Major stock exchanges are starting to look askance at dual-class stock structures that vest supermajority control in individuals or small groups. 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. (exechange) Silicon Slopes, Utah, March 1, 2022 Josh James, chief executive of Domo, leaves. Who resigns. James has served on the board of directors of various privately held and public companies. Josh founded Domo in 2010 with the mission of transforming business by How to assess the Push-out Score: a 10-step guide. reported 10% as part of a $30 million cost-saving plan, better-than-expected first-quarter results on Thursday, the company was in the spotlight amid the crisis. 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 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. 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. Durling has served as Chief Information and Digital Enablement Officer at Vivint Smart Home Inc. since early 2017. It is backed by some heavy hitters includingBlackRock, Greylock and Benchmark. Who mourns. We are using cookies to give you the best experience on our website. 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. Domo just went public - insiders tell us that CEO Josh James Follow him on Twitter at twitter.com/hiltzikm and on Facebook at facebook.com/hiltzik. Who is fired. Domo offers cloud software for "business intelligence and analytics." Domo said: Domo, Inc. (Nasdaq: DOMO) today announced a leadership Who is up. Who leaves early. Please enable Strictly Necessary Cookies first so that we can save your preferences! Domos new fund to invest in partners follows a playbook established by other would-be business ecosystem leaders like I think thats one of the things that distinguishes Josh James. 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. James now wishes he kept the company independent, a source close to the company said. Who is an enemy. 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. whole slew of other business-intelligence tools. 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. Silicon Slopes: Qualtrics CEO says Everything I got came from "I obviously have an aligned and substantial interest in Domo doing well, and I'll continue to be the biggest curator.". Who deserves it. Who helps. 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. 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. Who wins. In a shuffling of its board of directors, Carine Clark, who joined the board in 2019, was appointed as executive chair. 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. Follow her on Twitter @elisynkay. 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. 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 reigns. In his own companies, James values hiring the right people and helping them love their jobs. 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. 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. Josh James Do Not Sell or Share My Personal Information, Work phones make a comeback as offices ban WhatsApp, TikTok, The cameras know who you are. What makes Utah companies different is there are so many families.. Similarly, David Menninger, an analyst at Ventana Research, said James' departure was a surprise but not evidence of any problems at Domo. He currently serves on the board of a newly organized special purpose acquisition company. Who sits. 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. You can find out more about which cookies we are using or switch them off in settings. Box Some of James pronouncements from a year ago havent quite panned out. Who does well. 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. Josh James is on Facebook. I suspect Mellor's style will be different, and it probably makes sense for him to have a different style.". 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. Who recovers. 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. With the IPO filing on June 1, however, the curtain has opened on Domos performance. Cookie Preferences Sign up for notifications from Insider! 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. Your email address will not be published. The acquisitions of Tableau and Looker prove that data analytics is a hot market, with Domo as one of the last large independent companies. AWS, meanwhile, rarely makes large acquisitions, preferring instead to build technology in-house as much as possible, Wang said. Stay up to date with what you want to know. Josh James Who tumbles. As Domo offered 9.2 million shares at $21 apiece (slightly above the mid-point of its $19-$21 price range), the gross proceeds were $193 million. To subscribe, click here. From the start, James said he had no doubts that his web analytics company, Omniture, would be successful. 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. In the first quarter ended April 30, it lost another $45.5 million on revenue of $32 million. We had the youngest and most educated population in the country, James said. Who soothes. 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 distributes. 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. Domo Domo CEO Josh James says his company's move Tuesday to a freemium model and new app ecosystem are the result of a big five-year reveal while announcing $130 million in new funding. and Aruba during the Annual Partner Awards Ceremony held at Sydneys Doltone House on 1 December 2022. 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. 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. Replacing James as CEO and joining the American Fork companys board of directors is John Mellor, 55, Domos chief strategy officer since 2019. "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. Our net loss was $13.6 million, up from $9.8 million a year ago and our net loss per share was $0.41. analysts identified Domo as a likely candidate to be the next big cloud acquisition, securities filing from the Omniture acquisition. 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. Who is last. James has resigned as CEO of Domo. Who leaves. Who lies. Who is at C-level. Donate to the newsroom now. Domo CEO Josh James steps down, John Mellor promoted Why Are Domo's Valuation Multiples So Much Lower Than Those Of Other Cloud Companies? 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. Weve been working five years for this, to create the worlds first business cloud, says James, who founded Domo in 2010. The startup from Silicon Slopes, Utah, is turning heads with He has some kind of unconventional rules, Dyer said about James business strategy. Who suffers. In fact, that confidence led him to drop out of BYU only a few classes shy of graduation. Who gives up. Who can say it? Who has to go. Who is selected. Bankers have informally approached James with encouragement to sell Domo,but James has rebuffed the idea, the two banking sources say. 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. (Sydnee Gonzalez) Who kicks back. Who is sorted out. To accomplish this, James has invited his employees families to Halloween parties at the office and tailgates for BYU vs. Utah games. Who is first. Who has tailwind. Josh James has stepped down as the companys CEO, Chairman and as a director. Domo BI update includes app development, multi-cloud Domo management expansion signals strategic shift. 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. Who sees green. Domo has $100 million in bookings under contract and is growing at a rate of 100%, says James. Investors should stay away from this IPO. 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. 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. All rights reserved. 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. (Domo actually is part of the Salt Lake City regions Silicon Slope, one of several regional offshoots of Silicon Valley.). 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. Youve got to embrace what makes you different, James said. Sign up for notifications from Insider! Who earns it. 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, Who is welcomed. Who is shamed. This wouldnt be acceptable even if Domo were going gangbusters. Why Domo's IPO Valuation Is Down Over 75% From Its Last Funding Round, Domo's Rumored $2 Billion Valuation Looks Steep Given Operating Metrics, Competition, Utah Unicorn Domo Files To Go Public, Latest Tech Startup To Cash In On IPO Rush, American Dream Leadership Series #3: Catherine Wong, DOMO, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Centered around Domos own app, Domo Mobile, it includes an app store of business tools and partners (think Domo is the latest tech company to join the IPO rush, and the second Utah cloud unicorn in recent weeks after Pluralsight. 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. (Credit: Domo). Who packs out. A Domo spokesperson declined comment. SAP seems like a likely suitor. This website uses cookies so that we can provide you with the best user experience possible. Eventually, others joined the cause, including other tech CEOs from around the state. Who is groomed. Who goes behind. Shares closed more than 10% higher on Friday, sending its market cap up to about $925 million quadruple what it was at its 52-week low. Who stumbles. It took me four years to get rid of liquidation preferences at Omniture, says James, referring to provisions that often guarantee later investors get paid a certain amount or receive additional shares at an IPO. It isnt. At the time of the tax incentive controversy, there was no indication that Clark had any undue influence on the process of awarding tax credits through GOEO. Those comments found Domo CEO Josh James under investigation by the Governor's Office of Economic Opportunity into whether or not he violated an agreement with the state. Who fights for money. It shows a company that is deeply in the red and burning through cash so fast that if it cant stage its IPO by August or borrow millions, it will have to shrink drastically conceivably, reading between the lines, to nothing. Heres a list, Dr. Simi is thrown at pop stars including Dua Lipa and Rosala. The company competes (to varying degrees) against software giants such as SAP, Microsoft and Oracle, in addition to smaller niche players such as Domo. Read the full story in the exechange report 10.2022 ($). Privacy Policy Who is there. No, I don't want to sell, but there's the reality of also having to face whatever is taking place with your ability to execute out there in the marketplace. 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 is minor. Who designs. Who speaks. Who comes. 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. He added: "Do I want to sell? In its last fiscal year ended Jan. 31, Domo lost $176.6 million on revenue of $108.5 million. Who has headwind. 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 Whos number 1. Can Domo Effectively Compete With Tableau In The Near Term? Who commands. Its been a huge blessing for my family personally because weve had to end up using it, Stephan said. Who assists. sltrib.com 1996-2023 The Salt Lake Tribune. Seeing other people do it that are from similar backgrounds and similar situations makes you believe that you can do it too,James said. Join Facebook to connect with Josh James and others you may know. James said that hearing from families who have benefitted from a program he approved is one of the best parts of his job. The IPO wont change that materially. We face intense competition, and we may not be able to compete effectively. Who is a bigwig. Slack 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. Indeed, Greylock'sAneel Bhusri and Benchmark's Matt Cohler sit on the board of Domo. 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. Its so important that we highlight women and minorities that are having success so that everyone sees that success, James said. Domo also announced that the Board of Directors has elected Carine Clark as Executive Chair and appointed John Pestana as a new independent director. Who obeys. Who is vested. His concentration, dedication, and hard work have assisted him to get this position. Who has a say. BlackRock, Greylock and Benchmark. WebJosh James, Founder and CEO, Domo. Who congratulates. Domo founder and CEO Josh James began his keynote last year with a group of dancing ninjas. You may opt-out by, Covering venture capital, cloud and startups, BOX CEO Aaron Levie Talks Trump, Tech, And How To Stay Nimble As A Public Software Company, 5 Ways Machine Learning Has Influenced The Modern Cloud, How Digital Disruption Transcends Industry Borders, The 3 Tech Buzzwords Every CEO Should Know, Google Cloud Shakes Up Its Customer Support To Bring Its Engineers To Customers, Microsoft And NVIDIA Announce HGX-1 Platform Standard For AI/ML Cloud Computing, GitHub Overhauled Its Pricing Plans Because Customers Now Want The Cloud, Box Uses API Lego-Style Brick Theory To Connect More Data, Weve been working five years for this, to create the worlds first business cloud,, I dont need to do this, I just have got to find the biggest possible space, to be Facebook for your business., Weve been working five years for this, to create the worlds first business cloud,, I dont need to do this, I just have got to find the biggest possible space, to be Facebook for your business.. Likewise, Henschen said Domo is in good hands with its new CEO and COO. Who serves. Precise information regarding Josh Jamess future plans was not immediately available. Who steps down. 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. Defeating Ransomware With Recovery From Backup. Can religion save us from Artificial Intelligence? Domo Josh James, center of recent controversy over Utah tax Who is missed. Save my name, email, and website in this browser for the next time I comment. 2023 Forbes Media LLC. NOW WATCH: What coronavirus stress is doing to your brain and body. Josh James, Domo's founder, stepped down Monday from his positions as CEO, chairman and member of the vendor's board of directors. The show is one of Telemundo's most ambitious projects to date. Domo also announced it has raised $131 million in new funding from a mix of billionaire founders and With two legislative days remaining until John Mellor, chief It hit a $2 billion valuation by 2016, before many people had even heard of it. Who is a leader. See DAM systems offer a central repository for rich media assets and enhance collaboration within marketing teams. Currently, there is a lot of positive discussion and criticism about him. 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. Keep up to date with Michael Hiltzik. EPS and Revenue estimates are for the next 12 months. 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. 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? Thats a problem for Domo, because the rise of passive investments keyed to stock indexes means that many investors wont be buying its stock. It was profitable and already kicking off $100m a year in cash flow.". Keeping this cookie enabled helps us to improve our website. 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. Members of the public flooded the State Capitol again on Tuesday. Salesforce just spent $15.3 billion on Tableau in its biggest deal ever, meaning it might be disinclined to write another large check for a similar company, Wang notes. Domo Is a Prime M&A Target, but Its CEO Doesn't Want to Sell: Who topples. When that didnt work, he changed tactics. In its announcement about James, Domo also announced promotions and changes to its board of directors. 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. Josh James Domo When its ERP system became outdated, Pandora chose S/4HANA Cloud for its business process transformation. Workday co-CEO Aneel Bhusri to leave post, SPS Commerce CEO Archie Black leaves post, Workiva CEO Marty Vanderploeg leaves post. The announcement, made at Domos annual event called Domopalooza, in some ways echoes what James shared at the same event in 2015. Within days, James was working from his hospital bed. Who decides. Who is ousted. as well as other partner offers and accept our. 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. It would have been helpful as a small Who accepts. Who is dismissed. Prior to Domo, James was best known for selling his previous company Omniture to Adobe for $1.8 billion in 2009. 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 invested. Who is Who. Who is successful. Domo Technologies became the latest tech unicorn to reveal its plans to go public over recent months, as the business intelligence company filed for an IPO with the SEC recently. Who departs. Who presides. 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. A look at Domo's collaboration chat tools, Buzz. 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. Who means well. Josh James, Founder and CEO, Domo - Josh James 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. BlackRock Who is at rest. "Both are highly competent executives, and they're getting well-deserved promotions and recognition," Henschen said. In addition to trying to promote equal representation in positions of leadership, the Silicon Slopes nonprofit also strives to help Utah in other ways. The announcement follows a decline in Domo Inc.s share price of 35% since March 2021. Who pays. 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. "It is a fact that in some cases for some companies it makes sense to join forces with an acquirer.". Use Forbes logos and quotes in your marketing. He was also the co-founder of Omniture, which was acquired by Adobe in 2009. Who is replaced. In an attempt to boost the tech sectors visibility in Utah, he created a group called the Internet Roundtable in 1999. 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. Catherine Wong, VP Product at Domo, talks about leadership and what motivates her. "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.". Mercato Partners Commends Portfolio Company Domo and CEO Josh James on Successful IPO PRESS RELEASE PR Newswire Jul. 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. Pre-IPO, James has 91.7% of the votes. 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. Nelson Mullins - Gold Dome Report Legislative Day 25 Who keeps going. Who is familiar. Who wants to go. Los Angeles Times columnist Michael Hiltzik writes a daily blog appearing on latimes.com. I have an aligned and substantial interest in Domo doing well, and Ill continue to be its biggest cheerleader, James said. 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. Who is chief. He chalked this up to Utah being known at the time for having multi-level marketing companies as well as skincare companies, but James saw that Utah had the potential to become a tech powerhouse. Ready to drive increased productivity with faster pc performance? (Credit: Rebecca Ricks/Domo). 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 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. Narayen kept pressing, and two months later, James relented and formal acquisition talks began. 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. I'm certainly not opposed to selling the company.