The software company is considered one of Utahs few unicorns privately held startups valued at $1 billion or more though its finances raised questions when it went public in 2018. Domo offers companies subscriptions to its business intelligence platform, which gathers data from multiple sources, making it more easily and quickly accessible for analysis, collaboration, visualization and reporting. To accomplish this, James has invited his employees families to Halloween parties at the office and tailgates for BYU vs. Utah games. "It's easy to imagine James looking for a fresh start.". 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. Who betrays. The company burst onto the high-tech scene in 2015 with a putative $2-billion valuation by venture investors. 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. Who is missed. Who is up. , Salesforce, Tableau and the like), that allows customers to pull from any of the 1,000 apps to see whatever they want. Domo founder and CEO Josh James began his keynote last year with a group of dancing ninjas. 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. BlackRock, Greylock and Benchmark. Domo said: Josh James has stepped down as the companys CEO, Chairman and as a director., Domo further said: Mr. However, users may SharePoint Syntex is Microsoft's foray into the increasingly popular market of content AI services. In his own companies, James values hiring the right people and helping them love their jobs. This website uses cookies so that we can provide you with the best user experience possible. Domo offers cloud software for "business intelligence and analytics." James has been talking about this IPO since 2015. Who mourns. 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 Who leaves for good. Who is a friend. Its been really cool because it has allowed us to change the face of the state, James said. Who is praised. Who goes ahead. Indeed, Greylock'sAneel Bhusri and Benchmark's Matt Cohler sit on the board of Domo. Different people have different leadership styles. James has resigned as CEO of Domo. Who bows out. 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. The way to sit here was not a simple process. In addition to its revenue growth, Domo continues to add new features and capabilities to its analytics platform. 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. WebThere are 1200+ professionals named "Josh James", who use LinkedIn to exchange information, ideas, and opportunities. Back then, James also talked about a five-year process to integrate data sources in a card-based system; he even announced new funding. About Press Copyright Contact us Creators Advertise Developers "It is a fact that in some cases for some companies it makes sense to join forces with an acquirer.". Who goes behind. Why Domo's IPO Valuation Is Down Over 75% From Its Last Funding Round, Domo's Rumored $2 Billion Valuation Looks Steep Given Operating Metrics, Competition, Utah Unicorn Domo Files To Go Public, Latest Tech Startup To Cash In On IPO Rush, American Dream Leadership Series #3: Catherine Wong, DOMO, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. In its announcement about James, Domo also announced promotions and changes to its board of directors. Who wins. Who chairs. 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. James now wishes he kept the company independent, a source close to the company said. John Mellor, chief Who gives in. 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 is hired. Customers have been happy, and we have more juice coming, James says. Domo acknowledges in its disclosure statement that Standard & Poors will be excluding companies with these structures from some of its indexes, and other index owners may follow suit. Domo, +2 more It would have been helpful as a small Who leaves late. Sources tell Business Insider that James sees himself as a big name like Salesforce CEO Marc Benioff in the making, and has always wanted to prove he can be a successful CEO, not just a founder who sells his companies and Domo's recent rebound helps make the case for staying independent. Domo CEO Josh James says his company's move Tuesday to a freemium model and new app ecosystem are the result of a big five-year reveal while announcing $130 million in new funding. 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. 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. 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.. The company retained the tax benefit, known as Economic Development Tax Increment Financing. 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. Narayen kept pressing, and two months later, James relented and formal acquisition talks began. "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. 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. Domo offers cloud software for "business intelligence and analytics." 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. Ari Emanuel lets his AI alter ego open Endeavors earnings call, Sam Bankman-Fried increasingly isolated as another associate takes a plea deal. Who pays. We face intense competition, and we may not be able to compete effectively. Editors note This story is available to Salt Lake Tribune subscribers only. WebThere have been a lot of places where Josh James Domo has shared his phone number. Who speaks. Who steps back. Whos number 1. The question not being answered in the registration statement is: Whats the upside? On the other hand, Constellation analyst Wang thinks that neither Salesforce nor Amazon Web Services may be especially inclined to buy. Who is confidant. The startup from Silicon Slopes, Utah, is turning heads with (The company declined to comment on the registration statement.). Who leaves. Who is big kahuna. But Domo seems to have rebounded, with the company reportingbetter-than-expected first-quarter results on Thursday. 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. Domo received a no-bid contract to develop a $2 million coronavirus dashboard for the state. Who packs out. James resigned his employment with the Company effective March 1, 2022.. Hes willing to go against convention and try new things, and thats not always easy.. This is based on 32.8 million weighted average sales outstanding basic and diluted. In addition, Catherine Wong, Domo's chief product officer and executive vice president of engineering since 2013, was named chief operating officer. Bankers have informally approached James with encouragement to sell Domo,but James has rebuffed the idea, the two banking sources say. In the first quarter ended April 30, it lost another $45.5 million on revenue of $32 million. A Domo spokesperson declined comment. 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. But sources tell Business Insider the company's CEO Josh James, who has majority voting power, is reluctant to sell despite encouragement from bankers. (Sydnee Gonzalez) The company held its "organizational meeting" last week, which is a first step as a company files the IPO paperwork, Recode'sTheodore Schleifer reported. Who is gone. Domo's IPO Proceeds Will Give It Runway Through 2019, But It May Need To Raise More Funding, Domo Richly Priced At Post-IPO Market Value. Who is welcomed. 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. Who resigns. Domo Launches 'Business Cloud,' Makes Its Who is major. Defeating Ransomware With Recovery From Backup. Who stands by. His concentration, dedication, and hard work have assisted him to get this position. Meet Datanami 2021 Person to Watch Josh James Likewise, Henschen said Domo is in good hands with its new CEO and COO. Mercato Partners Commends Portfolio Company Domo and CEO Josh James on Successful IPO PRESS RELEASE PR Newswire Jul. Who sees green. Josh James (@domojosh) Instagram photos and videos Domo did not give an explicit reason for Josh Jamess departure from the CEO post. She previously served as president and Chief Executive Officer at Banyan, a SaaS company, and is currently a venture partner at Pelion Venture Partners. Whos number 2. 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 helps. 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. Editor in Chief Lisi Merkley is majoring in both journalism and Spanish. Who fights for money. 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." "He's intelligent and knowledgeable about the market and has helped lead the company to this point in its growth," Menninger said. The terms for the new money, James says, were clean. Many organizations struggle to manage their vast collection of AWS accounts, but Control Tower can help. You also can contact with him through Facebook, twitter and email. Utah wraps up investigation into Domo 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. Who is fired. Who is last. "I obviously have an aligned and substantial interest in Domo doing well, and I'll continue to be the biggest curator.". sltrib.com 1996-2023 The Salt Lake Tribune. Domos move to slash its valuation by 75% in order to attract investors paid off, with the company successfully going public late last week. James said that hearing from families who have benefitted from a program he approved is one of the best parts of his job. But they werent the only ones demanding action under the Gold Dome. 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. He also previously co-founded and served as CEO of Omniture, a web analytics company. Who commands. Save my name, email, and website in this browser for the next time I comment. Domo also has spent $600,000 for catering services from Cubbys Chicago Beef, which describes itself as a cute little sandwich and salad restaurant. Its owned by Josh James and his brother Cubby. Its Class A common stock has 40 votes per share, and its Class B common stock has one vote per share. Last year was the big reveal, until it wasnt. Domo Technologies became the latest tech unicorn to reveal its plans to go public over recent months, as the business intelligence company filed for an IPO with the SEC recently. Who is honored. Whos obsolete. 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. Joshua G. James, the Companys founder, served as the Companys chief executive officer and as a member of the Companys board of directors since 2010. Who heals. Domo being investigated by state over CEO's remarks 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. 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. Domo Technologies is no longer on the coveted list of unicorns, with the business intelligence company recently filing to go public at a valuation of roughly half a billion dollars. Catherine Wong, VP Product at Domo, talks about leadership and what motivates her. Durling has served as Chief Information and Digital Enablement Officer at Vivint Smart Home Inc. since early 2017. Who sits. Sign up for notifications from Insider! Please enable Strictly Necessary Cookies first so that we can save your preferences! WebJosh James, Founder and CEO, Domo. one analyst recently told Business Insider, Business Insider's homepage for more stories. The $200 million run rate he predicted in 2015? Domo also announced that the Board of Directors has elected Carine Clark as Executive Chair and appointed John Pestana as a new independent director. What makes Utah companies different is there are so many families.. Says James: Haters gonna hate., This is a BETA experience. (Credit: Domo). Domo The business intelligence company is burning cash at an alarming rate, and has limited cash on hand. Who regrets. The new system is Florida Crystals' consolidation of its SAP landscape to a managed services SaaS deployment on AWS has enabled the company to SAP Signavio Process Explorer is a next step in the evolution of process mining, delivering recommendations on transformation All Rights Reserved, Domo BI update includes app development, multi-cloud Domo management expansion signals strategic shift. Josh James $2 billion startup Domo just made a big reveal. Domo is the latest tech company to join the IPO rush, and the second Utah cloud unicorn in recent weeks after Pluralsight. "Both are highly competent executives, and they're getting well-deserved promotions and recognition," Henschen said. Despite the recent price drop, Domo still has highly optimistic growth expectations baked into its stock price. ( 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 Consensus Price Target is the stock price analysts expect to see within a period of 0-18 months. 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. Pre-IPO, James has 91.7% of the votes. All Rights Reserved. Domo chief takes unconventional path to build his firm and Silicon (Domo actually is part of the Salt Lake City regions Silicon Slope, one of several regional offshoots of Silicon Valley.). From the start, James said he had no doubts that his web analytics company, Omniture, would be successful. Budgeting Amid Todays Macro Uncertainty: Advice From a CFO, Telemundo Debuts El Domo Del Dinero, The First Original Reality Competition Shot In Its Own Studios, After 5x Recovery, Domo Has No More Room To Grow, The CIO-Plus Of Vivint Smart Home Named To The Board Of Domo. Domos new fund to invest in partners follows a playbook established by other would-be business ecosystem leaders like Its accumulated deficit as of April 30 is more than $803 million. Domo, the $2.28 billion Utah-based startup that's been promising an IPO for years, may finally be making a move. 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. Who scolds. It hit a $2 billion valuation by 2016, before many people had even heard of it. Domo insiders say that CEO Josh James faced a sharp backlash, and eventually apologized, after telling a story at an all-hands meeting that made many Who designs. 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. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. Who is doomed. Josh James Who presides. Now, years later, James is one of the visionaries behind Silicon Slopes, the cluster of technology startups that started in Utah County. Who crumbles. Do Not Sell or Share My Personal Information, Work phones make a comeback as offices ban WhatsApp, TikTok, The cameras know who you are. Youd think, Who owns that house,' or, Who owns that company,' James said. But that may not be the most disturbing aspect of the IPO filing. Who lies. In the company news release, James said he was very excited for Domos future under Mellors stewardship as the new CEO. This has led him to achieve the position of one of the richest persons in the world. Bigger businesses that want administrative support and oversight will be able to try those tools for 60 days before paying. Who accepts. When its ERP system became outdated, Pandora chose S/4HANA Cloud for its business process transformation. Youve got to embrace what makes you different, James said. How to assess the Push-out Score: a 10-step guide. To subscribe, click here. Who is refunded. Domo Technologies has attracted a lot of scrutiny over recent weeks for its relatively weak financial condition as it heads into an IPO. The pitch for Domo was that it would fill in some of the gaps in enterprise data analysis that Omniture had left open, providing access to real-time marketing information that would help CEOs run their companies more efficiently. Who is over. 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. 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. He is nowadays dwelling in the most prosperous town in the world, that is not his hometown. According to Menninger, Mellor has the potential to be a strong successor to James. The two bankers, who have worked with Domo in the past, told Business Insider that James has indicated he wanted Domo to stay independent. Domos even setting up its own investment fund to put $50 million into supporting its new ecosystem. Domo CEO Josh James Makes Embarassing Comments at Who is selected. Meanwhile, the company was in the spotlight amid the crisis, with Vice President Mike Pence highlighting the company's work with the Iowa state government to expand access to COVID-19 testing. Regardless of Domo's newly-solid footing, however, it's long been eyed as a potential takeover target. Who is there. 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. The company first publicly announced its platform in 2015. Its been a huge blessing for my family personally because weve had to end up using it, Stephan said. Who has headwind. Josh founded Domo in 2010 to transform the way CEOs and other executives manage their business and to help drive value from the tens Obviously, youth are attracted to tech, and because of that youth, we have a very tech-savvy state.. BlackRock "I hadn't heard any rumors of him stepping down," he said. 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. whole slew of other business-intelligence tools. Clearly, Josh James was a big personality. Who is thrilled. Who assists. 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. Who is a leader. The recent filing for an initial public offering by Utah-based software company Domo has been garnering a lot of attention lately, but not in a good way. He currently serves on the board of a newly organized special purpose acquisition company. Keep up to date with Michael Hiltzik. In its last fiscal year ended Jan. 31, Domo lost $176.6 million on revenue of $108.5 million. Josh James - Facebook I have an aligned and substantial interest in Domo doing well, and Ill continue to be its biggest cheerleader, James said. Who hurts. Who is Who. Sign up and receive our free newsletter every Monday morning. This means that Domo could be a benefit to just about any buyer. And the picture confronting would-be buyers is not pretty. Domo Announces Leadership Transition - Yahoo! At the companys annual event in Utah called Domopalooza, James and Domo announced a new mobile-based app store and "business cloud" and $130 million in additional funding that maintains its valuation at $2 billion. Utah tech companies facilitate Domo has $100 million in bookings under contract and is growing at a rate of 100%, says James. By clicking Sign up, you agree to receive marketing emails from Insider Carine Clark has been a director since March 2019 and has served as a member of the Audit Committee and as Chairperson of the Compensation Committee. Because of Domos fertility benefits, Stephan was able to successfully complete a round of in vitro fertilization and is currently in the second trimester of her pregnancy. Whos old. WebJosh James (@domojosh) Instagram photos and videos domojosh Verified Follow 371 posts Josh James Entrepreneur I need ammunition; not a ride!! That placed Domo instantly in the community of unicorns, start-ups ostensibly worth $1 billion or more. 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. Total Enterprise Value to Total Revenue (ttm). 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. ", He also said, "I didn't sell Omniture too early. Wang recently estimated that Domo could fetch a price tag as high as $1.5 billion in a potential acquisition. as well as other partner offers and accept our.