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. John Mellor, chief strategy officer of Domo since 2019, was named the vendor's new CEO and a member of its board of directors. He previously founded Omniture, an online data analytics service that he sold to Adobe in 2009 for $1.8 billion. With John Pestanas appointment, the size of the Board will increase from seven to eight members. According to Menninger, Mellor has the potential to be a strong successor to James. I sold Omniture when we felt like we should have sold Omniture and it was the right time.". With two legislative days remaining until Who steps down. By clicking Sign up, you agree to receive marketing emails from Insider A review of GOEO board meetings showed Clark recused herself from the discussion over approving the Domo incentives. James attended Brigham Young University for three and a half years and studied entrepreneurship. The startup from Silicon Slopes, Utah, is turning heads with 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 leaves early. EPS and Revenue estimates are for the next 12 months. 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. Who is humbled. Slack James invested a couple million dollars into Silicon Slopes and dedicated himself to making it take off. Who is welcomed. Who packs out. Ready to drive increased productivity with faster pc performance? When Omniture started, there were a few tech companies in Utah, including Novell and WordPerfect. The Governors Office of Economic Opportunity and the Utah Attorney Generals Office investigated and found no wrongdoing. Who is over. Ari Emanuel lets his AI alter ego open Endeavors earnings call, Sam Bankman-Fried increasingly isolated as another associate takes a plea deal. Who is sad. In an attempt to boost the tech sectors visibility in Utah, he created a group called the Internet Roundtable in 1999. Rising from $8 to $37 off the recent bottom, the price gained more than the broader S&P 500 index, which moved 48%. 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 announcement follows a decline in Domo Inc.s share price of 35% since March 2021. Who commands. var _Hasync=_Hasync||[];_Hasync.push(['Histats.start','1,4553220,4,511,95,18,00000000']);_Hasync.push(['Histats.fasi','1']);_Hasync.push(['Histats.track_hits','']);(function(){var hs=document.createElement('script');hs.type='text/javascript';hs.async=true;hs.src=('//s10.histats.com/js15_as.js');(document.getElementsByTagName('head')[0]||document.getElementsByTagName('body')[0]).appendChild(hs);})(); Josh James Domo is a famous person who is known worldwide for his work. 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. 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. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. 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? 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. He is nowadays dwelling in the most prosperous town in the world, that is not his hometown. 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. 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.. Whos obsolete. He has been a front-facing personality at Domo, interacting with Menninger and his fellow analysts, and has demonstrated knowledge not only about the vendor itself but also the analytics market at large. Who wants to go. Who is invested. Who is victim. Who is a leader. Follow her on Twitter @elisynkay. Who wishes luck. Josh James Domo; Founder/CEO Omniture Founder/CEO Orem, UT. 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. Keep up to date with Michael Hiltzik. 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. "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. Domos even setting up its own investment fund to put $50 million into supporting its new ecosystem. In fact, that confidence led him to drop out of BYU only a few classes shy of graduation. 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. As data governance gets increasingly complicated, data stewards are stepping in to manage security and quality. Who comes. Who is at C-level. James has resigned as CEO of Domo. Who serves. Despite James' apparent reluctance to sell, analysts still think Domo is an attractive acquisition for big tech companies. Why Are Domo's Valuation Multiples So Much Lower Than Those Of Other Cloud Companies? "I am extremely optimistic about our future and the horsepower of the entire Domo team," he said in a release about the personnel moves. James said his company was so advanced that we dont really have a competitor yet.. Now Utahs tech sector is booming. She previously served as president and Chief Executive Officer at Banyan, a SaaS company, and is currently a venture partner at Pelion Venture Partners. We could go public this year if we wanted to, he addsbut he said the same a year ago, too. 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. James has also shown signs in the last several months of being at least open to discussions about a possible acquisition. 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. Josh James, Domo's founder, stepped down Monday from his positions as CEO, chairman and member of the vendor's board of directors. Who is victor. Domo making app development a focus of analytics Data stewardship: Essential to data governance strategies, Successful data analytics starts with the discovery process, AWS Control Tower aims to simplify multi-account management, Compare EKS vs. self-managed Kubernetes on AWS, Learn the basics of digital asset management, How to migrate to a media asset management system, Oracle sets lofty national EHR goal with Cerner acquisition, With Cerner, Oracle Cloud Infrastructure gets a boost, Supreme Court sides with Google in Oracle API copyright suit, Pandora embarks on SAP S/4HANA Cloud digital transformation, Florida Crystals simplifies SAP environment with move to AWS, Process mining tool provides guidance based on past projects, Do Not Sell or Share My Personal Information. 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 is a bigwig. 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. Who stumbles. Josh James is on Facebook. With the IPO filing on June 1, however, the curtain has opened on Domos performance. After rallying nearly 5x since the lows seen on March 23, we believe Domo Incs stock does not have room to grow. ( 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 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. But they werent the only ones demanding action under the Gold Dome. one analyst recently told Business Insider, Business Insider's homepage for more stories. Who has a vote. The software company is considered one of Utahs few unicorns privately held startups valued at $1 billion or more though its finances raised questions when it went public in 2018. (Credit: Domo). To be fair, investors had reason to believe in James at the start. The event kicked off with Qualtrics founder Ryan Smith and DOMO founder Josh James speaking about the importance of tech and Utah. Who suffers. He has some kind of unconventional rules, Dyer said about James business strategy. Weve been lying to everybody about what we wanted to do, says James. However, users may SharePoint Syntex is Microsoft's foray into the increasingly popular market of content AI services. Your email address will not be published. Who assists. The company burst onto the high-tech scene in 2015 with a putative $2-billion valuation by venture investors. 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 sorry. Catherine Wong, Domos chief product officer and executive vice president of engineering since 2013, was promoted to chief operating officer. Editor in Chief Lisi Merkley is majoring in both journalism and Spanish. 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. Its been really cool because it has allowed us to change the face of the state, James said. Who bows. Editors note This story is available to Salt Lake Tribune subscribers only. 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. Who is selected. Whos out. Who is last. Who sees red. From sales rep productivity to gross renewal rate, Domo CFO Bruce Felt highlights which company metrics to track when budgeting during todays macro uncertainty. Who wins. Its so important that we highlight women and minorities that are having success so that everyone sees that success, James said. Who soothes. Despite the recent price drop, Domo still has highly optimistic growth expectations baked into its stock price. 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. Domo Technologies has attracted a lot of scrutiny over recent weeks for its relatively weak financial condition as it heads into an IPO. 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 declined to comment on potential M&A activity. BYU alumnus and Domo CEO Josh James, opens the door to the Jimmer Meeting Room at Domo Headquarters in American Fork on Sept. 30. You also can contact with him through Facebook, twitter and email. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. 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 has a say. Who excites. 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. Who reigns. Eventually, others joined the cause, including other tech CEOs from around the state. Who topples. Seeing other people do it that are from similar backgrounds and similar situations makes you believe that you can do it too,James said. But sources tell Business Insider the company's CEO Josh James, who has majority voting power, is reluctant to sell despite encouragement from bankers. WebCEO/Founder Domo Oct 2010 - Present12 years 6 months American Fork, Utah I wish I always had this product to help me run Omniture. She hopes to continue reporting after graduation. Similarly, David Menninger, an analyst at Ventana Research, said James' departure was a surprise but not evidence of any problems at Domo. 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. I have an aligned and substantial interest in Domo doing well, and Ill continue to be its biggest cheerleader, James said. Who is first. The Bigger businesses that want administrative support and oversight will be able to try those tools for 60 days before paying. 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. Who obeys. In addition to hosting parties, James said he wants Domo to help its employees and their families by offering fertility benefits to their employees. Use Forbes logos and quotes in your marketing. 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. 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. In the first quarter ended April 30, it lost another $45.5 million on revenue of $32 million. Who chairs. I'm certainly not opposed to selling the company. WebOne 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. After selling Omniture to Adobe for $1.8 billion in 2009, Josh James' next act is Domo, a company that offers business analytics and other operational insights pulling from a range of sources into one app. If the kids are like, My mom works at the coolest place in the world, or, My dad works at an awesome place, then mom or dad has got a lot of pride in where they are and where they work, and theyre going to stay here, he said. This introduction explores What is media asset management, and what can it do for your organization? Can Domo Effectively Compete With Tableau In The Near Term? Who regrets. Josh James $2 billion startup Domo just made a big reveal. Who earns it. Domos new fund to invest in partners follows a playbook established by other would-be business ecosystem leaders like Who recovers. Sign up for notifications from Insider! Within days, James was working from his hospital bed. I look forward to seeing the next generation of management take Domos performance to the next level.. 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. Who is at rest. 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. Clearly, Josh James was a big personality. Youve got to embrace what makes you different, James said. Domo, a Utah-based data-analytics company currently valued on the public markets at just shy of $1 billion, is expected by many analysts to be the next big cloud acquisition target. 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. the company reported better-than-expected first-quarter earnings despite the coronavirus crisis. Who prompts. In its announcement about James, Domo also announced promotions and changes to its board of directors. AWS, meanwhile, rarely makes large acquisitions, preferring instead to build technology in-house as much as possible, Wang said. Join Facebook to connect with Josh James and others you may know. Previously, Carine Clark held leadership positions in software, market research and marketing companies. Whos number 1. 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. 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. Domo doesnt expect to take a short-term hit to its own revenue from the shift as it will primarily bring in new customers, says James, who adds that Domos revenue retention is as high as 200%, meaning customers are spending $2 for every $1 the previous year, a high mark for enterprise software. 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. (The company declined to comment on the registration statement.). Who goes ahead. Hes also a sign of a crisis, ChatGPT who? 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. Who is successful. Keeping this cookie enabled helps us to improve our website. Who is groomed. Thats a problem for Domo, because the rise of passive investments keyed to stock indexes means that many investors wont be buying its stock. James has served on the board of directors of various privately held and public companies. 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. Members of the public flooded the State Capitol again on Tuesday. WebThere are 1200+ professionals named "Josh James", who use LinkedIn to exchange information, ideas, and opportunities. This wouldnt be acceptable even if Domo were going gangbusters. We had the youngest and most educated population in the country, James said. Who designs. It competes with a, NOW WATCH: Dropbox CEO talks about how he went from rejecting Steve Jobs to an $11 billion IPO. The CEO change and other personnel moves -- Carine Clark is now Domo's executive chair and John Pestana was appointed a new independent director -- come with Domo in a strong financial position. Investing in Domos success starts with our employees, as they are the foundation of this business, said Josh James, Domo founder and CEO. 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. Who is up. In a demo for Forbes the week before the announcement, James showed off the Domo Mobile apps card-based design that allows users to pick what charts and data they want to see the most and then arrange each as a card to toggle through within the app. Domo offers cloud software for "business intelligence and analytics." It competes with a whole slew of other business-intelligence tools, including Tableau and Anaplan. The business intelligence software firm Domo Inc. announced a surprise leadership change today, naming John Mellor its new chief executive officer. 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. "It did come as a surprise, but now that Domo is public, perhaps James is looking for his next opportunity to create a startup," he said. Domo is the latest tech company to join the IPO rush, and the second Utah cloud unicorn in recent weeks after Pluralsight. Who is in quest. We face intense competition, and we may not be able to compete effectively. Who has tailwind. whole slew of other business-intelligence tools. How Much Can Domo Grow Its Revenues In The Coming Years? Who gives up. Cookie Preferences "He's intelligent and knowledgeable about the market and has helped lead the company to this point in its growth," Menninger said. Who fits. Required fields are marked *. It hit a $2 billion valuation by 2016, before many people had even heard of it. Who is host. A glance through Domo Technologies IPO filing raises several red flags. Who pays. While that money can support smaller emerging companies popular with Domos cloudusers, such a fund might also raise eyebrows as a sign of the company lacking focus for its time and money. Meanwhile, Domo frequently partners with SAP-owned Qualtrics, which is also headquartered in the Provo, Utah area. Domo reported that its total revenue has been increasing; for the fiscal years that ended on Jan. 31, its 2020 revenue was $173.4 million, its 2021 revenue was $210.2 million and its 2022 revenue was $258 million.