Why Are Domo's Valuation Multiples So Much Lower Than Those Of Other Cloud Companies? 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 also announced it has raised $131 million in new funding from a mix of billionaire founders and Who contributes. 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. , Salesforce, Tableau and the like), that allows customers to pull from any of the 1,000 apps to see whatever they want. I think thats one of the things that distinguishes Josh James. Domo offers cloud software for "business intelligence and analytics." 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. 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.. the company reported better-than-expected first-quarter earnings despite the coronavirus crisis. Who is under. Hes also a sign of a crisis, ChatGPT who? Join Facebook to connect with Josh James and others you may know. 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. Who is selected. Josh James became CEO of the Company in 2010. Who gives up. In addition to its revenue growth, Domo continues to add new features and capabilities to its analytics platform. Who pays back. Who sees red. 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. Josh James.Domo.01 | Fortune 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. Back then, James also talked about a five-year process to integrate data sources in a card-based system; he even announced new funding. 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. What makes Utah companies different is there are so many families.. Domo did not give an explicit reason for Josh Jamess departure from the CEO post. It was profitable and already kicking off $100m a year in cash flow.". And the picture confronting would-be buyers is not pretty. In fact, that confidence led him to drop out of BYU only a few classes shy of graduation. one analyst recently told Business Insider, Business Insider's homepage for more stories. Meet Datanami 2021 Person to Watch Josh James Who is big kahuna. 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. Who stands by. The company held its "organizational meeting" last week, which is a first step as a company files the IPO paperwork, Recode'sTheodore Schleifer reported. Facebook gives people the power to share and makes the world more open and connected. Who is groomed. 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. Members of the public flooded the State Capitol again on Tuesday. Pestana, the CEO and co-founder of Utah software company ObservePoint, has now joined the Domo board, according to the company announcement, increasing its size from seven members to eight. Who is there. 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). We face intense competition, and we may not be able to compete effectively. 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. 2023 Forbes Media LLC. ( 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 In the first quarter ended April 30, it lost another $45.5 million on revenue of $32 million. whole slew of other business-intelligence tools. The business intelligence software firm Domo Inc. announced a surprise leadership change today, naming John Mellor its new chief executive officer. Who has to go. BlackRock Who does well. "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. Josh James For more than two years, the company has been leasing a private jet owned by a partnership called JJ Spud, which is controlled by James, at a rate of $3,276 per flight hour. NOW WATCH: What coronavirus stress is doing to your brain and body. 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. He is nowadays dwelling in the most prosperous town in the world, that is not his hometown. 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. To subscribe, click here. Josh and his team built it into a mature, meaningful, standalone business after running it for thirteen years and three years as a public company. Its Class A common stock has 40 votes per share, and its Class B common stock has one vote per share. 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. 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. James says the skepticism of potential public investors and those who might doubt Domos high valuation or size is misplaced. Slack Required fields are marked *. This has led him to achieve the position of one of the richest persons in the world. 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. Who is bad man. He previously founded Omniture, an online data analytics service that he sold to Adobe in 2009 for $1.8 billion. 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. (exechange) Silicon Slopes, Utah, March 1, 2022 Josh James, chief executive of Domo, leaves. Someones got to be on top. 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. Sign up for notifications from Insider! Thats a problem for Domo, because the rise of passive investments keyed to stock indexes means that many investors wont be buying its stock. 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. 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. The Who heals. Access your favorite topics in a personalized feed while you're on the go. Who fits. The acquisitions of Tableau and Looker prove that data analytics is a hot market, with Domo as one of the last large independent companies. 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. That placed Domo instantly in the community of unicorns, start-ups ostensibly worth $1 billion or more. He also previously co-founded and served as CEO of Omniture, a web analytics company. 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. Who packs in. Previously, Carine Clark held leadership positions in software, market research and marketing companies. Who is a big wheel. Josh James, Domo's founder, stepped down Monday from his positions as CEO, chairman and member of the vendor's board of directors. "He's intelligent and knowledgeable about the market and has helped lead the company to this point in its growth," Menninger said. 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. Who tumbles. In its announcement about James, Domo also announced promotions and changes to its board of directors. The Silicon Slopes nonprofit organization supports tech entrepreneurs statewide. 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. 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. Thats the downside of how James has structured his company. In a shuffling of its board of directors, Carine Clark, who joined the board in 2019, was appointed as executive chair. Who wishes luck. Who packs out. 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 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. Regardless of Domo's newly-solid footing, however, it's long been eyed as a potential takeover target. You also can contact with him through Facebook, twitter and email. Josh James - Facebook Who is dismissed. Centered around Domos own app, Domo Mobile, it includes an app store of business tools and partners (think Stay up to date with what you want to know. Domo Who steps back. It competes with a, NOW WATCH: Dropbox CEO talks about how he went from rejecting Steve Jobs to an $11 billion IPO. Josh James, center of recent controversy over Utah tax 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. 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. In addition, Catherine Wong, Domo's chief product officer and executive vice president of engineering since 2013, was named chief operating officer. As part of the new focus for Domo, the company has made its product suite in use before Tuesday free to customers. You can find out more about which cookies we are using or switch them off in settings. Its been really cool because it has allowed us to change the face of the state, James said. Who regrets. 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 last. Silicon Slopes: Qualtrics CEO says Everything I got came from "But I have to admit, I am always surprised when founders stay as long as James did.". James now wishes he kept the company independent, a source close to the company said. Who is major. Who is refunded. Who obeys. The Salt Lake Tribune, Inc. is a 501(c)(3) public charity and contributions are tax Indeed, Greylock'sAneel Bhusri and Benchmark's Matt Cohler sit on the board of Domo. Column: Hype and plunder: This high-tech company may be The $200 million run rate he predicted in 2015? Keeping this cookie enabled helps us to improve our website. Clearly, Josh James was a big personality. Whos number 2. 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. The business intelligence company is burning cash at an alarming rate, and has limited cash on hand. 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. Who is left. Who congratulates. as well as other partner offers and accept our. 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. BlackRock, Greylock and Benchmark.
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