Josh James, Omniture Co-Founder and former CEO, says game on with DOMO
Unveils New Brand, Announces Board of Directors, Previews New Solution
SALT LAKE CITY – July 13, 2011 – At a launch event this evening in Salt Lake City, Omniture co-founder and decade-long CEO Josh James unveiled for the first time the brand of his newly minted software-as-a-service (SaaS) venture, Domo. Domo delivers a new form of business intelligence (BI) designed to transform the way executives manage their business.
Domo's board of directors was also introduced today. Joining Josh James, Domo founder, Chairman and CEO, the Domo board includes:
- Matt Cohler, General Partner at Benchmark Capital who was the fifth Facebook employee and a member of LinkedIn's founding team;
- Mark Gorenberg, Managing Director at Hummer Winblad Venture Partners, appointed member to the President's Council of Advisors on Science and Technology (PCAST), and former board member of Omniture;
- John Thompson, Chairman and former CEO of Symantec and current CEO of Virtual Instruments;
- Fraser Bullock, co-founder and Managing Director at Sorenson Capital, former Omniture board member, and one of the founding partners of Bain Capital; and
- Neal Williams, founder of Corda, the first company acquired by Domo.
Domo also announced that it has secured $43M in funding with the closing of $33M from Benchmark Capital in a Series A round. Domo's Series A news is detailed in a separate press release issued today.
"Today it's game on for Domo," said James. "We are thrilled to introduce our brand to the world and we couldn't be more pleased to have the experience of this board behind us. Domo's board members, investors and angel investors have served as leaders and advisors to some of the world's largest Internet and SaaS companies. As Domo seeks to redefine BI and build a billion dollar business, their collective insights will allow us to accelerate on the delivery of our plan."
Until today, Domo's brand and solution had been kept under wraps. When James left Omniture in 2010 after taking it public and then selling the business to Adobe for $1.8B, he started Shacho Inc. (a temporary working name meaning CEO in Japanese) to fix the problems he saw in the BI market and address the frustrations he had as a CEO trying to get direct access to real-time information about his own business. After talking with countless CEOs and other executives who shared the same frustrations, he set out to solve this problem. After starting Shacho, one of the first steps James took to deliver on his vision was buying Corda Technologies. The Shacho and Corda brands have now combined and have re-emerged as Domo.
"As CEO, I can relate to the problems that Josh and his team have set out to fix. Getting real-time data from across the enterprise into one place is such a simple and straightforward idea, but it's never been easy or possible," said John Thompson, Chairman and former CEO of Symantec and current CEO of Virtual Instruments. "Today the infrastructure has been primed for a solution like Domo to come in and help customers get value from their data assets which live in disparate systems across the enterprise."
"The BI market is ripe for disruption. Tens of billions of dollars have been spent on collecting data, yet no one has found a way to deliver value," said James. "SaaS is an ideal approach. For decades, the priority of enterprise software vendors has been to lock in customers though steep upfront investments and then sit back and collect maintenance fees. The SaaS model forces technology vendors to have a maniacal focus on customer satisfaction because it's relatively easy for customers to abandon you if they aren't happy. At Domo, we will work to keep our customers satisfied. And we will keep working until they say one thing, 'Thank you,' which translates to 'Domo' in Japanese."
James added, "When branding Domo, it was imperative that we include two O's in our name like Google, Yahoo, or Facebook to ensure we'd become a breakout company … j/k … we chose Domo because we wanted to represent to our employees and customers that we have a crystal-clear focus on the reason we're here, and that reason is the customer."
At the launch event, James also gave guests the first look at Domo's first product release – an executive management platform that will be the foundation from which all Domo services will be launched. Domo's executive management platform is delivered as a service and is in beta with nearly two-dozen customers who are looking to derive more value from their business intelligence investments.
About Domo Technologies, Inc.
Domo helps transform the way executives manage their business and get value from the tens of billions of dollars that's been spent on business intelligence systems. 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, LinkedIn, MLB.com, Omniture, and salesforce.com, amongst others. Domo's all-star line up of investors features the Who's Who of SaaS, venture capital and Internet technology. Visit www.domo.com for more information.
Media Contact: Julie Kehoe