Kristin Murphy, Deseret News 8of 9 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. Who sees red. 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. The companys stock registration disclosure shows that it hasnt been able to get ahead of its expenses. Who is groomed. Consensus Price Target is the stock price analysts expect to see within a period of 0-18 months. Who packs in. 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 prompts. It takes a company's data from hundreds of applications and turns it into charts, graphs, insights. Who commands. James attended Brigham Young University for three and a half years and studied entrepreneurship. Josh James The announcement follows a decline in Domo Inc.s share price of 35% since March 2021. Los Angeles Times columnist Michael Hiltzik writes a daily blog appearing on latimes.com. Domo is the latest tech company to join the IPO rush, and the second Utah cloud unicorn in recent weeks after Pluralsight. 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. 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. Whos out. Who hurts. Who has tailwind. Sign up for notifications from Insider! The two bankers, who have worked with Domo in the past, told Business Insider that James has indicated he wanted Domo to stay independent. 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. 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. 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. 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. Who is honored. You may get in touch with him by calling his office phone. Thats a problem for Domo, because the rise of passive investments keyed to stock indexes means that many investors wont be buying its stock. Who has the last word. 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. Who is left. The $200 million run rate he predicted in 2015? Domo also announced that the Board of Directors has elected Carine Clark as Executive Chair and appointed John Pestana as a new independent director. "Both are highly competent executives, and they're getting well-deserved promotions and recognition," Henschen said. Who deserves it. Josh James is on Facebook. Last year was the big reveal, until it wasnt. Who has a say. Josh James, Domo's founder, stepped down Monday from his positions as CEO, chairman and member of the vendor's board of directors. Again. (Credit: Rebecca Ricks/Domo). Josh James became CEO of the Company in 2010. Who is at eye level. Who pays. The board also will not expand in size without James consent, during the term of the agreement. Who distributes. "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. one analyst recently told Business Insider, Business Insider's homepage for more stories. Who is chief. The company competes (to varying degrees) against software giants such as SAP, Microsoft and Oracle, in addition to smaller niche players such as Domo. 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. Replacing James as CEO and joining the American Fork companys board of directors is John Mellor, 55, Domos chief strategy officer since 2019. Copyright 2010 - 2023, TechTarget Facebook gives people the power to share and makes the world more open and connected. Who pays back. Domo also announced it has raised $131 million in new funding from a mix of billionaire founders and The Hes willing to go against convention and try new things, and thats not always easy.. 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. 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. Clark is a longtime tech executive and the current chair of the Go Utah Board, which serves as the board of directors to the Governors Office of Economic Opportunity. Who packs out. Cookie Preferences "But I have to admit, I am always surprised when founders stay as long as James did.". Who is missed. But sources tell Business Insider the company's CEO Josh James, who has majority voting power, is reluctant to sell despite encouragement from bankers. 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. "The question will be what his style is as CEO. 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. James has resigned as CEO of Domo. Keep up to date with Michael Hiltzik. 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 James now wishes he kept the company independent, a source close to the company said. Join Facebook to connect with Josh James and others you may know. 6:32 p.m.: This post has been updated with the companys declining to comment on its registration statement. 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. Who loses. This website uses cookies so that we can provide you with the best user experience possible. James has also shown signs in the last several months of being at least open to discussions about a possible acquisition. sltrib.com 1996-2023 The Salt Lake Tribune. But that may not be the most disturbing aspect of the IPO filing. Domo Who is silent. Among the crop of emerging business intelligence tool providers that were keeping an eye on is Domo. WebJosh James, Founder/CEO of Domo (& Founder/CEO of Omniture) shares learnings from building two unicorns. Who is blamed. Josh James, center of recent controversy over Utah tax 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. Domo CEO Josh James onstage at Domopalooza in 2015. 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 shamed. 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. In its announcement about James, Domo also announced promotions and changes to its board of directors. Who is last. 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. The new-look Domo is focused on the company'sjust-unveiledbusiness cloud. 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 kicks back. WebJosh James (@domojosh) Instagram photos and videos domojosh Verified Follow 371 posts Josh James Entrepreneur I need ammunition; not a ride!! Previously, Carine Clark held leadership positions in software, market research and marketing companies. 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 gone. Narayen kept pressing, and two months later, James relented and formal acquisition talks began. Who does well. 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. Josh James & Domo: DoubleUnicorns How Things Are Different In addition to its revenue growth, Domo continues to add new features and capabilities to its analytics platform. Who is a leader. She previously served as president and Chief Executive Officer at Banyan, a SaaS company, and is currently a venture partner at Pelion Venture Partners. Who sees green. It competes with a whole slew of other business-intelligence tools, including Tableau and Anaplan. Similarly, David Menninger, an analyst at Ventana Research, said James' departure was a surprise but not evidence of any problems at Domo. With two legislative days remaining until This introduction explores What is media asset management, and what can it do for your organization? ( 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 James - Wikipedia (The company declined to comment on the registration statement.). From Feb. 1, 2016 through last April 3, the bill has come to $1.8 million. Who wins. "He's intelligent and knowledgeable about the market and has helped lead the company to this point in its growth," Menninger said. He currently serves on the board of a newly organized special purpose acquisition company. 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. The terms for the new money, James says, were clean. 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. John Pestana is a distinguished entrepreneur, Co-Founder and CEO of ObservePoint. Domo as well as other partner offers and accept our. Josh James $2 billion startup Domo just made a big reveal. Who congratulates. Domo names John Mellor as its new CEO, replacing founder Josh We had the youngest and most educated population in the country, James said. Who sits. In its last fiscal year ended Jan. 31, Domo lost $176.6 million on revenue of $108.5 million. (The menu does look delicious, but there must be caterers in American Fork, Utah, that arent owned by the boss, remarked Shira Ovide of Bloomberg). 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 Who leaves. Use Forbes logos and quotes in your marketing. 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. 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. Who is at rest. In a shuffling of its board of directors, Carine Clark, who joined the board in 2019, was appointed as executive chair.
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