|By Marketwired .||
|March 12, 2014 11:30 AM EDT||
SILICON SLOPES, UT--(Marketwired - March 12, 2014) - Domo, a software-as-a-service (SaaS) venture launched to redefine the business intelligence market and transform the way business is managed, announced another breakthrough quarter. The company also revealed its plans to expand its Silicon Slopes presence with a new sales and customer reception center in the historic Walker Center in downtown Salt Lake City.
Domo's expansion to a downtown location will help Domo achieve its aggressive hiring plans of doubling its sales force by providing a footprint at both ends of the valley that the company can build upon. Only 10 minutes from Salt Lake City International Airport, it will also provide an ideal location to host customers.
This news comes on the heels of Domo's recent Series C financing of $125 million, which raised the company's total funding to more than $250 million at a valuation of $825 million. Today, after selling for just more than one year, Domo has passed the 500-customer mark and has annual growth far exceeding 100 percent.
In the past quarter, Domo's customer base grew to include some of the world's most recognizable names in fashion, consumer packaged goods, retail, media and financial services. New customers are continuing to respond to Domo's ability to bring together all of the data they care about in one place.
"We are experiencing tremendous momentum, yet we know that reaching our true potential relies on incredible execution," said Josh James, Domo founder and CEO. "And while the velocity of our sales efforts continues to shatter records for enterprise software -- with deals closing in days and weeks, instead of months or quarters -- the market remains virtually untapped. We are hiring aggressively and doubling our sales team to further accelerate our business and to address the needs of a market that wields incredible purchasing power but to date has been completely ignored."
Today, more than 50 percent of Domo's new business involves CEOs and more than 70 percent involves CXOs.
James added, "In my 14 years as Omniture CEO, I was actively engaged in only one software purchase decision for our company. Why? The cost was so high that I had to be able to justify the price tag to the board. With Domo, CEOs and C-level executives are regularly the ones driving the purchase because we are addressing a universal pain point as these executives struggle to get value from the data they already have about their business."
Domo also combines, for the first time, technologies and capabilities that deliver an entirely new user experience in enterprise software. Domo has been keeping most details of its solution under wraps and expects to take the covers off some time this year.
"With an ambitious growth plan, the new downtown location will make it easier to attract the talent that is critical to our growth. We are excited about the opportunity in front of us and will judge the success of our execution, not just on growing our numbers, but also on our success in creating happy customers," said James.
To read more about Domo's growth and expansion, visit the Domo blog, which will also provide a link to a video about the new space.
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.
With more than $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.