Major stock exchanges are starting to look askance at dual-class stock structures that vest supermajority control in individuals or small groups. The announcement follows a decline in Domo Inc.s share price of 35% since March 2021. Who is up. 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. Your email address will not be published. Workday co-CEO Aneel Bhusri to leave post, SPS Commerce CEO Archie Black leaves post, Workiva CEO Marty Vanderploeg leaves post. 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. Facebook gives people the power to share and makes the 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. A Domo spokesperson declined comment. Who obeys. Whos number 1. Who is welcomed. She previously served as president and Chief Executive Officer at Banyan, a SaaS company, and is currently a venture partner at Pelion Venture Partners. This arrangement can work when control is placed in the hands of a genuinely visionary and effective founder. 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. James said his company was so advanced that we dont really have a competitor yet.. Who is host. To subscribe, click here. 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. That placed Domo instantly in the community of unicorns, start-ups ostensibly worth $1 billion or more. The company competes (to varying degrees) against software giants such as SAP, Microsoft and Oracle, in addition to smaller niche players such as Domo. Thats the downside of how James has structured his company. Who fights for honor. Who is successor. Who wishes luck. (Rick Egan | The Salt Lake Tribune) Ed Catmull, then-president of Pixar and Walt Disney animation studios, visits with Josh James, then-CEO of Domo, at Domopalooza 2017 in Salt Lake City. His seventh book, Iron Empires: Robber Barons, Railroads, and the Making of Modern America, has just been published by Houghton Mifflin Harcourt. He previously founded Omniture, an online data analytics service that he sold to Adobe in 2009 for $1.8 billion. Join Facebook to connect with Josh James and others you may know. 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 thrilled. 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. 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. In the agreement related to his departure as CEO, James agreed to vote in favor of the election of boards nominees for director and against the removal of any board member at Domos 2022 annual meeting. Its so important that we highlight women and minorities that are having success so that everyone sees that success, James said. Josh James has stepped down as the companys CEO, Chairman and as a director. 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. Utah wraps up investigation into Domo But that may not be the most disturbing aspect of the IPO filing. Back then, James also talked about a five-year process to integrate data sources in a card-based system; he even announced new funding. 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, the $2.28 billion Utah-based startup that's been promising an IPO for years, may finally be making a move. 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. 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 resigns. 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. With John Pestanas appointment, the size of the Board will increase from seven to eight members. Who has a vote. Copyright 2010 - 2023, TechTarget Stay up to date with what you want to know. Who is last. We could go public this year if we wanted to, he addsbut he said the same a year ago, too. Indeed, Greylock'sAneel Bhusri and Benchmark's Matt Cohler sit on the board of Domo. Domo Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. 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. 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. Who assists. In 2015, Domo burst onto the scene with little warning. Ready to drive increased productivity with faster pc performance? 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. The registration statement reveals that Domo will have a two-class stock structure, with Class A, owned entirely by James, granted 40 votes per share; Class B, owned by everyone else, will be granted one vote per share. 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. In addition to trying to promote equal representation in positions of leadership, the Silicon Slopes nonprofit also strives to help Utah in other ways. Who is under. 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. Meet Datanami 2021 Person to Watch Josh James The company held its "organizational meeting" last week, which is a first step as a company files the IPO paperwork, Recode'sTheodore Schleifer reported. 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. Who is humbled. 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. I look forward to seeing the next generation of management take Domos performance to the next level.. Domos new fund to invest in partners follows a playbook established by other would-be business ecosystem leaders like 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. Despite the recent price drop, Domo still has highly optimistic growth expectations baked into its stock price. Domo has $100 million in bookings under contract and is growing at a rate of 100%, says James. 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. Pre-IPO, James has 91.7% of the votes. The economic uncertainty resulting first from the COVID-19 pandemic and now Russia's invasion of Ukraine have been difficult for corporate CEOs, and it would be no surprise if the stress of the past two years played a role in James' decision, Henschen continued. Domo CEO Josh James leaves | exechange In an attempt to boost the tech sectors visibility in Utah, he created a group called the Internet Roundtable in 1999. 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. But the time may be finally be right. Josh James & Domo: DoubleUnicorns How Things Are Different Who chairs. 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. How Josh James landed $125 million in funding from his 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 confidant. Again. Domo declined to comment on potential M&A activity. Who is successful. Similarly, David Menninger, an analyst at Ventana Research, said James' departure was a surprise but not evidence of any problems at Domo. Who is minor. Join Facebook to connect with Josh James and others you may know. It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. 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. Who is blamed. 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. 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. Josh James Domo; Founder/CEO Omniture Founder/CEO Orem, UT. Who has the last word. It would have been helpful as a small The business intelligence company is burning cash at an alarming rate, and has limited cash on hand. As data governance gets increasingly complicated, data stewards are stepping in to manage security and quality. Domo names John Mellor as its new CEO, replacing founder Josh "I hadn't heard any rumors of him stepping down," he said. Josh James became CEO of the Company in 2010. I suspect Mellor's style will be different, and it probably makes sense for him to have a different style.". Box As for James crowing about the lack of competition, you can treat that statement as inoperative. Among the risk factors listed in its disclosure is that we face intense competition, and we may not be able to compete effectively.. 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 addition, Catherine Wong, Domo's chief product officer and executive vice president of engineering since 2013, was named chief operating officer. Who presides. Who reigns. 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. Domo But they werent the only ones demanding action under the Gold Dome. Who is vested. In addition to hosting parties, James said he wants Domo to help its employees and their families by offering fertility benefits to their employees. "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. 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 Sign up and receive our free newsletter every Monday morning. "But I have to admit, I am always surprised when founders stay as long as James did.". 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. 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. 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. It was the second biggest SaaS company after Salesforce and was on pace to do a robust $500m in revenue. 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 fired. Domo Announces Leadership Transition - Yahoo! It competes with a whole slew of other business-intelligence tools, including Tableau and Anaplan. Its been a huge blessing for my family personally because weve had to end up using it, Stephan said. Who deserves it. 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. 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. Who is chief. I think thats one of the things that distinguishes Josh James. Domo Is a Prime M&A Target, but Its CEO Doesn't Want to Sell: Who pays back. 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. And the picture confronting would-be buyers is not pretty. Who recovers. However, users may SharePoint Syntex is Microsoft's foray into the increasingly popular market of content AI services. 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. and Aruba during the Annual Partner Awards Ceremony held at Sydneys Doltone House on 1 December 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 Who crumbles. Who kicks back. 6:32 p.m.: This post has been updated with the companys declining to comment on its registration statement. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. When Omniture started, there were a few tech companies in Utah, including Novell and WordPerfect. Who is down. Who earns it. It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. (Sydnee Gonzalez) Domo chief takes unconventional path to build his firm and Silicon 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. The startup from Silicon Slopes, Utah, is turning heads with Silicon Slopes: Qualtrics CEO says Everything I got came from Heres a list, Dr. Simi is thrown at pop stars including Dua Lipa and Rosala. Who is ousted. The announcement, made at Domos annual event called Domopalooza, in some ways echoes what James shared at the same event in 2015. Who goes through hell. Who contributes. Who is family. Josh James Domo Who is right. Who is an enemy. WebJosh James, Founder and CEO, Domo. 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. My board doesnt want to call and ask about the data, he says. How to assess the Push-out Score: a 10-step guide. The Governors Office of Economic Opportunity and the Utah Attorney Generals Office investigated and found no wrongdoing. Domo offers cloud software for "business intelligence and analytics." 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. Domo acknowledges in its disclosure statement that Standard & Poors will be excluding companies with these structures from some of its indexes, and other index owners may follow suit. James sold Omniture to Adobe in 2009 for $1.8 billion. James resigned his employment with the Company effective March 1, 2022.. the company reported better-than-expected first-quarter earnings despite the coronavirus crisis. EPS and Revenue estimates are for the next 12 months. SAP seems like a likely suitor. The acquisitions of Tableau and Looker prove that data analytics is a hot market, with Domo as one of the last large independent 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. It was profitable and already kicking off $100m a year in cash flow.". Who is victim. Save my name, email, and website in this browser for the next time I comment. This is based on 32.8 million weighted average sales outstanding basic and diluted. This means that Domo could be a benefit to just about any buyer. 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. , which announced an $80 million fund in December. Access your favorite topics in a personalized feed while you're on the go. Total Enterprise Value to Total Revenue (ttm). In its last fiscal year ended Jan. 31, Domo lost $176.6 million on revenue of $108.5 million. Even before Domo reported its earnings this week, Cowen analyst Derrick Wood told Business Insider that the company's bull run wouldn't be likely to turn away a would-be buyer, even if the price tag may have gone up a little bit. I kind of ran it by myself with people from our company for about 10 years, he said. In fact, that confidence led him to drop out of BYU only a few classes shy of graduation. sltrib.com 1996-2023 The Salt Lake Tribune. Privacy Policy Who is sorry. Who is silent. 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 gives up. It can blow up when it vests control in a founder whose talent is hype, or even when the visionary founder needs sage counsel and doesnt feel any pressure to listen. Who helps. 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.