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Domo Sales Cycle Shatters Industry Norm With 100 Paying Enterprise Customers in Six Months
SILICON SLOPES, Utah – March 7, 2013 – After selling its cloud-based business management platform for only six months, Domo has signed its 100th paying enterprise customer.
Domo, founded by Omniture co-founder and CEO Josh James, is transforming the way business is managed. Domo serves CEOs and other executives who have vast amounts of business data, but no easy way to access or get value from it.
The company’s first 100 revenue-generating customers come from a wide variety of industries and senior roles, underscoring the universal need for better access to business data. And while Domo has marketed to a broad range of enterprise companies, 30 percent of its revenue is already from the Fortune 2000.
“In August of 2012, we knew it was time to turn on the sales machine,” said Josh James, founder and CEO, Domo. “We had spent our first 18 months heads down building the product. Our early customers validated our vision, and the overwhelming interest in our product confirmed we had touched a nerve. We’ve been extremely pleased at how quickly our prospects are converting to customers. This response to Domo is a great testament to our team’s focus on delivering a product expressly designed for the end user.”
James added that Domo sales are closing in days and weeks, unlike traditional enterprise software deals, which typically take months or quarters.
“I’ve never seen sales cycles like the ones we are experiencing at Domo,” said James. “We are closing more deals over the phone at higher values and in shorter cycle times than I ever experienced in selling to 6,000 customers at Omniture.”
“The future of software is here,” said Matt Cohler, general partner at Benchmark and Domo board member. “Mobile, cloud and the BYOD movement have hustled in the consumerization of the enterprise where the end user, not IT, is the buyer. New companies such as Domo are driving this transformation with infinitely better products and user experiences than traditional software companies have ever been able to deliver.”
“Every customer – whether in finance, HR, manufacturing, sales or marketing – has told us that they simply want a way to access all of his or her data in real-time, in one place,” added James. “Executives have been conditioned to believe that they need to get in line to obtain data about their business. That’s crazy.”
James continued, “What’s even more crazy is that these prospects have the ultimate buying authority and they have been completely ignored by traditional software vendors.”
Domo is a cloud-based business management platform that gives users direct, real-time access to all the business information they care about, all in one place.
The company was conceived as Omniture CEO, Josh James, saw how access to real-time data could help online marketers make better and more profitable decisions. He was frustrated that he couldn’t have that same access to data about his own business. The data he wanted was trapped in multiple systems, databases, spreadsheets and presentations.
James knew where the data lived, but in order to get to it, he had to ask someone else for it. Once he got the data, it was either out-of-date or in so many formats that it was impossible to make sense of it all.
With $63 million in funding, Domo is backed by an all-star list of angels and investors including Benchmark, IVP, Andreessen Horowitz, Ron Conway and David Lee of SV Angel, Hummer Winblad, plus the who’s who of SaaS and Internet technology. Domo’s founding team consists of some of the most sought after talent in the industry with experience that includes Amazon, American Express, Ancestry.com, eBay, Endeca, Facebook, Google, LinkedIn, MLB.com, Omniture, salesforce.com and SAP.
For more information, visit http://www.domo.com/.