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. EPS and Revenue estimates are for the next 12 months. 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. And the picture confronting would-be buyers is not pretty. 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 days most visible group was Mothers Demand Action, members of which crowded the halls in a sea of red as they advocated lawmakers for gun control measures. "He's intelligent and knowledgeable about the market and has helped lead the company to this point in its growth," Menninger said. But James has been heavily disinclined to sell, two banking sources told Business Insider. 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. Who steps back. Who helps. Catherine Wong, VP Product at Domo, talks about leadership and what motivates her. Who reigns. Who kicks back. 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 wants to go. His seventh book, Iron Empires: Robber Barons, Railroads, and the Making of Modern America, has just been published by Houghton Mifflin Harcourt. 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. 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. Who fights for honor. The board also will not expand in size without James consent, during the term of the agreement. With two legislative days remaining until 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. I'm certainly not opposed to selling the company. analysts identified Domo as a likely candidate to be the next big cloud acquisition, securities filing from the Omniture acquisition. Josh founded Domo in 2010 with the mission of transforming business by 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. I sold Omniture when we felt like we should have sold Omniture and it was the right time.". Whos obsolete. Who is in quest. 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 benefits. 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. Who resigns. Who has tailwind. Centered around Domos own app, Domo Mobile, it includes an app store of business tools and partners (think 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. If we werent able to do IVF, we wouldnt be able to have a family at all.. James invested a couple million dollars into Silicon Slopes and dedicated himself to making it take off. Domo is one of the Utah companies that won no-bid state contracts at the beginning of the pandemic, along with Nomi Health and others as part of TestUtah.com, an effort to make testing more accessible that has since drawn controversy. (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). The acquisitions of Tableau and Looker prove that data analytics is a hot market, with Domo as one of the last large independent companies. Who sits. Who steps down. 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. Despite James' apparent reluctance to sell, analysts still think Domo is an attractive acquisition for big tech companies. This wouldnt be acceptable even if Domo were going gangbusters. James now wishes he kept the company independent, a source close to the company said. 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. Other than trying to prove Utahs force in the tech industry, James Silicon Slopes initiative has changed the way businesses work, especially when it comes to diversity. Who is victim. (exechange) Silicon Slopes, Utah, March 1, 2022 Josh James, chief executive of Domo, leaves. With John Pestanas appointment, the size of the Board will increase from seven to eight members. Our net loss was $13.6 million, up from $9.8 million a year ago and our net loss per share was $0.41. 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 question not being answered in the registration statement is: Whats the upside? Who regrets. That placed Domo instantly in the community of unicorns, start-ups ostensibly worth $1 billion or more. Can Domo Effectively Compete With Tableau In The Near Term? The company first publicly announced its platform in 2015. I look forward to seeing the next generation of management take Domos performance to the next level.. Who is zero. "Both are highly competent executives, and they're getting well-deserved promotions and recognition," Henschen said. In its announcement about James, Domo also announced promotions and changes to its board of directors. You also can contact with him through Facebook, twitter and email. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. Who is well. 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 Currently, there is a lot of positive discussion and criticism about him. A review of GOEO board meetings showed Clark recused herself from the discussion over approving the Domo incentives. 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 exits. Who stumbles. Slack NOW WATCH: What coronavirus stress is doing to your brain and body. (Domo actually is part of the Salt Lake City regions Silicon Slope, one of several regional offshoots of Silicon Valley.). 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." About Press Copyright Contact us Creators Advertise Developers Follow @hiltzikm on Twitter, see his Facebook page, or email michael.hiltzik@latimes.com. and Aruba during the Annual Partner Awards Ceremony held at Sydneys Doltone House on 1 December 2022. 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. Thank you for supporting local journalism. It shows a company that is deeply in the red and burning through cash so fast that if it cant stage its IPO by August or borrow millions, it will have to shrink drastically conceivably, reading between the lines, to nothing. Sign up for notifications from Insider! Who tumbles. A look at Domo's collaboration chat tools, Buzz. 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. Investors should stay away from this IPO. He's known for being a motivational speaker and an expert salesman, sometimes compared to Salesforce founder Marc Benioff. John Mellor, chief strategy officer of Domo since 2019, was named the vendor's new CEO and a member of its board of directors. Who hurts. Who leaves for good. James has resigned as CEO of Domo. Who is refunded. 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. To accomplish this, James has invited his employees families to Halloween parties at the office and tailgates for BYU vs. Utah games. Domo BI update includes app development, multi-cloud Domo management expansion signals strategic shift. 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. Who is blamed. Facebook gives people the power to share and makes the world more open and connected. It was the second biggest SaaS company after Salesforce and was on pace to do a robust $500m in revenue. From the start, James said he had no doubts that his web analytics company, Omniture, would be successful. Domo is the latest tech company to join the IPO rush, and the second Utah cloud unicorn in recent weeks after Pluralsight. Stay up to date with what you want to know. Who is under. 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. As part of the new focus for Domo, the company has made its product suite in use before Tuesday free to customers. "I hadn't heard any rumors of him stepping down," he said. ( 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 distributes. He was also the co-founder of Omniture, which was acquired by Adobe in 2009. Who loses. Access your favorite topics in a personalized feed while you're on the go. 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. All rights reserved. This arrangement can work when control is placed in the hands of a genuinely visionary and effective founder. Likewise, Henschen said Domo is in good hands with its new CEO and COO. 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 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. Can religion save us from Artificial Intelligence? Who is minor. Josh James Domo; Founder/CEO Omniture Founder/CEO Orem, UT. The way to sit here was not a simple process. All Rights Reserved. Weve been working five years for this, to create the worlds first business cloud, says James, who founded Domo in 2010. 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. Youve got to embrace what makes you different, James said. Within days, James was working from his hospital bed. Who is chief. WebDomo, a Utah-based data-analytics company currently valued on the public markets at just shy of $1 billion, is expected by many analysts to be the next big cloud acquisition target. Who is at eye level. Who departs. Got a tip? Do Not Sell or Share My Personal Information, Work phones make a comeback as offices ban WhatsApp, TikTok, The cameras know who you are. Who is over. Who is groomed. Who is vested. How to assess the Push-out Score: a 10-step guide. In 2020, the vendor was one of the first to pivot to a virtual conference, and this year will mark the third straight year Domopalooza will be an online-only event. 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. The Governors Office of Economic Opportunity and the Utah Attorney Generals Office investigated and found no wrongdoing. Who speaks. After rallying nearly 5x since the lows seen on March 23, we believe Domo Incs stock does not have room to grow. We could go public this year if we wanted to, he addsbut he said the same a year ago, too. Whos number 1. Last year was the big reveal, until it wasnt. 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. 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. In 2015, Domo burst onto the scene with little warning. How Much Can Domo Grow Its Revenues In The Coming Years? Cookie Preferences Josh James, Domo's founder, stepped down Monday from his positions as CEO, chairman and member of the vendor's board of directors. Required fields are marked *. Eventually, others joined the cause, including other tech CEOs from around the state. Who serves. Kristin Murphy, Deseret News 8of 9 Who bows out. Seeing other people do it that are from similar backgrounds and similar situations makes you believe that you can do it too,James said. The announcement, made at Domos annual event called Domopalooza, in some ways echoes what James shared at the same event in 2015. Who is gone. Defeating Ransomware With Recovery From Backup. 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. James has also shown signs in the last several months of being at least open to discussions about a possible acquisition. Who leaves. Who is first. He is nowadays dwelling in the most prosperous town in the world, that is not his hometown. Please enable Strictly Necessary Cookies first so that we can save your preferences! Box When its ERP system became outdated, Pandora chose S/4HANA Cloud for its business process transformation. This has led him to achieve the position of one of the richest persons in the world. Who crumbles. This introduction explores What is media asset management, and what can it do for your organization? Who pays. Says James: Haters gonna hate., This is a BETA experience. See DAM systems offer a central repository for rich media assets and enhance collaboration within marketing teams. 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. Josh James has stepped down as the companys CEO, Chairman and as a director. Who can say it? 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. But sources tell Business Insider the company's CEO Josh James, who has majority voting power, is reluctant to sell despite encouragement from bankers. People called it an "insta-unicorn,"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. All values as of most recently reported quarter unless otherwise noted. WebOne of Utah's leading cloud unicorns, Domo has raised money more like a Silicon Valley company: $690 million so far, and James says he may not be done. Who fights for money. 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.. Major stock exchanges are starting to look askance at dual-class stock structures that vest supermajority control in individuals or small groups. James has been talking about this IPO since 2015. Replacing James as CEO and joining the American Fork companys board of directors is John Mellor, 55, Domos chief strategy officer since 2019. This website uses cookies so that we can provide you with the best user experience possible. 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. James might be at the top of Silicon Slopes now, but he hasnt forgotten how his time at BYU allowed him to see that students like him could start successful companies. 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, Ready to drive increased productivity with faster pc performance? 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. Different people have different leadership styles. 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. The announcement follows a decline in Domo Inc.s share price of 35% since March 2021. Who pays back. Bigger businesses that want administrative support and oversight will be able to try those tools for 60 days before paying. Domo, +2 more Domo is led by its charismatic founder CEOJosh James, who previously founded Omniture and sold it to Adobe for over $1 billion in 2009. Who sees green. Its been a huge blessing for my family personally because weve had to end up using it, Stephan said. Who stands by. Who is at rest. Who is dismissed. 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. Who presides. Some of James pronouncements from a year ago havent quite panned out. 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." Who fits. Who is selected. Who soothes. Who is ousted. He called Nehal Raj, a principal at TPG, which was on the point of agreeing to lead a new round of funding for WebThere have been a lot of places where Josh James Domo has shared his phone number. Who excites. It would have been helpful as a small What makes Utah companies different is there are so many families.. Your email address will not be published. "The question will be what his style is as CEO. Who is a follower. 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. Regardless of Domo's newly-solid footing, however, it's long been eyed as a potential takeover target. Join Facebook to connect with Josh James and others you may know. Now Utahs tech sector is booming. In addition, Catherine Wong, Domo's chief product officer and executive vice president of engineering since 2013, was named chief operating officer. 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 packs in. 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. In the company news release, James said he was very excited for Domos future under Mellors stewardship as the new CEO. 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. 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. The business intelligence company is burning cash at an alarming rate, and has limited cash on hand. James says the skepticism of potential public investors and those who might doubt Domos high valuation or size is misplaced. 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. Now they want to use AI to find your friends too. Who is successor. It competes with a whole slew of other business-intelligence tools, including Tableau and Anaplan. Why not us?. Who has to go. Whos out. Clearly, Josh James was a big personality. Its Class A common stock has 40 votes per share, and its Class B common stock has one vote per share. Similarly, David Menninger, an analyst at Ventana Research, said James' departure was a surprise but not evidence of any problems at Domo. Prior to Domo, James was best known for selling his previous company Omniture to Adobe for $1.8 billion in 2009. Thats a problem for Domo, because the rise of passive investments keyed to stock indexes means that many investors wont be buying its stock. 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. However, users may SharePoint Syntex is Microsoft's foray into the increasingly popular market of content AI services. James has served on the board of directors of various privately held and public companies. His concentration, dedication, and hard work have assisted him to get this position. Who decides. 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. With the IPO filing on June 1, however, the curtain has opened on Domos performance. Meanwhile, Domo frequently partners with SAP-owned Qualtrics, which is also headquartered in the Provo, Utah area. sltrib.com 1996-2023 The Salt Lake Tribune. Who is last. 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. I think thats one of the things that distinguishes Josh James. 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. Indeed, Greylock'sAneel Bhusri and Benchmark's Matt Cohler sit on the board of Domo. 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. (Credit: Domo). The company held its "organizational meeting" last week, which is a first step as a company files the IPO paperwork, Recode'sTheodore Schleifer reported. (Sydnee Gonzalez) 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. Now, years later, James is one of the visionaries behind Silicon Slopes, the cluster of technology startups that started in Utah County. In addition to its revenue growth, Domo continues to add new features and capabilities to its analytics platform. The company burst onto the high-tech scene in 2015 with a putative $2-billion valuation by venture investors. He has some kind of unconventional rules, Dyer said about James business strategy. In fact, that confidence led him to drop out of BYU only a few classes shy of graduation. Its so important that we highlight women and minorities that are having success so that everyone sees that success, James said. 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. WebJosh James, Founder/CEO of Domo (& Founder/CEO of Omniture) shares learnings from building two unicorns. But they werent the only ones demanding action under the Gold Dome. Who wins. the company reported better-than-expected first-quarter earnings despite the coronavirus crisis. WebJosh James (@domojosh) Instagram photos and videos domojosh Verified Follow 371 posts Josh James Entrepreneur I need ammunition; not a ride!! Who goes behind. Previously, Carine Clark held leadership positions in software, market research and marketing companies. Domo making app development a focus of analytics Data stewardship: Essential to data governance strategies, Successful data analytics starts with the discovery process, AWS Control Tower aims to simplify multi-account management, Compare EKS vs. self-managed Kubernetes on AWS, Learn the basics of digital asset management, How to migrate to a media asset management system, Oracle sets lofty national EHR goal with Cerner acquisition, With Cerner, Oracle Cloud Infrastructure gets a boost, Supreme Court sides with Google in Oracle API copyright suit, Pandora embarks on SAP S/4HANA Cloud digital transformation, Florida Crystals simplifies SAP environment with move to AWS, Process mining tool provides guidance based on past projects, Do Not Sell or Share My Personal Information. 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. 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. Who is sorry. Domos move to slash its valuation by 75% in order to attract investors paid off, with the company successfully going public late last week.
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