Domo Also Celebrates More Than 600 Enterprise Customers
SILICON SLOPES, UT--(Marketwired - August 21, 2014) - Today, Domo, a SaaS venture redefining the business intelligence market and transforming the way business is managed, reported another stunning sales performance. Domo achieved more than 40 percent sequential quarterly growth, and is experiencing annual growth that far exceeds 100 percent.
Domo has been actively selling since August 2012 and is continuing to shatter industry sales cycle norms, signing more than 600 paying enterprise customers in less than two years. Domo also broke its record for expanding its presence within existing accounts. A flagship example includes a Fortune 100 company that increased Domo's footprint 10X across the business this quarter.
Domo serves CEOs and other business managers who have vast amounts of business data but no easy way to access or get value from it.
"As we enter into our second year of selling, the most critical factor by which we judge ourselves is our ability to deliver meaningful value to customers," said Josh James, Domo founder and CEO who also was co-founder and CEO of web analytics powerhouse Omniture. "This quarter, the steady wave of expansions within existing customer organizations is tremendous validation that we are on the right path."
Domo's growing roster of top-flight customer brands is unprecedented for an enterprise technology company at its stage. Domo continues to sign 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 retail.
On top of another striking sales performance and expansion within existing customer accounts, a swell of enthusiasm from Domo customers was another hallmark of the most recent quarter.
"The most rewarding feedback has been from customers who have told us that Domo is changing how they view themselves and how they work together," added James. "We want to deliver an experience so great that our customers become raving lunatics for our product. We are seeing encouraging signs. We have several customers, for example, who love the product so much that they are asking to demo Domo at their own conferences. In addition, others have been proactively referring us to their colleagues at other companies. Lastly, we've had a few who are asking to sell Domo because of their belief in the product. The excitement that's brewing is incredibly motivating and it will ensure we keep focused on delivering an exceptional experience for our entire customer base."
James concluded, "With Omniture, we were the fastest or second fastest growing public software company for the three years we were public and grew the business 100 percent seven years in a row. While we are proud of that record, this time we aim to beat it!"
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. The more he spoke with other CEOs and business managers, the more he realized this problem was universal.
With $250 million in funding, Domo is backed by an all-star list of angels and investors including Benchmark, Fidelity Investments, Founders Fund, GGV Capital, Greylock Partners, IVP, salesforce.com, TPG Growth, T. Rowe Price, WPP and Zetta Venture Partners, 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.