Domo

Profile (continued)

Domo priced its IPO on June 29, 2018, listing 9.2 million shares of Class B common stock on the Nasdaq Global Market under ticker 'DOMO' at $21.00 per share (within its $19-$22 marketed range), raising roughly $193 million in gross proceeds. Given the company's heavy prior private funding (including a reported $2 billion 2015 valuation), the IPO was widely characterized in the press as a 'down round' relative to Domo's peak private valuation, though Domo's own S-1 did not use that framing. Class A shares (super-voting, 40 votes/share) remained concentrated with an entity affiliated with founder Josh James, giving him voting control and making Domo a 'controlled company' under Nasdaq governance rules post-IPO - a structure that persisted through 2026.

Post-IPO, Domo continued to post revenue growth (from roughly $128 million in fiscal 2018 to a peak around $318-319 million by fiscal 2024-2026) but never achieved GAAP profitability, posting consistent annual net losses in the tens of millions of dollars even as losses narrowed in recent years (net loss narrowed to about $59.3 million in fiscal 2026 from over $100 million in fiscal 2022). The stock, which never again approached its IPO-era highs, declined sharply over the company's public life; by mid-2026 shares traded around $3.50-4.00, down more than 90% from post-IPO peaks, with a market capitalization in the $150-180 million range - a small fraction of its late-private-market valuation.

Leadership changed over time: Josh James served as CEO and Chairman from the company's 2010 founding through March 2022, when he stepped back; the company brought in outside leadership (reported by some sources as John Mellor) for roughly a year, before James resumed the CEO role in March 2023 and has served continuously since, per Domo's FY2026 proxy statement. Other long-tenured executives include Daren Thayne, an original team member who has served as CTO since 2010 (and briefly as interim principal executive officer from December 2025 to April 2026 amid the strategic-alternatives process) and Tod Crane, CFO since November 2024 after rising through Domo's finance organization since 2015. Mark Maughan served as COO until resigning in January 2026. Board members as of the 2026 proxy include Josh James, Executive Chair Carine S. Clark (former CEO of several enterprise software companies), Daniel Daniel, Jeff Kearl, Dan Strong, Renee Soto, David Jolley and Ryan Wright; earlier (2018 IPO-era) directors included Fraser Bullock, Matthew Cohler (Benchmark), Dana Evan, Mark Gorenberg, Nehal Raj (TPG) and Glenn Solomon (GGV Capital) - none of whom represent Greylock.

In a major turning point, on July 22, 2026, Domo announced it had entered into a definitive Asset Purchase Agreement to sell substantially all of its assets, employees and certain liabilities (its entire AI and Data Platform business) to Progress Software Corporation for approximately $400 million in cash, following a board-run strategic alternatives process that had been publicly flagged as early as the company's Q1 FY2027 earnings release in June 2026. Under the deal terms, Domo's board unanimously approved the transaction and majority stockholders (controlled via James's Class A super-voting shares) executed a written consent approving it without requiring a separate shareholder vote. Domo does not intend to liquidate after closing; the company expects to retain roughly $246 million in net cash (equivalent to about $4.84/share) and plans to explore using the proceeds, together with its retained net operating loss (NOL) tax attributes, to pursue new opportunities as a public shell/holding entity. The announcement drove a large one-day stock price pop (shares surged toward the implied $4.84 per share cash value, representing an approximately 81% premium to the 30-day volume-weighted average price) and effectively ends Domo's run as an independent operating public company, roughly eight years after its 2018 IPO. As of this research (August 2026) the deal had not yet closed.

Competitively, Domo operates in the crowded business intelligence / data-analytics space, competing against Tableau (Salesforce), Microsoft Power BI, Looker (Google Cloud), Qlik, Sisense, ThoughtSpot, ,Alteryx, ,ee GoodData, Zoho Analytics, Spotfire and Amazon QuickSight, among others - a field where several larger cloud/software incumbents (Salesforce, Microsoft, Google, Qlik) have substantially greater resources, which analysts have repeatedly cited as a structural challenge to Domo's independent growth and profitability.

Go-to-market

Mid-market and large enterprises across financial services, healthcare, pharmaceuticals, energy, retail, technology and other data-intensive industries; buyers range from IT/data teams to business executives and frontline operational users. Domo reported roughly 2,600 enterprise customers as of FY2024.

Ownership

public