Who accepts. 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. 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. 2023 Forbes Media LLC. 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). This website uses cookies so that we can provide you with the best user experience possible. 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. Mercato Partners Commends Portfolio Company Domo and CEO Josh James on Successful IPO PRESS RELEASE PR Newswire Jul. Can Domo Effectively Compete With Tableau In The Near Term? Facebook gives people the power to share and makes the world more open and connected. 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. (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. "Josh has said numerous times he would love to be running Domo when he's 70 years old; but he's also said numerous times he will always look at any acquisition offer that comes along as it is the responsibility that he has to shareholders," Domo spokeswoman Julie Kehoe said. He was resistant to making that deal at first: A securities filing from the Omniture acquisition shows James first declined Adobe CEO Shantanu Narayen's advances, saying he preferred to discuss "partnership opportunities." Domo being investigated by state over CEO's remarks Slack Who is a friend. Domo founder and CEO Josh James Domo Domo is led by its charismatic founder CEO Josh James, who previously founded Omniture and sold it to Adobe for over $1 billion in 2009. Follow her on Twitter @elisynkay. "It is a fact that in some cases for some companies it makes sense to join forces with an acquirer.". Who obeys. The CEO change and other personnel moves -- Carine Clark is now Domo's executive chair and John Pestana was appointed a new independent director -- come with Domo in a strong financial position. The announcement follows a decline in Domo Inc.s share price of 35% since March 2021. Nelson Mullins - Gold Dome Report Legislative Day 25 Got a tip? 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. Josh James is an American entrepreneur, founder and former CEO of Domo, a software-as-a-service (SaaS) company. Josh founded Domo in 2010 to transform the way CEOs and other executives manage their business and to help drive value from the tens The IPO wont change that materially. Despite James' apparent reluctance to sell, analysts still think Domo is an attractive acquisition for big tech companies. Who is last. How Josh James landed $125 million in funding from his Who has the last word. Who stumbles. Who goes through hell. 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. 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. 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. Wang recently estimated that Domo could fetch a price tag as high as $1.5 billion in a potential acquisition. A Domo spokesperson declined comment. 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. Who is honored. Who is big kahuna. Who leaves for good. Who is family. 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. NOW WATCH: What coronavirus stress is doing to your brain and body. Who lies. Who pays. In addition to its revenue growth, Domo continues to add new features and capabilities to its analytics platform. For the sake of comparison, Amazon took nine years to become profitable, Tesla 10 years and Salesforce didn't consistently begin reporting profits for 17 years. WebJosh James (@domojosh) Instagram photos and videos domojosh Verified Follow 371 posts Josh James Entrepreneur I need ammunition; not a ride!! 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. Who is victor. Domo has $100 million in bookings under contract and is growing at a rate of 100%, says James. We are using cookies to give you the best experience on our website. Who hurts. There are several important variables within the Amazon EKS pricing model. Josh James Domo; Founder/CEO Omniture Founder/CEO Orem, UT. The Silicon Slopes nonprofit organization supports tech entrepreneurs statewide. Who goes behind. Total Enterprise Value to Total Revenue (ttm). Its so important that we highlight women and minorities that are having success so that everyone sees that success, James said. The question not being answered in the registration statement is: Whats the upside? Your email address will not be published. Catherine Wong, Domos chief product officer and executive vice president of engineering since 2013, was promoted to chief operating officer. 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. But the time may be finally be right. Who is chief. 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. 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. 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. Who betrays. Who distributes. meaning that by the time the tech world was paying attention, investors had already poured enough money into it that it was valued at more than $1 billion. This means that Domo could be a benefit to just about any buyer. Domo names John Mellor as its new CEO, replacing founder Josh Josh James, who founded Utah-based tech company Domo in 2010 and earned more than $12.3 million there in 2021, resigned effective March 1, according to a company news release. 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. Now Utahs tech sector is booming. Who fits. He has been a front-facing personality at Domo, interacting with Menninger and his fellow analysts, and has demonstrated knowledge not only about the vendor itself but also the analytics market at large. Who resigns. Box Despite the recent price drop, Domo still has highly optimistic growth expectations baked into its stock price. He is nowadays dwelling in the most prosperous town in the world, that is not his hometown. It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. Its Class A common stock has 40 votes per share, and its Class B common stock has one vote per share. Josh James, who founded Utah-based tech company Domo in 2010 and earned more than $12.3 million there in 2021, resigned effective March 1, according to a James attended Brigham Young University for three and a half years and studied entrepreneurship. Donate to the newsroom now. Who chairs. 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. Who gives up. Earlier this year, analysts identified Domo as a likely candidate to be the next big cloud acquisition, especially after Salesforce bought Tableau, a major rival to the company, and Google snatched up the similar Looker. Who regrets. 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. Weve been lying to everybody about what we wanted to do, says James. James now wishes he kept the company independent, a source close to the company said. Now they want to use AI to find your friends too. 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. All Rights Reserved. A review of GOEO board meetings showed Clark recused herself from the discussion over approving the Domo incentives. Who heals. Domo Who is praised. Whos obsolete. From Feb. 1, 2016 through last April 3, the bill has come to $1.8 million. Who leaves early. I think thats one of the things that distinguishes Josh James. 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. Who is sad. Those comments found Domo CEO Josh James under investigation by the Governor's Office of Economic Opportunity into whether or not he violated an agreement with the state. Mellor Domo Launches 'Business Cloud,' Makes Its Now, James makes sure to give back to the school whenever he can, including speaking at events held by the Marriott School of Business and giving monetary donations to the Young Ambassadors program, who he performed with as a student. In the first quarter ended April 30, it lost another $45.5 million on revenue of $32 million. The terms for the new money, James says, were clean. Who is at C-level. "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. 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. 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. Editor in Chief Lisi Merkley is majoring in both journalism and Spanish. If we werent able to do IVF, we wouldnt be able to have a family at all.. By clicking Sign up, you agree to receive marketing emails from Insider Who serves. Domo offers cloud software for "business intelligence and analytics." (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). 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. Domo also announced it has raised $131 million in new funding from a mix of billionaire founders and Who has tailwind. 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. His seventh book, Iron Empires: Robber Barons, Railroads, and the Making of Modern America, has just been published by Houghton Mifflin Harcourt. Who packs in. 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. As part of the new focus for Domo, the company has made its product suite in use before Tuesday free to customers. Who is welcomed. Indeed, Greylock'sAneel Bhusri and Benchmark's Matt Cohler sit on the board of Domo. 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. Youve got to embrace what makes you different, James said. Domos new fund to invest in partners follows a playbook established by other would-be business ecosystem leaders like It's like digital asset management, but it aims for With its Cerner acquisition, Oracle sets its sights on creating a national, anonymized patient database -- a road filled with Oracle plans to acquire Cerner in a deal valued at about $30B. James invested a couple million dollars into Silicon Slopes and dedicated himself to making it take off. Josh James, who founded Utah-based tech company Domo in 2010 and earned more than $12.3 million there in 2021, resigned effective March 1, according to a He called Nehal Raj, a principal at TPG, which was on the point of agreeing to lead a new round of funding for Josh James Silicon Slopes: Qualtrics CEO says Everything I got came from "I obviously have an aligned and substantial interest in Domo doing well, and I'll continue to be the biggest curator.". Who helps. Whos number 1. Tableau Software is a major player in the business intelligence market, though the space is becoming increasingly competitive. John Pestana is a distinguished entrepreneur, Co-Founder and CEO of ObservePoint. Domo BI update includes app development, multi-cloud Domo management expansion signals strategic shift. Who is at rest. Domo CEO Josh James onstage at Domopalooza in 2015. This introduction explores What is media asset management, and what can it do for your organization? Who is familiar. 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. Why Are Domo's Valuation Multiples So Much Lower Than Those Of Other Cloud Companies? James said that hearing from families who have benefitted from a program he approved is one of the best parts of his job. I look forward to seeing the next generation of management take Domos performance to the next level.. Who tumbles. 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. Who has a say. Last year was the big reveal, until it wasnt. Domo declined to comment on potential M&A activity. But that may not be the most disturbing aspect of the IPO filing. James has also shown signs in the last several months of being at least open to discussions about a possible acquisition. Thats a problem for Domo, because the rise of passive investments keyed to stock indexes means that many investors wont be buying its stock. Likewise, Henschen said Domo is in good hands with its new CEO and COO. 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. The companys stock registration disclosure shows that it hasnt been able to get ahead of its expenses. When that didnt work, he changed tactics. Kristin Murphy, Deseret News 8of 9 A glance through Domo Technologies IPO filing raises several red flags. James said his company was so advanced that we dont really have a competitor yet.. Bigger businesses that want administrative support and oversight will be able to try those tools for 60 days before paying. In a shuffling of its board of directors, Carine Clark, who joined the board in 2019, was appointed as executive chair. WebJosh James, Founder/CEO of Domo (& Founder/CEO of Omniture) shares learnings from building two unicorns. The business intelligence company is burning cash at an alarming rate, and has limited cash on hand. BlackRock Domo is the latest tech company to join the IPO rush, and the second Utah cloud unicorn in recent weeks after Pluralsight. Domo whole slew of other business-intelligence tools. 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. 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. Who is shamed. This is based on 32.8 million weighted average sales outstanding basic and diluted. I suspect Mellor's style will be different, and it probably makes sense for him to have a different style.". In an attempt to boost the tech sectors visibility in Utah, he created a group called the Internet Roundtable in 1999. Who contributes. Defeating Ransomware With Recovery From Backup. Facebook gives people the power to share and makes the Who is groomed. Who speaks. Who has headwind. Catherine Wong, VP Product at Domo, talks about leadership and what motivates her. 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. 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. "It's easy to imagine James looking for a fresh start.". The board also will not expand in size without James consent, during the term of the agreement. Josh James - Facebook Again. Who exits. Meanwhile, Domo frequently partners with SAP-owned Qualtrics, which is also headquartered in the Provo, Utah area. Josh James.Domo.01 | Fortune 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. Thats the downside of how James has structured his company. 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 is not named. Its continuing net losses for those years were $125.7 million in 2020, $84.6 million in 2021 and $102.1 million in 2022. "I hadn't heard any rumors of him stepping down," he said. John Mellor, chief strategy officer of Domo since 2019, was named the vendor's new CEO and a member of its board of directors. Sign up and receive our free newsletter every Monday morning. Hes also a sign of a crisis, ChatGPT who? James has served on the board of directors of various privately held and public companies. "Digital transformation remains a massive opportunity and we are well positioned to help customers improve the millions of decisions and processes throughout their organizations with data.". Domo The company competes (to varying degrees) against software giants such as SAP, Microsoft and Oracle, in addition to smaller niche players such as Domo. 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. Josh James is on Facebook. "I am extremely optimistic about our future and the horsepower of the entire Domo team," he said in a release about the personnel moves. Who goes ahead. WebJosh James, Founder and CEO, Domo. Why not us?. Who does well. 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. See DAM systems offer a central repository for rich media assets and enhance collaboration within marketing teams. Who commands. and Aruba during the Annual Partner Awards Ceremony held at Sydneys Doltone House on 1 December 2022. 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. ", He also said, "I didn't sell Omniture too early. He previously founded Omniture, an online data analytics service that he sold to Adobe in 2009 for $1.8 billion. Who sits. 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. With the IPO filing on June 1, however, the curtain has opened on Domos performance. 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. Heres a list, Dr. Simi is thrown at pop stars including Dua Lipa and Rosala. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. Join Facebook to connect with Josh James and others you may know. 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." Domo Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. But Domo seems to have rebounded, with the company reportingbetter-than-expected first-quarter results on Thursday. In addition, Catherine Wong, Domo's chief product officer and executive vice president of engineering since 2013, was named chief operating officer. Join Facebook to connect with Josh James and others you may know. 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. Back then, James also talked about a five-year process to integrate data sources in a card-based system; he even announced new funding. In addition to hosting parties, James said he wants Domo to help its employees and their families by offering fertility benefits to their employees. The two bankers, who have worked with Domo in the past, told Business Insider that James has indicated he wanted Domo to stay independent. It hit a $2 billion valuation by 2016, before many people had even heard of it. Similarly, David Menninger, an analyst at Ventana Research, said James' departure was a surprise but not evidence of any problems at Domo. 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. Josh James is on Facebook. Who earns it. 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. Josh James, Founder and CEO, Domo - Josh James 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. AWS, meanwhile, rarely makes large acquisitions, preferring instead to build technology in-house as much as possible, Wang said. Bankers have informally approached James with encouragement to sell Domo,but James has rebuffed the idea, the two banking sources say. 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. The acquisitions of Tableau and Looker prove that data analytics is a hot market, with Domo as one of the last large independent companies. It is backed by some heavy hitters includingBlackRock, Greylock and Benchmark. Follow @hiltzikm on Twitter, see his Facebook page, or email michael.hiltzik@latimes.com. In addition to trying to promote equal representation in positions of leadership, the Silicon Slopes nonprofit also strives to help Utah in other ways. Your email address will not be published. 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.