Domo Pulls In Record Q1, Bumps Up Against 100% Quarter-To-Quarter Growth…Again
Announces 200 Paying Enterprise Customers, Signing Second 100 Companies in Only Three Months
SILICON SLOPES, Utah – JUNE 13, 2013 – Today, Domo reported an extraordinary sales performance, achieving almost 100 percent revenue growth over its previous quarter.
Domo, which has been actively selling since August 2012, also continues to shatter industry sales cycle norms, signing another 100 paying enterprise customers in less than three months. This new wave of business brings Domo’s total paying customer count to more than 200.
Domo’s customers represent a wide variety of industries across sectors including retail, media, marketing, telecommunications, healthcare, education, financial services, information services, travel and entertainment, to name a few. Roughly 30 percent of Domo’s revenue comes from the Fortune 2000.
Domo, founded by Omniture co-founder and CEO Josh James, is transforming 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.
“Today, roughly 90 percent of our deals involve CEOs or C-level executives,” said Josh James, founder and CEO, Domo. “I think there is no other enterprise software company in history that has had this type of response from the C-suite. When executives see Domo, they realize how much of their business has been hidden from their view. We give executives confidence that they know their business in a way never before possible by enabling them to see their entire business in one place.”
“The forces of cloud and mobile have accelerated the evolution of enterprise technology from an IT-focused industry to one that is now rapidly moving towards the business user,” said David Sze, Managing Partner, Greylock Partners. “Companies such as Domo that are conquering complexity and are obsessed with the end user experience are leading the way in this transformation.”
James added that Domo’s pace of sales has significantly ramped this past quarter, with Domo signing the same number of customers in the first quarter that it did in the two previous quarters. Deals are also continuing to close in days and weeks, unlike traditional enterprise software deals, which typically take months or quarters.
“We’ve had several deals close within 24 hours this past quarter,” said James. “In all my years at Omniture, that NEVER happened. Domo strikes a nerve because it takes away the blinders, giving executives a holistic view of their business. Domo also drives alignment and accountability across the company because it gets everyone to understand what is most important to the organization’s success starting from the top down.”
Domo is a cloud-based executive 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 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, Andreessen Horowitz, Hummer Winblad, WPP, 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.
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Julie Kehoe, VP of Communications