Utah tech firm garnering high-profile investment interest
Joey Ferguson, Deseret News Archive
AMERICAN FORK — Domo Inc., a new software-as-a-service venture launched by Omniture co-founder Josh James, Monday announced the company has closed $60 million in financing from various sources, including Bezos Expeditions, the personal investment company of Amazon founder Jeff Bezos.
The new funds bring total investment in Domo to more than $125 million.
Based in American Fork, Domo is a cloud-based business management platform that gives users direct, real-time access to all their business-related information in one place.
“We take all the data from all the different areas of your company and combine it into one platform,” James said. “So you could have your sales data, with your inventory data, combined with your website performance in one place.”
The software enables managers to keep track of how their business is performing in real time, allowing them to make adjustments as needed, he said.
Enterprise software, also known as enterprise application software, is software used in organizations, as opposed to individual users.
The company’s first 100 revenue-generating customers come from a wide variety of industries, James said.
“Our sales over the past two months have doubled,” James said.
Due to the exceptional growth, he said the company would be looking to hire 60 new sales people and about 40 software engineers during the next 12 months.
Domo currently employs more than 200 people, with 10 employees in San Francisco and the balance in Utah.
“We’re looking for people with good sales experience and really good engineers,” he said. “We’re looking for those people desperately.”
James said the support that Domo has received from investors shows that people believe in the work the company is doing and the current growth bodes well for the future of the company. He said this venture could even be bigger and more successful than his first big endeavor.
Founded in 1996, Omniture was an online marketing and Web analytics business unit located in Orem that was acquired by Adobe Systems in 2009 for $1.8 billion. The company was launched by James with John Pestana and was backed by venture capitalists including Hummer Winblad Venture Partners, University Venture Fund, along with Scale Venture Partners.
The company was one of Inc. Magazine's 500 fastest-growing private companies and was listed on the NASDAQ in 2006.
In October 2010, James acquired Lindon-based software company Corda Technology, whose employees and technology became part of his new business intelligence firm Domo.
“It’s our goal to make Domo ten times bigger than Omniture ever was,” he said. “There is an opportunity to do that (with Domo).”