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The By clicking Sign up, you agree to receive marketing emails from Insider Who is a leader. Who is a bigwig. Who is Who. 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. "He's intelligent and knowledgeable about the market and has helped lead the company to this point in its growth," Menninger said. Now Utahs tech sector is booming. Read the full story in the exechange report 10.2022 ($). But sources tell Business Insider the company's CEO Josh James, who has majority voting power, is reluctant to sell despite encouragement from bankers. Catherine Wong, Domos chief product officer and executive vice president of engineering since 2013, was promoted to chief operating officer. 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. Required fields are marked *. Who soothes. "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 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. James said his company was so advanced that we dont really have a competitor yet.. To be fair, investors had reason to believe in James at the start. Who gives up. 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. Domo also announced that the Board of Directors has elected Carine Clark as Executive Chair and appointed John Pestana as a new independent director. 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. From sales rep productivity to gross renewal rate, Domo CFO Bruce Felt highlights which company metrics to track when budgeting during todays macro uncertainty. Says James: Haters gonna hate., This is a BETA experience. Who betrays. Josh James is an American entrepreneur, founder and former CEO of Domo, a software-as-a-service (SaaS) company. The business intelligence software firm Domo Inc. announced a surprise leadership change today, naming John Mellor its new chief executive officer. Pre-IPO, James has 91.7% of the votes. 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. Hes also a sign of a crisis, ChatGPT who? 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. Domos new fund to invest in partners follows a playbook established by other would-be business ecosystem leaders like Hes willing to go against convention and try new things, and thats not always easy.. Who stumbles. AWS, meanwhile, rarely makes large acquisitions, preferring instead to build technology in-house as much as possible, Wang said. Who sees green. Facebook gives people the power to share and makes the Why not us?. 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. Who is sad. 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. 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. With John Pestanas appointment, the size of the Board will increase from seven to eight members. (Credit: Domo). Who is invested. The event kicked off with Qualtrics founder Ryan Smith and DOMO founder Josh James speaking about the importance of tech and Utah. "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. Thank you for supporting local journalism. 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. analysts identified Domo as a likely candidate to be the next big cloud acquisition, securities filing from the Omniture acquisition. 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 deserves it. 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. Who is not named. If we werent able to do IVF, we wouldnt be able to have a family at all.. Who is under. Who is hostile. Josh James $2 billion startup Domo just made a big reveal. Data is no longer a currency only to be banked, but is the fuel that drives the business, it said in its recently filed annual report. He was also the co-founder of Omniture, which was acquired by Adobe in 2009. John Mellor, chief (The company declined to comment on the registration statement.). The startup from Silicon Slopes, Utah, is turning heads with James invested a couple million dollars into Silicon Slopes and dedicated himself to making it take off. Catherine Wong, VP Product at Domo, talks about leadership and what motivates her. Whos old. Weve been lying to everybody about what we wanted to do, says James. 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, Donate to the newsroom now. Different people have different leadership styles. Who is first. 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. sltrib.com 1996-2023 The Salt Lake Tribune. 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. 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." Who obeys. Meanwhile, Domo frequently partners with SAP-owned Qualtrics, which is also headquartered in the Provo, Utah area. 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. It is backed by some heavy hitters includingBlackRock, Greylock and Benchmark. How Much Can Domo Grow Its Revenues In The Coming Years? Its Class A common stock has 40 votes per share, and its Class B common stock has one vote per share. Slack Who is blamed. With two legislative days remaining until 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 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." Whos in. Who kicks back. Who is last. Who leaves. A Domo spokesperson declined comment. 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. Who leaves early. Save my name, email, and website in this browser for the next time I comment. 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. Who signs. What makes Utah companies different is there are so many families.. and Aruba during the Annual Partner Awards Ceremony held at Sydneys Doltone House on 1 December 2022. 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. 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 known for being a motivational speaker and an expert salesman, sometimes compared to Salesforce founder Marc Benioff. Who is host. Privacy Policy I dont need to do this, I just have got to find the biggest possible space, to be Facebook for your business. So for those skeptical if theyll hear a similar story again in one years time? He added: "Do I want to sell? Who steps up. Who recovers. Who has to go. 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. Then theres the 88% voting control vested in Snap co-founders Evan Spiegel and Bobby Murphy; heres betting that many investors who bought into the story that they needed impregnable authority to build their company wish theyd thought twice, now that the stock is trading at less than half the $24.48 at which it closed on the day of its IPO, some 13 months ago. Who resigns. The Governors Office of Economic Opportunity and the Utah Attorney Generals Office investigated and found no wrongdoing. In the company news release, James said he was very excited for Domos future under Mellors stewardship as the new CEO. Josh James is on Facebook. Domo said: Josh James has stepped down as the companys CEO, Chairman and as a director., Domo further said: Mr. Total revenue increased 23%, from just under $57 million during the fourth quarter ended Jan. 31, 2021, to nearly $70 million during the most recent quarter. , Salesforce, Tableau and the like), that allows customers to pull from any of the 1,000 apps to see whatever they want. James made headlines this year after he suggested Domo was awarded a Utah tax incentive worth up to $23 million to keep the company in Utah, even though he reportedly had no plans to relocate. Investors should stay away from this IPO. 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 says what. 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. 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 also said, "I didn't sell Omniture too early. Who keeps going. Major stock exchanges are starting to look askance at dual-class stock structures that vest supermajority control in individuals or small groups. I look forward to seeing the next generation of management take Domos performance to the next level.. 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. Josh Jamess duties as CEO will be taken over by John Mellor, most recently Chief Strategy Officer at Domo Inc. Josh Jamess move coincides with a management shake-up also involving the position of Chief Operating Officer. Within days, James was working from his hospital bed. Who leaves for good. Who is sorry. Who congratulates. Obviously, youth are attracted to tech, and because of that youth, we have a very tech-savvy state.. Domos even setting up its own investment fund to put $50 million into supporting its new ecosystem. Who is dismissed. The way to sit here was not a simple process. In a shuffling of its board of directors, Carine Clark, who joined the board in 2019, was appointed as executive chair. There are several important variables within the Amazon EKS pricing model. 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.. In the first quarter ended April 30, it lost another $45.5 million on revenue of $32 million. Who benefits. Who chairs. Who has a vote. "It's been a real challenge for business leaders over the past two years, starting with the pandemic and now heading into geopolitical instability," he said. He also previously co-founded and served as CEO of Omniture, a web analytics company. Who is at eye level. James has been talking about this IPO since 2015. 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. Who means well. He called Nehal Raj, a principal at TPG, which was on the point of agreeing to lead a new round of funding for The IPO wont change that materially. 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. "It is a fact that in some cases for some companies it makes sense to join forces with an acquirer.". 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. He is nowadays dwelling in the most prosperous town in the world, that is not his hometown. Josh and his team built it into a mature, meaningful, standalone business after running it for thirteen years and three years as a public company. Who is family. , which announced an $80 million fund in December. Who is a follower. Similarly, David Menninger, an analyst at Ventana Research, said James' departure was a surprise but not evidence of any problems at Domo. Whos number 2. Who is familiar. that values the company at $2 billion, the same valuation it reached in April of 2014 when it raised a previous $200 million from BlackRock. Who packs out. (function($) {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. Thats a problem for Domo, because the rise of passive investments keyed to stock indexes means that many investors wont be buying its stock. Join Facebook to connect with Josh James and others you may know. 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. 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. 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. She hopes to continue reporting after graduation. 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. He has some kind of unconventional rules, Dyer said about James business strategy. 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. 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. All values as of most recently reported quarter unless otherwise noted. 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. 2023 Forbes Media LLC. WebThere have been a lot of places where Josh James Domo has shared his phone number. Likewise, Henschen said Domo is in good hands with its new CEO and COO. It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. 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. Who is gone. On the other hand, Constellation analyst Wang thinks that neither Salesforce nor Amazon Web Services may be especially inclined to buy. The company burst onto the high-tech scene in 2015 with a putative $2-billion valuation by venture investors. Domo offers cloud software for "business intelligence and analytics." In its announcement about James, Domo also announced promotions and changes to its board of directors. Customers have been happy, and we have more juice coming, James says. Most recently, the vendor added collaborative development capabilities in September 2021 and launched a more efficient version of Domo Everywhere, its embedded analytics platform, in June 2021. Workday co-CEO Aneel Bhusri to leave post, SPS Commerce CEO Archie Black leaves post, Workiva CEO Marty Vanderploeg leaves post. Domo said: Domo, Inc. (Nasdaq: DOMO) today announced a leadership Los Angeles Times columnist Michael Hiltzik writes a daily blog appearing on latimes.com. 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 fits. ( 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 is missed. Who stands by. Bigger businesses that want administrative support and oversight will be able to try those tools for 60 days before paying. Who is an enemy. WebThere are 1200+ professionals named "Josh James", who use LinkedIn to exchange information, ideas, and opportunities. Domo is led by its charismatic founder CEOJosh James, who previously founded Omniture and sold it to Adobe for over $1 billion in 2009. Cookie Preferences Who is honored. Who fights for money. James owned nearly all of Domo's voting power at the time of the company's IPO in June 2018. Who is major. 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 business intelligence software industry is intensively competitive, with players having to constantly innovate and differentiate their features in order to attract and retain customers. In fact, that confidence led him to drop out of BYU only a few classes shy of graduation. Who topples. James says the skepticism of potential public investors and those who might doubt Domos high valuation or size is misplaced. Its accumulated deficit as of April 30 is more than $803 million. Join Facebook to connect with Josh James and others you may know. "The question will be what his style is as CEO. Domo Technologies has attracted a lot of scrutiny over recent weeks for its relatively weak financial condition as it heads into an IPO. I kind of ran it by myself with people from our company for about 10 years, he said. The company competes (to varying degrees) against software giants such as SAP, Microsoft and Oracle, in addition to smaller niche players such as Domo. To subscribe, click here. We keep you up to date on the latest CEO changes. Facebook gives people the power to share and makes the world more open and connected. Who has tailwind. 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. 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. In a demo for Forbes the week before the announcement, James showed off the Domo Mobile apps card-based design that allows users to pick what charts and data they want to see the most and then arrange each as a card to toggle through within the app. "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. Who is hero. Who regrets. Narayen kept pressing, and two months later, James relented and formal acquisition talks began. as well as other partner offers and accept our. 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 hurts. SAP seems like a likely suitor. 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. Who heals. But the time may be finally be right. Josh James received $537,000 in salary, bonus and other compensation last year; but it looks like he may have pocketed more with these side deals. Who is confidant. Currently, there is a lot of positive discussion and criticism about him. (exechange) Silicon Slopes, Utah, March 1, 2022 Josh James, chief executive of Domo, leaves. A look at Domo's collaboration chat tools, Buzz. It was profitable and already kicking off $100m a year in cash flow.". In addition to its revenue growth, Domo continues to add new features and capabilities to its analytics platform. James has resigned as CEO of Domo. Your email address will not be published. But they werent the only ones demanding action under the Gold Dome. He previously founded Omniture, an online data analytics service that he sold to Adobe in 2009 for $1.8 billion. 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. Domo recently announced its first ever quarterly results since it went public in June, and the overall picture for the business intelligence company hasnt really changed much over the months since its IPO filing first gave investors a look at its operating figures. 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. Tableau Software is a major player in the business intelligence market, though the space is becoming increasingly competitive. Last year was the big reveal, until it wasnt. Copyright 2010 - 2023, TechTarget BlackRock Domo is the latest tech company to join the IPO rush, and the second Utah cloud unicorn in recent weeks after Pluralsight. It would have been helpful as a small 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.