(Sydnee Gonzalez) In the first quarter ended April 30, it lost another $45.5 million on revenue of $32 million. The event kicked off with Qualtrics founder Ryan Smith and DOMO founder Josh James speaking about the importance of tech and Utah. 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. 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. Join Facebook to connect with Josh James and others you may know. James has served on the board of directors of various privately held and public companies. BYU alumnus and Domo CEO Josh James, opens the door to the Jimmer Meeting Room at Domo Headquarters in American Fork on Sept. 30. SAP seems like a likely suitor. Who is an enemy. Narayen kept pressing, and two months later, James relented and formal acquisition talks began. The company held its "organizational meeting" last week, which is a first step as a company files the IPO paperwork, Recode'sTheodore Schleifer reported. 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. 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. Who signs. Los Angeles Times columnist Michael Hiltzik writes a daily blog appearing on latimes.com. Domo, the $2.28 billion Utah-based startup that's been promising an IPO for years, may finally be making a move. 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 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. James invested a couple million dollars into Silicon Slopes and dedicated himself to making it take off. She hopes to continue reporting after graduation. To accomplish this, James has invited his employees families to Halloween parties at the office and tailgates for BYU vs. Utah games. Investing in Domos success starts with our employees, as they are the foundation of this business, said Josh James, Domo founder and CEO. His seventh book, Iron Empires: Robber Barons, Railroads, and the Making of Modern America, has just been published by Houghton Mifflin Harcourt. The startup from Silicon Slopes, Utah, is turning heads with It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. Sign up and receive our free newsletter every Monday morning. Who is welcomed. Thank you for supporting local journalism. Domo founder and CEO Josh James began his keynote last year with a group of dancing ninjas. 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. Who is silent. Youve got to embrace what makes you different, James said. "I obviously have an aligned and substantial interest in Domo doing well, and I'll continue to be the biggest curator.". "He's intelligent and knowledgeable about the market and has helped lead the company to this point in its growth," Menninger said. Who is at rest. 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. 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. Its Class A common stock has 40 votes per share, and its Class B common stock has one vote per share. I think thats one of the things that distinguishes Josh James. He was also the co-founder of Omniture, which was acquired by Adobe in 2009. Who has to go. Weve been working five years for this, to create the worlds first business cloud, says James, who founded Domo in 2010. Can Domo Effectively Compete With Tableau In The Near Term? Who is replaced. 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. She previously served as president and Chief Executive Officer at Banyan, a SaaS company, and is currently a venture partner at Pelion Venture Partners. WebJosh James, Founder and CEO, Domo. 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. Who is fired. 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. Who is in quest. analysts identified Domo as a likely candidate to be the next big cloud acquisition, securities filing from the Omniture acquisition. In addition to hosting parties, James said he wants Domo to help its employees and their families by offering fertility benefits to their employees. Who excites. 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. Mercato Partners Commends Portfolio Company Domo and CEO Josh James on Successful IPO PRESS RELEASE PR Newswire Jul. James has also shown signs in the last several months of being at least open to discussions about a possible acquisition. 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. 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? 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 Mellor Who mourns. Who is major. Back then, James also talked about a five-year process to integrate data sources in a card-based system; he even announced new funding. A Domo spokesperson declined comment. Who has a say. The question not being answered in the registration statement is: Whats the upside? 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. Facebook gives people the power to share and makes the Do Not Sell or Share My Personal Information, chief strategy officer of Domo since 2019, one of the first to pivot to a virtual conference, MicroScope March 2020: Making life simpler for the channel. Who contributes. Who is a leader. The Salt Lake Tribune, Inc. is a 501(c)(3) public charity and contributions are tax I sold Omniture when we felt like we should have sold Omniture and it was the right time.". 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. Who is familiar. 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. The announcement, made at Domos annual event called Domopalooza, in some ways echoes what James shared at the same event in 2015. Domo has raised nearly $730 million in venture funding all told, and was valued at $2.28 billion in 2017, after its latest $115 million round in December 2017. The 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. Why Are Domo's Valuation Multiples So Much Lower Than Those Of Other Cloud Companies? The way to sit here was not a simple process. The announcement follows a decline in Domo Inc.s share price of 35% since March 2021. The board also will not expand in size without James consent, during the term of the agreement. He called Nehal Raj, a principal at TPG, which was on the point of agreeing to lead a new round of funding for 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. See DAM systems offer a central repository for rich media assets and enhance collaboration within marketing teams. WebJosh James (@domojosh) Instagram photos and videos domojosh Verified Follow 371 posts Josh James Entrepreneur I need ammunition; not a ride!! Who is praised. 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. 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 up. Major stock exchanges are starting to look askance at dual-class stock structures that vest supermajority control in individuals or small groups. WebThere have been a lot of places where Josh James Domo has shared his phone number. It hit a $2 billion valuation by 2016, before many people had even heard of it. 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. 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. Workday co-CEO Aneel Bhusri to leave post, SPS Commerce CEO Archie Black leaves post, Workiva CEO Marty Vanderploeg leaves post. Who kicks back. Domos new fund to invest in partners follows a playbook established by other would-be business ecosystem leaders like Keeping this cookie enabled helps us to improve our website. 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. Use Forbes logos and quotes in your marketing. Regardless of Domo's newly-solid footing, however, it's long been eyed as a potential takeover target. 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. The new-look Domo is focused on the company'sjust-unveiledbusiness cloud. In fact, that confidence led him to drop out of BYU only a few classes shy of graduation. 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. "I hadn't heard any rumors of him stepping down," he said. On the other hand, Constellation analyst Wang thinks that neither Salesforce nor Amazon Web Services may be especially inclined to buy. Who is big kahuna. 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. 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. Who is vested. But the time may be finally be right. James has resigned as CEO of Domo. Whos out. I look forward to seeing the next generation of management take Domos performance to the next level.. Who is victim. 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. , Salesforce, Tableau and the like), that allows customers to pull from any of the 1,000 apps to see whatever they want. 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. "It is a fact that in some cases for some companies it makes sense to join forces with an acquirer.". Whos obsolete. Who is blamed. A look at Domo's collaboration chat tools, Buzz. Follow @hiltzikm on Twitter, see his Facebook page, or email michael.hiltzik@latimes.com. 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 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. 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. Who is not named. Domo employee Domonique Stephan said she realized she would need to take advantage of the benefit, which helps employees pay for in vitro fertilization or other fertility services, a few months after she was hired. EPS and Revenue estimates are for the next 12 months. BlackRock Bankers have informally approached James with encouragement to sell Domo,but James has rebuffed the idea, the two banking sources say. Who deserves it. Who is chief. 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 serves. You can find out more about which cookies we are using or switch them off in settings. Domo said: Domo, Inc. (Nasdaq: DOMO) today announced a leadership 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. Box Precise information regarding Josh Jamess future plans was not immediately available. Who is doomed. 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. 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. 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. Domo Technologies has attracted a lot of scrutiny over recent weeks for its relatively weak financial condition as it heads into an IPO. 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. We keep you up to date on the latest CEO changes. (Domo actually is part of the Salt Lake City regions Silicon Slope, one of several regional offshoots of Silicon Valley.). 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 fights for money. 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. Hes also a sign of a crisis, ChatGPT who? 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 Keep up to date with Michael Hiltzik. , which announced an $80 million fund in December. Who stumbles. James owned nearly all of Domo's voting power at the time of the company's IPO in June 2018. 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. Please enable Strictly Necessary Cookies first so that we can save your preferences! The company retained the tax benefit, known as Economic Development Tax Increment Financing. James says the skepticism of potential public investors and those who might doubt Domos high valuation or size is misplaced. 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. 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 received a no-bid contract to develop a $2 million coronavirus dashboard for the state. "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. 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.". Domo also announced it has raised $131 million in new funding from a mix of billionaire founders and A glance through Domo Technologies IPO filing raises several red flags. The IPO wont change that materially. 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. 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 has headwind. With the IPO filing on June 1, however, the curtain has opened on Domos performance. Some of James pronouncements from a year ago havent quite panned out. James now wishes he kept the company independent, a source close to the company said. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. Why not us?. 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. 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.