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. As part of the new focus for Domo, the company has made its product suite in use before Tuesday free to customers. The company competes (to varying degrees) against software giants such as SAP, Microsoft and Oracle, in addition to smaller niche players such as Domo. Josh James became CEO of the Company in 2010. 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. I look forward to seeing the next generation of management take Domos performance to the next level.. Who resigns. The company held its "organizational meeting" last week, which is a first step as a company files the IPO paperwork, Recode'sTheodore Schleifer reported. When its ERP system became outdated, Pandora chose S/4HANA Cloud for its business process transformation. He was also the co-founder of Omniture, which was acquired by Adobe in 2009. Why not us?. This introduction explores What is media asset management, and what can it do for your organization? I'm certainly not opposed to selling the company. In 2015, Domo burst onto the scene with little warning. The registration statement reveals that Domo will have a two-class stock structure, with Class A, owned entirely by James, granted 40 votes per share; Class B, owned by everyone else, will be granted one vote per share. "But I have to admit, I am always surprised when founders stay as long as James did.". Who lies. Who sees green. Who goes ahead. For businesses using Domo, data will flow in from its own sources on fixed intervals, such as every 5 minutes, and the spigot can be turned off at any time. Who steps down. 2023 Forbes Media LLC. Who is zero. Domo said: Josh James has stepped down as the companys CEO, Chairman and as a director., Domo further said: Mr. (Credit: Rebecca Ricks/Domo). Your email address will not be published. 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. Now Utahs tech sector is booming. Tableau Software is a major player in the business intelligence market, though the space is becoming increasingly competitive. 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. 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. 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." 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. But James has been heavily disinclined to sell, two banking sources told Business Insider. Who designs. 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. As data governance gets increasingly complicated, data stewards are stepping in to manage security and quality. Weve been lying to everybody about what we wanted to do, says James. 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. With the IPO filing on June 1, however, the curtain has opened on Domos performance. Who is at eye level. 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, the $2.28 billion Utah-based startup that's been promising an IPO for years, may finally be making a move. Who packs out. Domos even setting up its own investment fund to put $50 million into supporting its new ecosystem. Its Class A common stock has 40 votes per share, and its Class B common stock has one vote per share. Domo CEO Josh James onstage at Domopalooza in 2015. Who fits. Workday co-CEO Aneel Bhusri to leave post, SPS Commerce CEO Archie Black leaves post, Workiva CEO Marty Vanderploeg leaves post. Who goes behind. 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. 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. The announcement follows a decline in Domo Inc.s share price of 35% since March 2021. Now, years later, James is one of the visionaries behind Silicon Slopes, the cluster of technology startups that started in Utah County. Copyright 2010 - 2023, TechTarget Who wants to go. Domos using a hybrid cloud architecture to support the cloudand keep data secure for its customers, using some Amazon Web Services and some of its own data centers. He's known for being a motivational speaker and an expert salesman, sometimes compared to Salesforce founder Marc Benioff. 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." 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. Who fights for money. Josh James is on Facebook. Bankers have informally approached James with encouragement to sell Domo,but James has rebuffed the idea, the two banking sources say. 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. Similarly, David Menninger, an analyst at Ventana Research, said James' departure was a surprise but not evidence of any problems at Domo. Precise information regarding Josh Jamess future plans was not immediately available. 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 is left. Who is fired. Who has tailwind. Who is replaced. Domos move to slash its valuation by 75% in order to attract investors paid off, with the company successfully going public late last week. Who has a vote. Who soothes. 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. Stay up to date with what you want to know. The company faced hurdles early on in the coronavirus crisis, slashing its headcount by a reported 10% as part of a $30 million cost-saving plan, even as Morgan Stanley speculated that the situation might exacerbate some of Domo's pre-existing problems when it came to its closing deals. 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. Catherine Wong, Domos chief product officer and executive vice president of engineering since 2013, was promoted to chief operating officer. His seventh book, Iron Empires: Robber Barons, Railroads, and the Making of Modern America, has just been published by Houghton Mifflin Harcourt. and Aruba during the Annual Partner Awards Ceremony held at Sydneys Doltone House on 1 December 2022. Whos old. This website uses cookies so that we can provide you with the best user experience possible. 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. See DAM systems offer a central repository for rich media assets and enhance collaboration within marketing teams. "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. 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. 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. 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. In the company news release, James said he was very excited for Domos future under Mellors stewardship as the new CEO. From trying to get computer science classes in every school to improving air quality, James and the Silicon Slopes team is invested in making Utah a great place for people to work. Who is an enemy. Sign up and receive our free newsletter every Monday morning. 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. Who prompts. Who is good. But the time may be finally be right. Who wishes luck. But Domo seems to have rebounded, with the company reportingbetter-than-expected first-quarter results on Thursday. 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. With two legislative days remaining until 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. Thank you for supporting local journalism. Who is successor. Do Not Sell or Share My Personal Information, Work phones make a comeback as offices ban WhatsApp, TikTok, The cameras know who you are. James attended Brigham Young University for three and a half years and studied entrepreneurship. WebJosh James, Founder and CEO, Domo. Prior to Domo, James was best known for selling his previous company Omniture to Adobe for $1.8 billion in 2009. 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. From the start, James said he had no doubts that his web analytics company, Omniture, would be successful. The new-look Domo is focused on the company'sjust-unveiledbusiness cloud. About Press Copyright Contact us Creators Advertise Developers Replacing James as CEO and joining the American Fork companys board of directors is John Mellor, 55, Domos chief strategy officer since 2019. Domo Technologies has attracted a lot of scrutiny over recent weeks for its relatively weak financial condition as it heads into an IPO. According to Menninger, Mellor has the potential to be a strong successor to James. Total Enterprise Value to Total Revenue (ttm). Josh founded Domo in 2010 to transform the way CEOs and other executives manage their business and to help drive value from the tens Who is sad. Save my name, email, and website in this browser for the next time I comment. Who pays back. Who leaves early. Who sits. Domo also announced that the Board of Directors has elected Carine Clark as Executive Chair and appointed John Pestana as a new independent director. Please enable Strictly Necessary Cookies first so that we can save your preferences! In disclosing risks, the annual report also notes that the way Domos common stock is structured in two classes concentrates voting control with James. Who will be back. James owned nearly all of Domo's voting power at the time of the company's IPO in June 2018. Heres a list, Dr. Simi is thrown at pop stars including Dua Lipa and Rosala. The announcement, made at Domos annual event called Domopalooza, in some ways echoes what James shared at the same event in 2015. BlackRock Who loses. 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. Clearly, Josh James was a big personality. Who is down. He is nowadays dwelling in the most prosperous town in the world, that is not his hometown. With John Pestanas appointment, the size of the Board will increase from seven to eight members. Hes willing to go against convention and try new things, and thats not always easy.. 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. 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. 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. 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. And the picture confronting would-be buyers is not pretty. 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. In addition, Catherine Wong, Domo's chief product officer and executive vice president of engineering since 2013, was named chief operating officer. Josh James $2 billion startup Domo just made a big reveal. It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. It was profitable and already kicking off $100m a year in cash flow.". Regardless of Domo's newly-solid footing, however, it's long been eyed as a potential takeover target. Who distributes. Who is victor. Now they want to use AI to find your friends too. 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. You can find out more about which cookies we are using or switch them off in settings. (Credit: Domo). Currently, there is a lot of positive discussion and criticism about him. Who is at rest. You also can contact with him through Facebook, twitter and email. Who is confident. But they werent the only ones demanding action under the Gold Dome. Clark is a longtime tech executive and the current chair of the Go Utah Board, which serves as the board of directors to the Governors Office of Economic Opportunity. Who is major. He currently serves on the board of a newly organized special purpose acquisition company. Who is sorry. Who recovers. Who assists. Who is big kahuna. Who goes through hell. The James has been talking about this IPO since 2015. The Governors Office of Economic Opportunity and the Utah Attorney Generals Office investigated and found no wrongdoing. Who steps back. Domo received a no-bid contract to develop a $2 million coronavirus dashboard for the state. Youve got to embrace what makes you different, James said. Narayen kept pressing, and two months later, James relented and formal acquisition talks began. 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. 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. Its been a huge blessing for my family personally because weve had to end up using it, Stephan said. sltrib.com 1996-2023 The Salt Lake Tribune. 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. From Feb. 1, 2016 through last April 3, the bill has come to $1.8 million. 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 regrets. The show is one of Telemundo's most ambitious projects to date. The company retained the tax benefit, known as Economic Development Tax Increment Financing. We had the youngest and most educated population in the country, James said. 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. Who is dismissed. The Silicon Slopes nonprofit organization supports tech entrepreneurs statewide. Follow her on Twitter @elisynkay. Josh James Domo; Founder/CEO Omniture Founder/CEO Orem, UT. Cookie Preferences Who resigns. This has led him to achieve the position of one of the richest persons in the world. Who is there. Who deserves it. 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. 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. On the other hand, Constellation analyst Wang thinks that neither Salesforce nor Amazon Web Services may be especially inclined to buy. 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 WebThere have been a lot of places where Josh James Domo has shared his phone number. Kristin Murphy, Deseret News 8of 9 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. 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. 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. ( 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 Keeping this cookie enabled helps us to improve our website. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. Who stands by. Who scolds. There are several important variables within the Amazon EKS pricing model. The business intelligence software firm Domo Inc. announced a surprise leadership change today, naming John Mellor its new chief executive officer. "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 founder and CEO Josh James began his keynote last year with a group of dancing ninjas. Domo offers cloud software for "business intelligence and analytics." In fact, that confidence led him to drop out of BYU only a few classes shy of graduation. 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. This means that Domo could be a benefit to just about any buyer. Who is minor. Who is hero. 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. Donate to the newsroom now. 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. 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. 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.