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. Who has a vote. Clearly, Josh James was a big personality. The company retained the tax benefit, known as Economic Development Tax Increment Financing. This has led him to achieve the position of one of the richest persons in the world. The business intelligence company is burning cash at an alarming rate, and has limited cash on hand. Save my name, email, and website in this browser for the next time I comment. Who is confident. 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. Who is hostile. Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. Who crumbles. Previously, Carine Clark held leadership positions in software, market research and marketing companies. whole slew of other business-intelligence tools. Who will be back. Who pays. 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. It would have been helpful as a small Wang recently estimated that Domo could fetch a price tag as high as $1.5 billion in a potential acquisition. 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 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.". 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. Follow him on Twitter at twitter.com/hiltzikm and on Facebook at facebook.com/hiltzik. Despite the recent price drop, Domo still has highly optimistic growth expectations baked into its stock price. 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 a leader. Who is good man. Who steps up. Hes willing to go against convention and try new things, and thats not always easy.. Who means well. Who is ousted. 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. Again. 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. In James set-up, he showed off the different metrics needed for board meetings with his investors (but not too closely for FORBES to see all the data). It was the second biggest SaaS company after Salesforce and was on pace to do a robust $500m in revenue. Members of the public flooded the State Capitol again on Tuesday. He added: "Do I want to sell? Who can say it? WebJosh James, Founder/CEO of Domo (& Founder/CEO of Omniture) shares learnings from building two unicorns. Who reigns. (Domo actually is part of the Salt Lake City regions Silicon Slope, one of several regional offshoots of Silicon Valley.). Who soothes. Who contributes. But James has been heavily disinclined to sell, two banking sources told Business Insider. 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. "But I have to admit, I am always surprised when founders stay as long as James did.". 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. 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. You also can contact with him through Facebook, twitter and email. Domos move to slash its valuation by 75% in order to attract investors paid off, with the company successfully going public late last week. 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. Who is down. To subscribe, click here. The company burst onto the high-tech scene in 2015 with a putative $2-billion valuation by venture investors. Who is hired. Domo said: Domo, Inc. (Nasdaq: DOMO) today announced a leadership Who is invested. 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. From sales rep productivity to gross renewal rate, Domo CFO Bruce Felt highlights which company metrics to track when budgeting during todays macro uncertainty. James has served on the board of directors of various privately held and public companies. Who steps back. Total Enterprise Value to Total Revenue (ttm). In fact, that confidence led him to drop out of BYU only a few classes shy of graduation. The way to sit here was not a simple process. James has been talking about this IPO since 2015. He called Nehal Raj, a principal at TPG, which was on the point of agreeing to lead a new round of funding for Sign up for notifications from Insider! 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. He also previously co-founded and served as CEO of Omniture, a web analytics company. Who is sorted out. Editors note This story is available to Salt Lake Tribune subscribers only. 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. Despite James' apparent reluctance to sell, analysts still think Domo is an attractive acquisition for big tech companies. 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. All Rights Reserved. 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 keeps going. Regardless of Domo's newly-solid footing, however, it's long been eyed as a potential takeover target. The acquisitions of Tableau and Looker prove that data analytics is a hot market, with Domo as one of the last large independent companies. 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. BlackRock, Greylock and Benchmark. Who packs in. Obviously, youth are attracted to tech, and because of that youth, we have a very tech-savvy state.. Who packs out. With the IPO filing on June 1, however, the curtain has opened on Domos performance. Its continuing net losses for those years were $125.7 million in 2020, $84.6 million in 2021 and $102.1 million in 2022. Josh founded Domo in 2010 to transform the way CEOs and other executives manage their business and to help drive value from the tens With two legislative days remaining until ", He also said, "I didn't sell Omniture too early. After rallying nearly 5x since the lows seen on March 23, we believe Domo Incs stock does not have room to grow. Who fights for honor. Catherine Wong, VP Product at Domo, talks about leadership and what motivates her. Who is first. 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. (Sydnee Gonzalez) 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. This wouldnt be acceptable even if Domo were going gangbusters. Who stands by. Los Angeles Times columnist Michael Hiltzik writes a daily blog appearing on latimes.com. Use Forbes logos and quotes in your marketing. Your email address will not be published. , which announced an $80 million fund in December. 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 has to go. 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. About Press Copyright Contact us Creators Advertise Developers Who excites. 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 is the latest tech company to join the IPO rush, and the second Utah cloud unicorn in recent weeks after Pluralsight. Ari Emanuel lets his AI alter ego open Endeavors earnings call, Sam Bankman-Fried increasingly isolated as another associate takes a plea deal. 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. WebJosh James, Founder and CEO, Domo. 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. sltrib.com 1996-2023 The Salt Lake Tribune. Different people have different leadership styles. Who goes through hell. 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. AWS, meanwhile, rarely makes large acquisitions, preferring instead to build technology in-house as much as possible, Wang said. I'm certainly not opposed to selling the company. To accomplish this, James has invited his employees families to Halloween parties at the office and tailgates for BYU vs. Utah games. Who does well. John Mellor, chief As announced by Domo Inc. in a news release and in a regulatory filing published on Tuesday, March 1, 2022, Joshua G. (Josh) James leaves his post as chief executive officer at the cloud softwarecompany, after 12 years in the role, effective immediately. Who is good. From Feb. 1, 2016 through last April 3, the bill has come to $1.8 million. 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. 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. Prior to Domo, James was best known for selling his previous company Omniture to Adobe for $1.8 billion in 2009. This website uses cookies so that we can provide you with the best user experience possible. It is backed by some heavy hitters includingBlackRock, Greylock and Benchmark. Who comes. Pre-IPO, James has 91.7% of the votes. Who serves. In a shuffling of its board of directors, Carine Clark, who joined the board in 2019, was appointed as executive chair. I look forward to seeing the next generation of management take Domos performance to the next level.. Who is victim. 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. The Push-out Score determined by exechange gauges the pressure surrounding Josh Jamess move on a scale of 0 to 10. exechange reached out to Domo and offered the company the opportunity to comment on the score. 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? Who is shamed. "Digital transformation remains a massive opportunity and we are well positioned to help customers improve the millions of decisions and processes throughout their organizations with data.". Domo 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. NOW WATCH: What coronavirus stress is doing to your brain and body. Please enable Strictly Necessary Cookies first so that we can save your preferences! "The question will be what his style is as CEO. 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 a big wheel. The new-look, mobile-first Domo took 2.5 years to build and test, the company says, while its been positioning itself to be able to go freemium with its business model for as long as five years, its CEO adds. From 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. 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. Who is host. 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. Domo, the $2.28 billion Utah-based startup that's been promising an IPO for years, may finally be making a move. 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 is replaced. Who mourns. Its so important that we highlight women and minorities that are having success so that everyone sees that success, James said. 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. Seeing other people do it that are from similar backgrounds and similar situations makes you believe that you can do it too,James said. Who distributes. Josh James has stepped down as the companys CEO, Chairman and as a director. Who is left. Consensus Price Target is the stock price analysts expect to see within a period of 0-18 months. 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. Who is over. 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. It competes with a, NOW WATCH: Dropbox CEO talks about how he went from rejecting Steve Jobs to an $11 billion IPO. Who bows. Who is hero. Who is not named. The Silicon Slopes nonprofit organization supports tech entrepreneurs statewide. Competition in the business intelligence and analytics space has become especially fierce in recent years, making it increasingly important for companies in this space to invest extensively in sales and marketing (S&M) to acquire new customers. 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. Now they want to use AI to find your friends too. Josh James is an American entrepreneur, founder and former CEO of Domo, a software-as-a-service (SaaS) company. Eventually, others joined the cause, including other tech CEOs from around the state. The two bankers, who have worked with Domo in the past, told Business Insider that James has indicated he wanted Domo to stay independent. SAP seems like a likely suitor. "I am extremely optimistic about our future and the horsepower of the entire Domo team," he said in a release about the personnel moves. I used to waste three days prepping for a board meeting. Now, he says, board members can just check their phones at the end of a quarter or sales push and hit refresh. Who congratulates. It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. By clicking Sign up, you agree to receive marketing emails from Insider Our net loss was $13.6 million, up from $9.8 million a year ago and our net loss per share was $0.41. 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 loses. 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. (exechange) Silicon Slopes, Utah, March 1, 2022 Josh James, chief executive of Domo, leaves. Similarly, David Menninger, an analyst at Ventana Research, said James' departure was a surprise but not evidence of any problems at Domo. Who is silent. Who leaves early. 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 doomed. Another aspect of James management that should unnerve investors is his apparent predilection for using Domo as his personal piggy bank, with family members given drawdown rights. Domo Technologies has attracted a lot of scrutiny over recent weeks for its relatively weak financial condition as it heads into an IPO. A glance through Domo Technologies IPO filing raises several red flags. 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. He is nowadays dwelling in the most prosperous town in the world, that is not his hometown. 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. Who is an enemy. On the other hand, Constellation analyst Wang thinks that neither Salesforce nor Amazon Web Services may be especially inclined to buy. Who is under. WebThere have been a lot of places where Josh James Domo has shared his phone number. Who is at eye level. Now, years later, James is one of the visionaries behind Silicon Slopes, the cluster of technology startups that started in Utah County. Who betrays. 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 obeys. Who says what. Who exits. 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. Who is familiar. 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 bad. Who wins. "It's easy to imagine James looking for a fresh start.". Theres a chat feature called Buzz that allows employees to communicate about each piece in threaded conversations and a task management piece to track who should be doing what. Who is thrilled. Who is groomed. Who heals. as well as other partner offers and accept our. But they werent the only ones demanding action under the Gold Dome. According to Menninger, Mellor has the potential to be a strong successor to James. The business intelligence software industry is intensively competitive, with players having to constantly innovate and differentiate their features in order to attract and retain customers. As 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." Replacing James as CEO and joining the American Fork companys board of directors is John Mellor, 55, Domos chief strategy officer since 2019. 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. 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. The board also will not expand in size without James consent, during the term of the agreement. Who is major. Who hurts. How to assess the Push-out Score: a 10-step guide. Josh James Domo; Founder/CEO Omniture Founder/CEO Orem, UT. Copyright 2010 - 2023, TechTarget Who recovers. In disclosing risks, the annual report also notes that the way Domos common stock is structured in two classes concentrates voting control with James. Who speaks. Who sees red. Who is a friend. Who is last. John Pestana is a distinguished entrepreneur, Co-Founder and CEO of ObservePoint. EPS and Revenue estimates are for the next 12 months. Follow @hiltzikm on Twitter, see his Facebook page, or email michael.hiltzik@latimes.com. In addition to hosting parties, James said he wants Domo to help its employees and their families by offering fertility benefits to their employees. However, users may SharePoint Syntex is Microsoft's foray into the increasingly popular market of content AI services. Who commands. Who is minor. 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 Who is dismissed. James attended Brigham Young University for three and a half years and studied entrepreneurship. Who departs. A review of GOEO board meetings showed Clark recused herself from the discussion over approving the Domo incentives. Customers have been happy, and we have more juice coming, James says. 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. ( 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 Now Utahs tech sector is booming. Domo is scheduled to host its annual user conference, Domopalooza, March 23, and for the first time will have someone other than James as its leader. "I obviously have an aligned and substantial interest in Domo doing well, and I'll continue to be the biggest curator.". WebJosh James sold his first company to Adobe for $1.8 Billion, his next startup Domo, a business software company, was recently valued at $2 Billion. Why not us?. In an attempt to boost the tech sectors visibility in Utah, he created a group called the Internet Roundtable in 1999. Who assists. Who decides. And the picture confronting would-be buyers is not pretty. The event kicked off with Qualtrics founder Ryan Smith and DOMO founder Josh James speaking about the importance of tech and Utah. I sold Omniture when we felt like we should have sold Omniture and it was the right time.". (function($) {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. 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 wishes luck. Investors should stay away from this IPO. Who signs. There are several important variables within the Amazon EKS pricing model. 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. Stay up to date with what you want to know. Weve been lying to everybody about what we wanted to do, says James. Domo CEO Josh James onstage at Domopalooza in 2015. 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. 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. All rights reserved. Centered around Domos own app, Domo Mobile, it includes an app store of business tools and partners (think In addition, Catherine Wong, Domo's chief product officer and executive vice president of engineering since 2013, was named chief operating officer.
