Domo Technologies has attracted a lot of scrutiny over recent weeks for its relatively weak financial condition as it heads into an IPO. Domo acknowledges in its disclosure statement that Standard & Poors will be excluding companies with these structures from some of its indexes, and other index owners may follow suit. 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. The company held its "organizational meeting" last week, which is a first step as a company files the IPO paperwork, Recode'sTheodore Schleifer reported. That placed Domo instantly in the community of unicorns, start-ups ostensibly worth $1 billion or more. Who is groomed. Domo insiders say that CEO Josh James faced a sharp backlash, and eventually apologized, after telling a story at an all-hands meeting that made many My board doesnt want to call and ask about the data, he says. 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. Privacy Policy 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. 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 bows. Members of the public flooded the State Capitol again on Tuesday. Who speaks. Who means well. Weve been working five years for this, to create the worlds first business cloud, says James, who founded Domo in 2010. 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. In his own companies, James values hiring the right people and helping them love their jobs. 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 The However, in 2016, Domo insiders told Business Insider that some of the company's offerings were still somewhat immature at that point, and that the company tended toward hype, as many startups often do. Who is victor. Who is sad. Who betrays. To be fair, investors had reason to believe in James at the start. The IPO wont change that materially. Whos obsolete. I kind of ran it by myself with people from our company for about 10 years, he said. Again. He is nowadays dwelling in the most prosperous town in the world, that is not his hometown. Sign up and receive our free newsletter every Monday morning. "But I have to admit, I am always surprised when founders stay as long as James did.". Who can say it? NOW WATCH: What coronavirus stress is doing to your brain and body. There are several important variables within the Amazon EKS pricing model. Who is ousted. 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. 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? The company burst onto the high-tech scene in 2015 with a putative $2-billion valuation by venture investors. Who is there. Domo founder and CEO Josh James began his keynote last year with a group of dancing ninjas. 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. Domos even setting up its own investment fund to put $50 million into supporting its new ecosystem. Who departs. Who is fired. 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. Now, years later, James is one of the visionaries behind Silicon Slopes, the cluster of technology startups that started in Utah County. 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. Josh James has stepped down as the companys CEO, Chairman and as a director. ", He also said, "I didn't sell Omniture too early. To subscribe, click here. The company retained the tax benefit, known as Economic Development Tax Increment Financing. Who topples. Who is Who. Sign up for notifications from Insider! (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). Who goes through hell. Thank you for supporting local journalism. Who prompts. In disclosing risks, the annual report also notes that the way Domos common stock is structured in two classes concentrates voting control with James. Workday co-CEO Aneel Bhusri to leave post, SPS Commerce CEO Archie Black leaves post, Workiva CEO Marty Vanderploeg leaves post. Who is confident. Domos new fund to invest in partners follows a playbook established by other would-be business ecosystem leaders like Who is welcomed. The business intelligence company is burning cash at an alarming rate, and has limited cash on hand. A review of GOEO board meetings showed Clark recused herself from the discussion over approving the Domo incentives. Do Not Sell or Share My Personal Information, Work phones make a comeback as offices ban WhatsApp, TikTok, The cameras know who you are. The recent filing for an initial public offering by Utah-based software company Domo has been garnering a lot of attention lately, but not in a good way. He added: "Do I want to sell? 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." 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. SAP seems like a likely suitor. In fact, that confidence led him to drop out of BYU only a few classes shy of graduation. John Mellor, chief 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. (Domo actually is part of the Salt Lake City regions Silicon Slope, one of several regional offshoots of Silicon Valley.). Who is zero. Domo also announced that the Board of Directors has elected Carine Clark as Executive Chair and appointed John Pestana as a new independent director. (Credit: Domo). Who quits. the company reported better-than-expected first-quarter earnings despite the coronavirus crisis. With the IPO filing on June 1, however, the curtain has opened on Domos performance. Who deserves it. Follow her on Twitter @elisynkay. 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. James said that hearing from families who have benefitted from a program he approved is one of the best parts of his job. Who stands by. Who crumbles. Bigger businesses that want administrative support and oversight will be able to try those tools for 60 days before paying. Who is successful. Who is minor. Who serves. 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. "I am extremely optimistic about our future and the horsepower of the entire Domo team," he said in a release about the personnel moves. "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.". Who is a friend. (Sydnee Gonzalez) 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. James now wishes he kept the company independent, a source close to the company said. Who has the last word. Kristin Murphy, Deseret News 8of 9 Who steps up. A Domo spokesperson declined comment. (Credit: Rebecca Ricks/Domo). Josh James $2 billion startup Domo just made a big reveal. 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. A look at Domo's collaboration chat tools, Buzz. We face intense competition, and we may not be able to compete effectively. Josh James Domo; Founder/CEO Omniture Founder/CEO Orem, UT. Domo's IPO Proceeds Will Give It Runway Through 2019, But It May Need To Raise More Funding, Domo Richly Priced At Post-IPO Market Value. I'm certainly not opposed to selling the company. Who wants to go. Who sees red. 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. Different people have different leadership styles. 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. Within days, James was working from his hospital bed. In addition to trying to promote equal representation in positions of leadership, the Silicon Slopes nonprofit also strives to help Utah in other ways. 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. Domo CEO Josh James onstage at Domopalooza in 2015. Who is big kahuna. 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. 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. Keep up to date with Michael Hiltzik. 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. This arrangement can work when control is placed in the hands of a genuinely visionary and effective founder. ( 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 Its so important that we highlight women and minorities that are having success so that everyone sees that success, James said. Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. Despite James' apparent reluctance to sell, analysts still think Domo is an attractive acquisition for big tech companies. Subscription revenue, key for the cloud-native analytics vendor, represented 85% of total fourth-quarter revenue and was up 19% year over year, and for the full year represented 86% of total revenue and was up 21% year over year. 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. Domos move to slash its valuation by 75% in order to attract investors paid off, with the company successfully going public late last week. 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. Who is at eye level. Who has a vote. Keeping this cookie enabled helps us to improve our website. Bankers have informally approached James with encouragement to sell Domo,but James has rebuffed the idea, the two banking sources say. Who is at C-level. James has also shown signs in the last several months of being at least open to discussions about a possible acquisition. 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." It hit a $2 billion valuation by 2016, before many people had even heard of it. Read the full story in the exechange report 10.2022 ($). Thats a problem for Domo, because the rise of passive investments keyed to stock indexes means that many investors wont be buying its stock. I think thats one of the things that distinguishes Josh James. James said his company was so advanced that we dont really have a competitor yet.. James has resigned as CEO of Domo. "Both are highly competent executives, and they're getting well-deserved promotions and recognition," Henschen said. Who distributes. Who decides. Who is praised. "It is a fact that in some cases for some companies it makes sense to join forces with an acquirer.". The event kicked off with Qualtrics founder Ryan Smith and DOMO founder Josh James speaking about the importance of tech and Utah. Can Domo Effectively Compete With Tableau In The Near Term? "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. Prior to Domo, James was best known for selling his previous company Omniture to Adobe for $1.8 billion in 2009. 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. 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 has headwind. Who is sorry. He also previously co-founded and served as CEO of Omniture, a web analytics company. The companys stock registration disclosure shows that it hasnt been able to get ahead of its expenses. BlackRock, Greylock and Benchmark. 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. From sales rep productivity to gross renewal rate, Domo CFO Bruce Felt highlights which company metrics to track when budgeting during todays macro uncertainty. 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 leaves early. But sources tell Business Insider the company's CEO Josh James, who has majority voting power, is reluctant to sell despite encouragement from bankers. Seeing other people do it that are from similar backgrounds and similar situations makes you believe that you can do it too,James said. 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. Major stock exchanges are starting to look askance at dual-class stock structures that vest supermajority control in individuals or small groups. In its last fiscal year ended Jan. 31, Domo lost $176.6 million on revenue of $108.5 million. Who goes behind. With two legislative days remaining until 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. Domo, James current company, takes the data that his previous company, Omniture, was able to provide their clients and puts it in easily accessible formats. Who is dismissed. This is based on 32.8 million weighted average sales outstanding basic and diluted. 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. The terms for the new money, James says, were clean. 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. Who is vested. In the first quarter ended April 30, it lost another $45.5 million on revenue of $32 million. Who is blamed. Who is successor. 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 is over. Its accumulated deficit as of April 30 is more than $803 million. Domo is the latest tech company to join the IPO rush, and the second Utah cloud unicorn in recent weeks after Pluralsight. 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. Save my name, email, and website in this browser for the next time I comment. It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. Who designs. Domo also announced it has raised $131 million in new funding from a mix of billionaire founders and Despite the recent price drop, Domo still has highly optimistic growth expectations baked into its stock price. 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. 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. With John Pestanas appointment, the size of the Board will increase from seven to eight members. Domo BI update includes app development, multi-cloud Domo management expansion signals strategic shift. Consensus Price Target is the stock price analysts expect to see within a period of 0-18 months. 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. Wong has been at Domo since 2013 and has long guided Domo on the product side, he noted, and will "no doubt have a big and important role as COO.". 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. "I obviously have an aligned and substantial interest in Domo doing well, and I'll continue to be the biggest curator.". 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. sltrib.com 1996-2023 The Salt Lake Tribune. 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 is a follower. 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. 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. Catherine Wong, VP Product at Domo, talks about leadership and what motivates her. The announcement follows a decline in Domo Inc.s share price of 35% since March 2021. Josh James became CEO of the Company in 2010. Josh James is on Facebook. 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. Who earns it. The company competes (to varying degrees) against software giants such as SAP, Microsoft and Oracle, in addition to smaller niche players such as Domo. Who is sorted out. Who leaves late. 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. He was also the co-founder of Omniture, which was acquired by Adobe in 2009. Who suffers. The way to sit here was not a simple process. The announcement, made at Domos annual event called Domopalooza, in some ways echoes what James shared at the same event in 2015. Who is thrilled. Who is at rest. We are using cookies to give you the best experience on our website. Thats the downside of how James has structured his company. From Feb. 1, 2016 through last April 3, the bill has come to $1.8 million. , which announced an $80 million fund in December. 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. Who packs in. Its been a huge blessing for my family personally because weve had to end up using it, Stephan said. Who bows out. Who fights for honor. Domo declined to comment on potential M&A activity. 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. Los Angeles Times columnist Michael Hiltzik writes a daily blog appearing on latimes.com. When its ERP system became outdated, Pandora chose S/4HANA Cloud for its business process transformation. 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. All values as of most recently reported quarter unless otherwise noted. Domo has $100 million in bookings under contract and is growing at a rate of 100%, says James. 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. 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. Slack Who recovers. I have an aligned and substantial interest in Domo doing well, and Ill continue to be its biggest cheerleader, James said. Follow @hiltzikm on Twitter, see his Facebook page, or email michael.hiltzik@latimes.com. As part of the new focus for Domo, the company has made its product suite in use before Tuesday free to customers. Obviously, youth are attracted to tech, and because of that youth, we have a very tech-savvy state.. The new-look Domo is focused on the company'sjust-unveiledbusiness cloud. Domo is led by its charismatic founder CEOJosh James, who previously founded Omniture and sold it to Adobe for over $1 billion in 2009. 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. Who is up. Who commands. Who resigns. Who is host. Who is bad man. Domo said: Domo, Inc. (Nasdaq: DOMO) today announced a leadership 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. Who is in quest. Catherine Wong, Domos chief product officer and executive vice president of engineering since 2013, was promoted to chief operating officer. Who assists. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. James has served on the board of directors of various privately held and public companies. In pink tops and white pants, women celebrate free period products becoming available in Utahs state buildings, Proposal to boost Utah bar licenses gets smaller with another round of cuts by lawmakers, Moab, Park City cry foul as Utah lawmakers target rules for vacation homes. Stay up to date with what you want to know. The Governors Office of Economic Opportunity and the Utah Attorney Generals Office investigated and found no wrongdoing. Such incentives run from five to 20 years, enabling companies to earn a portion of the total refund every year if they meet goals specified in the incentive. Domo 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. It competes with a, NOW WATCH: Dropbox CEO talks about how he went from rejecting Steve Jobs to an $11 billion IPO. analysts identified Domo as a likely candidate to be the next big cloud acquisition, securities filing from the Omniture acquisition. James resigned his employment with the Company effective March 1, 2022.. 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. This wouldnt be acceptable even if Domo were going gangbusters. James attended Brigham Young University for three and a half years and studied entrepreneurship. Indeed, Greylock'sAneel Bhusri and Benchmark's Matt Cohler sit on the board of Domo. whole slew of other business-intelligence tools. Who mourns. 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. Who is chief. Why not us?. 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. Ready to drive increased productivity with faster pc performance? It is backed by some heavy hitters includingBlackRock, Greylock and Benchmark. Domo said: Domo, Inc. (Nasdaq: DOMO) today announced a leadership transition, effective immediately, that leverages the breadth and depth of the companys existing talent to promote continued growth.. Domo said: Josh James has stepped down as the companys CEO, Chairman and as a director., Domo further said: Mr. The company first publicly announced its platform in 2015. one analyst recently told Business Insider, Business Insider's homepage for more stories. Who is humbled.