Domo Announces Another Stunning Sales Performance With 40% Quarter-Over-Quarter Growth
Celebrates More than 300 Enterprise Customers After Only One Year of Selling; Closes $1 Million in One Day
SILICON SLOPES, Utah – November 19, 2013 – Today, Domo reported another stunning sales performance, achieving 40 percent consecutive quarter-over-quarter growth. This breakneck pace puts Domo on track to realize annual growth of more than 150 percent compared to the previous year.
Domo transforms the way business is managed through its cloud-based executive management platform. Domo serves CEOs and other executives who have vast amounts of business data but no easy way to access or get value from it.
Domo has been actively selling since August 2012 and is continuing to shatter industry sales cycle norms, signing on more than 300 paying enterprise customers within its first year of selling. In the last quarter, Domo also broke its own record for sales volume, closing more than $1 million in one business day.
Domo’s roster of top-flight customer brands is unprecedented for an enterprise technology company at its stage. Domo has already signed an enviable list of the world’s most recognized brands across a wide range of industries – including travel and entertainment, media and publishing, financial services, healthcare, technology and automotive.
“It took us almost a decade at Omniture to have the same caliber of customers that we have after only selling for one year at Domo,” said Josh James, Domo founder and CEO who also was co-founder and CEO of web analytics powerhouse Omniture. “With a year of sales behind us, it’s clear we’ve tapped into a greenfield opportunity by truly serving the needs of CEOs and the business user. In more than 95 percent of our deals, we have a C-Suite executive involved and, in more than 50 percent of them, we have the CEO.”
“As Domo dramatically reduces the complexity of IT for Fortune 500 companies, it is ushering in a new era of enterprise software,” said Todd Chaffee, general partner at IVP, whose investment portfolio also includes Twitter, Snapchat, Dropbox and Netflix, to name a few. “Domo’s market opportunity is massive and it’s a great example of the rapidly growing, breakout companies that we target at IVP.”
James added, “Executives reliably tell us that they’ve been waiting for a product like Domo for more than 20 years. Our shortest deal this quarter signed in two hours. While not every deal happens this quickly, it’s a poignant reminder how hungry the market is for something that helps executives get value from all the investments they’ve already made in business data.”
After seeing a demo, one CEO of a public company echoed that sentiment saying, “I’m going to die if I don’t get this before the end of the year, or someone else will die.”
James says that the most rewarding part of Domo has been seeing the value customers are quickly getting from it. “When customers first see Domo, they are excited by the visibility it gives them into areas of their business where they used to be completely blind. But when they start to use Domo and discover that it’s an entirely new way to manage their business, it’s been like going from a flip phone to an iPhone. They can never go back.”
Domo is a cloud-based executive management platform that gives users direct, real-time access to all the business information they care about, in one place.
The company was conceived as Josh James, Omniture CEO, 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 more than $125 million in funding, Domo is backed by an all-star list of angels and investors including Benchmark, GGV Capital, IVP, Greylock Partners, Founders Fund, Hummer Winblad, WPP, plus CEOs of the world’s largest SaaS and Internet businesses. 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.
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