years to get rid of liquidation preferences at Omniture, says James, referring to provisions that often guarantee later investors get paid a certain amount or receive additional shares at an IPO. ", He also said, "I didn't sell Omniture too early. Your email address will not be published. In the company news release, James said he was very excited for Domos future under Mellors stewardship as the new CEO. James owned nearly all of Domo's voting power at the time of the company's IPO in June 2018. Comparing Domo's Sales And Marketing Spend With Tableau's, Comparing Domo's Growth And Valuation To Anaplan's. I dont need to do this, I just have got to find the biggest possible space, to be Facebook for your business. So for those skeptical if theyll hear a similar story again in one years time? One 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. 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. as well as other partner offers and accept our. Who is bad man. Who comes. Who pays back. The way to sit here was not a simple process. You may get in touch with him by calling his office phone. Domos even setting up its own investment fund to put $50 million into supporting its new ecosystem. 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. WebThere have been a lot of places where Josh James Domo has shared his phone number. Who is invested. 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. Who is victor. Who is sorry. Who is welcomed. 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. Domo said: Domo, Inc. (Nasdaq: DOMO) today announced a leadership transition, effective immediately, that leverages the breadth and depth of the companys existing talent to promote continued growth.. Investors should stay away from this IPO. In addition to its revenue growth, Domo continues to add new features and capabilities to its analytics platform. Who is missed. "It's been a real challenge for business leaders over the past two years, starting with the pandemic and now heading into geopolitical instability," he said. Its been a huge blessing for my family personally because weve had to end up using it, Stephan said. But Domo seems to have rebounded, with the company reportingbetter-than-expected first-quarter results on Thursday. I look forward to seeing the next generation of management take Domos performance to the next level.. He previously founded Omniture, an online data analytics service that he sold to Adobe in 2009 for $1.8 billion. Who steps up. 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 signs. 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. With John Pestanas appointment, the size of the Board will increase from seven to eight members. Who is confident. If we werent able to do IVF, we wouldnt be able to have a family at all.. Domo doesnt expect to take a short-term hit to its own revenue from the shift as it will primarily bring in new customers, says James, who adds that Domos revenue retention is as high as 200%, meaning customers are spending $2 for every $1 the previous year, a high mark for enterprise software. Despite James' apparent reluctance to sell, analysts still think Domo is an attractive acquisition for big tech companies. James has also shown signs in the last several months of being at least open to discussions about a possible acquisition. Workday co-CEO Aneel Bhusri to leave post, SPS Commerce CEO Archie Black leaves post, Workiva CEO Marty Vanderploeg leaves post. Whos obsolete. Who is up. Who is successor. Who deserves it. Read the full story in the exechange report 10.2022 ($). Domo has $100 million in bookings under contract and is growing at a rate of 100%, says James. Who is a bigwig. Seeing other people do it that are from similar backgrounds and similar situations makes you believe that you can do it too,James said. Who suffers. Josh James received $537,000 in salary, bonus and other compensation last year; but it looks like he may have pocketed more with these side deals. Who stands by. Who tumbles. Keep up to date with Michael Hiltzik. 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. The board may require Pestana to to be recused, or may restrict his access to information, in connection with any future proposals from James, the agreement adds. Whos old. In addition to trying to promote equal representation in positions of leadership, the Silicon Slopes nonprofit also strives to help Utah in other ways. "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. Customers have been happy, and we have more juice coming, James says. 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 excites. 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. White House cyber plan would hold software companies liable for attacks, TikTok to set default daily time limit of 60 minutes for minors, TikTok faces bans in a number of countries over security fears. Now Utahs tech sector is booming. Who commands. , which announced an $80 million fund in December. The Salt Lake Tribune, Inc. is a 501(c)(3) public charity and contributions are tax In the agreement related to his departure as CEO, James agreed to vote in favor of the election of boards nominees for director and against the removal of any board member at Domos 2022 annual meeting. 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. Subscription revenue, key for the cloud-native analytics vendor, represented 85% of total fourth-quarter revenue and was up 19% year over year, and for the full year represented 86% of total revenue and was up 21% year over year. Who decides. Editors note This story is available to Salt Lake Tribune subscribers only. Who is chief. (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. Domo BI update includes app development, multi-cloud Domo management expansion signals strategic shift. Who is vested. (Domo actually is part of the Salt Lake City regions Silicon Slope, one of several regional offshoots of Silicon Valley.). Again. The companys stock registration disclosure shows that it hasnt been able to get ahead of its expenses. Required fields are marked *. Its accumulated deficit as of April 30 is more than $803 million. The business intelligence company is burning cash at an alarming rate, and has limited cash on hand. Says James: Haters gonna hate., This is a BETA experience. Who is sorted out. In pink tops and white pants, women celebrate free period products becoming available in Utahs state buildings, Proposal to boost Utah bar licenses gets smaller with another round of cuts by lawmakers, Moab, Park City cry foul as Utah lawmakers target rules for vacation homes. Editor in Chief Lisi Merkley is majoring in both journalism and Spanish. What makes Utah companies different is there are so many families.. 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. To accomplish this, James has invited his employees families to Halloween parties at the office and tailgates for BYU vs. Utah games. Who is gone. Domo, the $2.28 billion Utah-based startup that's been promising an IPO for years, may finally be making a move. sltrib.com 1996-2023 The Salt Lake Tribune. John Pestana is a distinguished entrepreneur, Co-Founder and CEO of ObservePoint. I suspect Mellor's style will be different, and it probably makes sense for him to have a different style.". Who goes ahead. Heres a list, Dr. Simi is thrown at pop stars including Dua Lipa and Rosala. Access your favorite topics in a personalized feed while you're on the go. and Aruba during the Annual Partner Awards Ceremony held at Sydneys Doltone House on 1 December 2022. Its so important that we highlight women and minorities that are having success so that everyone sees that success, James said. 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. Cookie Preferences But the time may be finally be right. Who obeys. Josh James is on Facebook. As Domo offered 9.2 million shares at $21 apiece (slightly above the mid-point of its $19-$21 price range), the gross proceeds were $193 million. Domo reported that its total revenue has been increasing; for the fiscal years that ended on Jan. 31, its 2020 revenue was $173.4 million, its 2021 revenue was $210.2 million and its 2022 revenue was $258 million. Who distributes. (The menu does look delicious, but there must be caterers in American Fork, Utah, that arent owned by the boss, remarked Shira Ovide of Bloomberg). Who is major. However, users may SharePoint Syntex is Microsoft's foray into the increasingly popular market of content AI services. James says the skepticism of potential public investors and those who might doubt Domos high valuation or size is misplaced. Salesforce just spent $15.3 billion on Tableau in its biggest deal ever, meaning it might be disinclined to write another large check for a similar company, Wang notes. Who fights for money. Thats the downside of how James has structured his company. It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. Defeating Ransomware With Recovery From Backup. Domo declined to comment on potential M&A activity. Who is silent. 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. Josh James Domo; Founder/CEO Omniture Founder/CEO Orem, UT. During his time as a BYU student, Josh James would sit with his friends on a bench not far from Y Mountain and look down at the businesses and new homes in the valley below. The company competes (to varying degrees) against software giants such as SAP, Microsoft and Oracle, in addition to smaller niche players such as Domo. Who presides. And full-year revenue also increased from 23%, going from $210 million at the end of January 2021 to $258 million at the end of January 2022. On the other hand, Constellation analyst Wang thinks that neither Salesforce nor Amazon Web Services may be especially inclined to buy. Who is praised. 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. It was profitable and already kicking off $100m a year in cash flow.". Who is honored. Who is a follower. All Rights Reserved. Competition in the business intelligence and analytics space has become especially fierce in recent years, making it increasingly important for companies in this space to invest extensively in sales and marketing (S&M) to acquire new customers. whole slew of other business-intelligence tools. 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. 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. Likewise, Henschen said Domo is in good hands with its new CEO and COO. Who is groomed. Obviously, youth are attracted to tech, and because of that youth, we have a very tech-savvy state.. Who is in quest. To be fair, investors had reason to believe in James at the start. In October 2018, BYU strategy professor Jeff Dyer invited James to speak at the BYU Strategy Professionals Conference because Dyer said James knows how to start companies, how to get attention to those companies and how to recruit. Who has headwind. He chalked this up to Utah being known at the time for having multi-level marketing companies as well as skincare companies, but James saw that Utah had the potential to become a tech powerhouse. Stay up to date with what you want to know. 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. "I am extremely optimistic about our future and the horsepower of the entire Domo team," he said in a release about the personnel moves. Copyright 2010 - 2023, TechTarget 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. But they werent the only ones demanding action under the Gold Dome. In 2015, Domo burst onto the scene with little warning. James recounted hearing Jonathan Coons, the CEO and co-founder of 1-800 Contacts, speak at BYU about his experience running a successful company shortly after graduation and thought he could do the same thing with Omniture. Domo, +2 more Who has a vote. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. 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. Hes willing to go against convention and try new things, and thats not always easy.. Who exits. As one analyst recently told Business Insider, Domo is "one of those companies that it's kind of surprising that it hasn't been acquired yet." We keep you up to date on the latest CEO changes. "He's intelligent and knowledgeable about the market and has helped lead the company to this point in its growth," Menninger said. Pestana, the CEO and co-founder of Utah software company ObservePoint, has now joined the Domo board, according to the company announcement, increasing its size from seven members to eight. 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. James now wishes he kept the company independent, a source close to the company said. Who repeats. 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 is an enemy. Domo is led by its charismatic founder CEOJosh James, who previously founded Omniture and sold it to Adobe for over $1 billion in 2009. 6:32 p.m.: This post has been updated with the companys declining to comment on its registration statement. Industry analyst Ray Wang of Constellation Research identified SAP and Google as potential acquirers, while other names that have come up include Amazon Web Services and Salesforce. Domos new fund to invest in partners follows a playbook established by other would-be business ecosystem leaders like 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. one analyst recently told Business Insider, Business Insider's homepage for more stories. In an attempt to boost the tech sectors visibility in Utah, he created a group called the Internet Roundtable in 1999. reported 10% as part of a $30 million cost-saving plan, better-than-expected first-quarter results on Thursday, the company was in the spotlight amid the crisis. James has been talking about this IPO since 2015. the company reported better-than-expected first-quarter earnings despite the coronavirus crisis. It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. 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. She previously served as president and Chief Executive Officer at Banyan, a SaaS company, and is currently a venture partner at Pelion Venture Partners. Who leaves late. 2018 is already shaping up to be a good year for enterprise tech IPOs with Dropbox now public and Pluralsight,Zuora, DocuSign, SmartSheet, and Pivotal all filing their paperwork and waiting in the wings. A glance through Domo Technologies IPO filing raises several red flags. He's known for being a motivational speaker and an expert salesman, sometimes compared to Salesforce founder Marc Benioff. Narayen kept pressing, and two months later, James relented and formal acquisition talks began. Similarly, David Menninger, an analyst at Ventana Research, said James' departure was a surprise but not evidence of any problems at Domo. 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. I kind of ran it by myself with people from our company for about 10 years, he said. Who serves. Back then, James also talked about a five-year process to integrate data sources in a card-based system; he even announced new funding. Who leaves early. Kristin Murphy, Deseret News 8of 9 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. He is nowadays dwelling in the most prosperous town in the world, that is not his hometown. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. 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. For more than two years, the company has been leasing a private jet owned by a partnership called JJ Spud, which is controlled by James, at a rate of $3,276 per flight hour. Contact Ashley Stewart via email atastewart@businessinsider.com, message her on Twitter @ashannstew, or send her a secure message through Signal at 425-344-8242. Josh James became CEO of the Company in 2010. Please enable Strictly Necessary Cookies first so that we can save your preferences! We had the youngest and most educated population in the country, James said. 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. He would apparently prefer that Domo builds a tech empire of its very own: He's always "wanted to prove he's not just a founder, but a CEO," said a source who works for a Domo competitor. Who has a say. Who is hired. That placed Domo instantly in the community of unicorns, start-ups ostensibly worth $1 billion or more. Our net loss was $13.6 million, up from $9.8 million a year ago and our net loss per share was $0.41.

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