The Utah-based business software unicorn Domo, last valued at $2.28 billion, is moving to go public, according to a report from Recode. A Domo spokesperson declined to comment.
Domo has bee promising an IPO for years, and finally held its “organizational meeting” last week, which is the first step for a company filing IPO paperwork.
An organization meeting is typically the start of a one- to two-month process that includes drafting of the paperwork to be filed with the SEC. The company’s leadership, its board, lawyers, bankers, and financial advisors all gather to map out how and when exactly the company will file and sell itself to Wall Street.
Domo burst onto the scene in 2015, and hit a $2 billion valuation by 2016 before many people had even heard of the company. It has been called an “insta-unicorn” because, by the time the world started paying attention, investors had already poured enough money into it that it was valued at more than $1 billion.
The company has raised nearly $730 million in venture funding, and was valued at $2.28 billion in 2017 after its latest $115 million round in December 2017.
The company is backed by some of the heaviest venture hitters, including BlackRock, Greylock, and Benchmark. And both Greylock’s Aneel Bhusri and Benchmark’s Matt Cohler sit on Domo’s board.
Domo offers cloud software for “business intelligence and analytics,” taking a company’s data from hundreds of applications and turning it into charts, graphs, and insights. It competes with several other major business tools, including Tableau and Anaplan.
One of the company’s most distinguishing features is a catalog of ready-made apps and dashboards designed to address specific business use cases. Domo’s mobile client offers tracking of social media activity, for instance, enabling marketers to check how their brand’s profiles stack up against the competition using a native comparison tool.
Josh James, Domo founder and CEO, previously founded Omniture and sold it to Adobe in 2009 for over $1 billion. James is known for being a motivational speaker and expert salesman.
James has been dropping hints about an IPO since 2015, and now may finally be the right time. The filing would be the latest IPO in a flurry of tech listings, especially in the enterprise sector.
The IPO would be a substantial exit for the Silicon Slopes region of Utah. Domo is based in a suburb of Salt Lake City, and is one of several other unicorns in the region, including Qualtrics, and education firm, Pluralsight, which also filed for its IPO last week.
Domo initially hired banks to advise its IPO two years ago, but stalled on the public offering, as James said at the time, to remain private as long as humanly possible.
Morgan Stanly and Credit Suisse are advising Domo’s offering. Stay tuned.