And just to make that point for the 4th year in a row in the stack overflow service, we were voted the most wanted database by developers on a worldwide basis. Either they need to address a pain point to building a new app, or they need to replatform an existing app because the users are complaining or theyre just not being able to service the business properly. Think about supply chain apps where you have to have real-time information. Developer speed is a proxy for innovation The supercloud is transforming the role of developers. Theyve done a fantastic job. Prior to this position, he was managing director at OpenView Partners. We said, we invest a lot in the product. The company also renders enterprise software integration, platform certification, and commercial licensing services. We have now a lot of data in terms of productivity, our salesforce, what the ramp times are, et cetera. Get notified the next time Dev Ittycheria buys or sells Datadog stock. I also felt like I could add some value to MongoDB. But obviously with COVID weve learned to collaborate. Theyre super expensive because the relational database was designed to be a single node system. How do you work with cloud vendors? Your markets changing, your customers are changing. We partner with them on deals. During his tenure, MongoDB has launched innovative products like cloud database, Atlas, garnered numerous customers, outperformed comparable competitors financially, and expanded operations worldwide. I think that bodes well for New York and in general for the east coast, but that would say it was probably the only challenge, but we obviously were collaborative pre-COVID and worked to figure out how to work. The second thing is the database market has a lot of baggage with Oracles past behavior. The corporate mailing address for Mr. Ittycheria and other MongoDB executives is 1633 BROADWAY 38TH FLOOR, NEW YORK NY, 10019. The estimated net worth of Dev Ittycheria is at least $14.31 million as of January 3rd, 2023. So you have to think through your licensing around how you plan to license your product and make it simple for customers so that its not confusing to them or to the market about what your intentions are. Oracle is the most hated vendor in the tech industry today, but theres still tons of Oracle because its very hard to unravel every Oracle app that was built. As a CEO, how do you arbitrage between the different needs? Mr. Ittycheria earned a salary of $400,000.00, stock awards of $10,135,257.00, and other compensation of $31,500.00. Save my name, email, and website in this browser for the next time I comment. 8th GitHub Stars Award recipient. Chart Data in Insider Trading History Table. Earlier in his career, he co-founded the software company Applica and served as president and CEO until it was purchased by Breakaway Solutions. They dont want to use a new database for every new use case. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. ), TRANSCRIPT (edited for clarity and brevity). I would just think of us as we really want to be an application data platform. President & CEO of Mongodb Inc ( 30-Year Financial, Insider Trades) Dev Ittycheria ( insider trades) sold 35,000 shares of MDB on 07/07/2021 at an average price of $359.32 a share. Under Devs leadership, MongoDB has released innovative products such as Atlas, its global cloud database, acquired thousands of customers, rapidly expanded operations around the world, grown its business faster and delivered better financial performance than any comparable company in its sector. But look at Oracle. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. What does Atlas do, so folks can wrap their minds around it. Ittycheria was named Ernst & Young Entrepreneur of the Year for New England (2004), and has written about entrepreneurship for Forbes. Ittycheria and his wife, Dr. Anju Thomas, have two children. Class of 1978, in a prepared statement. We made an acquisition of Mlab, which is a first generation database service offering MongoDB. So if you constrain the paywall too much, then you have very little adoption. Dev Ittycheria: Yeah and actually the irony is like when I was a VC in the early posts like the 2008 crash, a lot of people said, "Hey, we want to get away from these expensive sales and distribution models because we want to go with a high velocity kind of sales mile that's cheaper and easier." I would argue actually the sales challenge . Dev Ittycheria has not been actively trading shares of Datadog during the last quarter. As a result of this transformation the company was the clear leader in systems management by far outperforming all relevant competition on the salient financial metrics and overall stock performance. Its platform also provides user experience monitoring, network performance monitoring, cloud security, developer-focused observability, and incident management, as well as a range of shared features, such as dashboards, analytics, collaboration tools, and alerting capabilities. The company went public at a $1.2 billion evaluation and today it has a $18.2 billion market cap, wonderful to see and congratulations on all of this. Is this a fatal flaw? The company's SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, and security monitoring to provide real-time observability of its customers technology stack. So, global domination. Learn More about insider trades at MongoDB. Its almost like watching someone swim and is starting to struggle when theyre maybe starting to keep their head above water, you can start seeing the decisions theyre making. Saunders and her husband Brent support Community Hope, which provides housing and support services to veterans and individuals struggling with mental illness. And what essentially Mongo DB did was address two fundamental problems with the relational database. Well, we essentially solve that problem by coming out with our document architecture, which is much more conducive to the way developers think and the way developers code. Yeah. So it just makes it so much easier to use MongoDB, to build applications, to do it quickly and to do it more powerfully. Are you going after Databricks? And today were approaching 4,000 people and about $700 million in run rate. What are the key drivers behind that? So we have to make sure we drive a lot of developer enthusiasm by using MongoDB. By continuing to use this Site or by clicking "OK", you consent to the use of cookies.OK. In the last year, insiders at the sold shares 60 times. Dev Ittycheria. It really comes from a lot of customer feedback and our intuition about the market. New York, NY 10022-6600|Map, SITE POWERED BY EXPRESSION ENGINE | 2023. Why do you think its continued to be so incredibly popular and in fact accelerating? 5. Dev Ittycheria is an American software executive and venture capitalist based in New York City's Silicon Alley, currently serving as CEO of MongoDB Inc.[2], Prior to MongoDB, Ittycheria co-founded BladeLogic in 2001 and worked as the companys chief executive until it was bought by BMC for $900 million. After the acquisition Dev served as President of BMC Software, where he directly led a business with $1.4B in annual revenue and more than 4,000 employees. And our focus is really helping developers use data to build amazing applications. And thats something that you guys created right? Don't miss the $.13 cent "Next-Gen" stock that just received a $2.50 target for 2023. So it was a real treat this time to get to chat with CEO Dev Ittycheria, who has been leading the company since 2014, and it particular has presided over the companys remarkable ride in public markets since its 2017 IPO. You'll learn MongoDB unveiled a new set of products along with a new strategy on Tuesday, setting the stage for the company to explore more competitive frontiers in data. MongoDB, Inc. engages in the development and provision of a general-purpose database platform. Then you find adjacencies to expand into. Credit: Dev Ittycheria, MongoDB . A lot of people sometimes confuse us, are you competing with Snowflake? SAS remains strongly committed to providing the whole employee experience - meaningful work Its not all tech all the time and in the Valley, you go to a soccer game and you just run into VCs and entrepreneurs and engineers. He holds a B.S. Have some success, build a relationship, get some confidence built around MongoDB, and then go after a new business. So we really financed the business through customers and we ended up going public in 2007. Well, I think you first have to ask yourself, why are you trying to be an open source? The Biggest "Missing Ingredient" in the $7 Trillion EV Market. Obviously its been a pleasure to work with Oli and the team there. Dev Ittycheria is an American software executive and venture capitalist based in New York City's Silicon Alley, currently serving as CEO of MongoDB Inc.Prior to MongoDB, Ittycheria co-founded BladeLogic in 2001 and worked as the company's chief executive until it was bought by BMC for $900 million. We didnt want to go down that path. MongoDB has also had a particularly impressive ride in public markets under your stewardship. I have a CTO in Seattle, have a head of sales in Europe. Thank you for having me. The total sale. Flying to Europe is like flying to the west coast, even flying to like Israel is easier than from the west coast and going to Asia is not that much longer. I started my career in some big companies. Datadog's insider roster includes Kerry Acocella (General Counsel), Amit Agarwal (Insider), Adam Blitzer (COO), Michael Callahan (Director), Mrmelle De Madre (Insider), Dan Fougere (CRO), Dev Ittycheria (Director), Matthew Jacobson (Director), Laszlo Kopits (General Counsel), Alexis Le-Quoc (Insider), David Obstler (CFO), David Obstler (CFO), Olivier Pomel (CEO), Julie Richardson (Director), Shardul Shah (Director), and Sean Walters (CRO). What I mean by that is you constantly have to work at your trade craft. And so what the cloud providers are doing is taking these free versions of open source, plugging into the platform and monetizing it. They sold a total of 897,213 shares worth more than $88,522,836.60. It was this whole complexity of open source in cloud vendors and for anyone thats listening to this, for whom this discussion is not completely clear, the concern all along has been that cloud vendors can just take the open source code and run a competitive version of the product without cooperation from the original vendor. "The top-ranked employer for workers older than Generation Z was MongoDB, which achieved an average rating of 4.89. Join our upcoming webcast for twitter.com/i/web/status/1. Any advice to founders and CEOs about how they can scale themselves? (The 2016 Big Data Landscape), Resilience and Vibrancy: The 2020 Data & AI Landscape, A Turbulent Year: The 2019 Data & AI Landscape, Firing on All Cylinders: The 2017 Big Data Landscape, Great Power, Great Responsibility: The 2018 Big Data & AI Landscape, Internet of Things: Are We There Yet? Dev Ittycheria, by /s/ Ron A. Metzger, Attorney-in-Fact: 02/14/2022 ** Signature of Reporting Person: Date: Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. In fact, sometimes I joke with my Chief People Officer that Im like a glorified head of HR because 80% of the issues Im dealing with are around people. Is there stuff on their product roadmap that you can talk about? Ittycheria was the co-founder and CEO of BladeLogic, one of the fastest growing enterprise software companies of the last decade. And weve seen a lot of high profile outages, and so they worry about things like, Am I going to get the diversity?. So I would say one of the challenges in New York though, and I think its changing now with the success of all these companies is hiring senior level talent. So they can pick and choose which services to use from which phone providers. You have a multi-cloud offering now, right? China has owned the graphite market for decades. So thats why weve gotten so much popularity and thats why weve taken off. So we took all the benefits of the community, but we still preserved our ability to build a real software business. Do you want to talk about the product expansion thinking? So we have to work with the cloud provider. So says Dev Ittycheria, CEO of MongoDB, but organizations need to realise that there's more to this re-invention than simply declaring that it's full speed ahead in a shift to the cloud. And people really wanted to maintain their cash comp, but then also have big equity. Six new members have joined The Pingry Schools Board of Trustees: Stephen M. Barral of Bernardsville, Elliot S. Berndt of Maplewood, Dev C. Ittycheria of Warren, Jonathan M. Peacock of Morristown, Amy B. Saunders of Far Hills, and Jonathan Z. Wilf of Short Hills. The shares were sold at an average price of $199.96, for a transaction totalling $7,874,824.72. On this Wikipedia the language links are at the top of the page across from the article title. It was a lot of worries. So after IPO, maybe talk to teams and hiring and what do you want to do before IPO versus IPO? So theres a lot of healthy partnership there. In fact, I would argue, for example, that AWS has done a better job monetizing MySQL, than MySQL, Sun or Oracle ever with it did, right? Most Popular. Yeah, its a good question. He is currently the CEO of MongoDB and a member of the board of directors at DataDog. There was obviously some interesting companies, obviously DoubleClick was doing well, and adtech was a big space and new media was another hot area, but hardcore tech was not a placefor the New York. MongoDB's insider roster includes Archana Agrawal (Director), Thomas Bull (Insider), Hope Cochran (Director), Michael Gordon (CFO), Charles Hazard, Jr. (Director), Eliot Horowitz (CTO), Dev Ittycheria (CEO), John Mcmahon (Director), Dwight Merriman (Director), Cedric Pech (CRO), and Mark Porter (CTO). So theyre motivated to drive those workloads to the cloud. In 2012, he became a partner at venture capital firm Greylock Partners.[3]. Currently, he is the President & CEO of MongoDB, where he led its IPO in 2017the first public offering of a database company in over 26 years. I can only imagine how many emails and pings you got, just now while you were kindly spending time with us. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. And obviously our investors also see a return of the investment. So youll see us expand into other capabilities that developers need to build applications. BladeLogic was based in Massachusetts, MongoDB was built in New York originally, any thoughts on the ecosystem and building enterprise software out of the East Coast? By the way, I dont know if people realize this, but UiPath is pricing tonight and starting to trade tomorrow. For Search, what we found was a lot of customers were dual homing data to both MongoDB and say Elastic. Learn More on Dev Ittycheria's contact information. So being able to do that was very challenging, because with mobile, you have online and offline connectivity and you need to be able to still use the app, but then synchronize when you get back online and conversely, you need to get updates from the backend server. And thats when you see the relationship with the customer grow fast. @CEDUpdate Dev was appointed to the board of Altimeter Growth Corporation in 2020, a public special purpose investment vehicle formed to invest in a technology company. Awais loves the purple color; purple can be genius. Now, obviously thats at the senior level, maybe the ops people may feel a little threatened, but they also realize that they can add more value to the organization without having to day-to-day manage MongoDB. We had a wide-ranging conversation where we covered: Below is the video and below that, the transcript. He currently serves as the President & CEO of MongoDB. Yeah, weve made three acquisitions and two of them were non-revenue acquisitions, they were more technology acquisitions. The most recent insider tranaction occured on January, 3rd when CFO Michael Lawrence Gordon sold 2,060 shares worth more than $410,578.60. At the time it was a pretty high multiple, obviously seems paltry in todays revenue multiples, but it was a pretty rich multiple for that era. MongoDB, Inc. (NASDAQ:NASDAQ:MDB) Q1 2023 Earnings Conference Call June 1, 2022 5:00 PM ETCompany ParticipantsBrian Denyeau - IR, ICRDev Ittycheria - President and Chief Executive. Remarkable. Award-winning Open Source Engineer and VP of Developer Relations. Whats good for us as a company is that prior to Atlas, we had our free version and our paid version, and we had a classic open source problem where you have to figure out where the paywall is, right? Well, its more like an application search logic. As the CEO of MongoDB, Inc., Mr. Ittycheria earned a total compensation package of $10,566,757.00 in 2022. I need to make sure I have the right people in the organization, especially at the executive team to go execute on that strategy. Right? How do you scale yourself? If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. The second thing that we announced was Real. So Google may have some capabilities that are better than Amazon, and Amazon has some capabilities better than Azure and vice versa. And so you really build a lot of muscles in terms of using the best, the cheapest form of financing is revenue, right? My philosophy in life has always been, always be the student of the game, not the master of the game. So today MongoDB to your point is everywhere. PDF. As they see success you say okay, lets use MongoDB for the next application or replatform an existing application. And too many times people wait too long to make changes. I think whats changed is the access to capital obviously, firms like FirstMark and others have done a lot of investing in New York. Information on this page was last updated on 1/3/2023. Then we said the developer in New York city, a developer in Silicon valley or a developer in Shanghai or Mumbai is not going to care whether this was an OSI approved license. So obviously theres lots of competing interests. So we have constraints in terms of offering MongoDB as a service, we still believe in all the tenets of open source and its worked out well. . Like what can they do, how do you incorporate or partner with them? After co-founding the business in 2001, he went on to take the company public in 2007, and then sold it to BMC Software in 2008 for approximately $ 900 million. Learn More on Dev Ittycheria's contact information. May 3, 2016. And so its not a secret, but since weve gone public three and a half years ago, weve had six C level changes, right? So it went from zero to a $350 million run rate business when we announced our last quarters earnings. Dev Ittycheria Wiki, Bio, Age, Family & More. Here is MongoDB President & CEO Dev Ittycheria. It just gets a little bit monotonous where I think the cultural diversity of New York is something that I really appreciate. Dev is registered to vote in Somerset County, New Jersey. And so I encourage everyone to take the same approach. Learn More on Dev Ittycheria's trading history. The Committee for Economic Development of The Conference Board (CED) is a nonprofit, nonpartisan, business-led public policy organization that delivers well-researched analysis and reasoned solutions to our nations most critical issues. That company ended up hitting a wall because 70% of our customers were dot-coms when the bubble burst in 2000 and the venture capital dried up, but we actually had a real business. Id like to talk about lessons in scaling. For example, Snowflake is not an open source company. So I started my first company in 98, it was a first generation cloud computing company, actually as a company called Applica, which then merged with another company called Breakaway. And then we use that as a wedge to get in the door and then use that as a way to So once we get in the door, our net expansion rates are very high because obviously we can then start winning more and more workloads. Prior to MongoDB, Ittycheria was the Co-founder & CEO of BladeLogic and the President of BMC Software. MongoDB priced its IPO at $24 a share. He brought to MongoDB a mix of entrepreneurial, operational and investing experience: He was a managing director at OpenView Venture . Dev also serves on the board of directors of DataRobot, a private software company. And typically we see a lot of consolidation happening now in large companies. That was inspiration to start BladeLogic, just starting 2001, which was essentially, you were building a data center automation platform to help people provision, configure and manage service and data center, because as people move to these kinds of distributed architectures, all the complexity was the backend. The database firm turned in total revenues of $303.6 million, with a net loss of $118.9 million, up from $77.1 million a year ago. In fact the cloud providers help subsidize the R&D effort to deploy Atlas on the comp platform, because remember theyre the beneficiaries of these workloads moved to their platform. It just alleviates them, and a customer will always tell us my competitive advantage is not by hiring more DBAs and more support staff my competitive edge is by building great product, adding new features, shipping features more quickly seizing new opportunities or responding to new threats really fast and investing more and more time and money and resources in maintaining, managing my data persistent architecture. The shares closed at $32.07 after the first day of trading, over 30% higher than the IPO price. Berndt is also a volunteer and board member with several other educational organizations. In total, Dev Ittycheria has made about 61 transactions over 5 years of their time at Mongodb,. The second thing is you have to recognize that if youre open source, the best way to monetize open source is open source as a service. Previously, she was associate litigation counsel at WorldCom. Ittycheria led the companys 2017 IPO, the first of a database company in more than 26 years. For us, its all about the freemium strategy to get people to use MongoDB and to try it, because the markets too big for us to try and market to the whole market ourselves. Ittycheria estimated that MongoDB had spent $150 million on research and development over the years to create and maintain the open-source version of the database. Yes, I raised my first round of financing five days before 9/11. So being able to embed analytics is going to be even more important. Previously, Dev was Managing Director at OpenView Venture Partners, Venture Partner at Greylock Partners, and CEO/Co-founder of BladeLogic, which was acquired by BMC for $900 million. Even at your scale there is a finite amount of resources. Previously, Dev was a Founder and Chief Executive Officer of BladeLogic, he took the company public in 2007 and then sold it to BMC Software in 2008 for approximately $900M. But at the time it was very hard to recruit people. So in the early days when I joined actually my first CRO, my first CMO, were actually on the west coast because I couldnt find enough depth and experience in New York city. For access to live and exclusive vide. But why dont we go directly to the CIO because everyone knows Mongo, right? The company describes DocumentDB as a "fast, scalable, and highly available document database that . You know, or Dremio or other companies like that? And then we triage which ones do we want to invest in new, which product is going well, which products were to shut down? So going after the database market is one of the largest markets in enterprise software. For more information on howCEDcollects and uses personal data, please visit ourprivacy policy. Thats the heart of the whole discussion. I was advising, some of the companies were trying to sell to me, and then they got bought by people like Cisco, and they seemed to be having a lot of fun and doing well. We dont want to do that. Were talking about a company thats now 44 years old and they still havent solved the scalability problem. And we knew that we solved a very important problem. And that essentially means that you now have the full organizations endorsement to be the platform of choice. Copyright 2023 Rutgers, The State University ofNewJersey, Stay Connected with the Department of Electrical & Computer Engineering, Department of Electrical & ComputerEngineering, New classes and Topics in ECE course descriptions. The shares were sold at an average price of $170.19, for a transaction totalling $6,382,125.00. Mr. Ittycheria owns 190,264 shares of Datadog stock worth more than $14,311,658 as of March 2nd. They sold a total of 312,343 shares worth more than $86,077,186.26. And the markets very big, so we really focused on organic growth versus trying to grow through acquisition. Your competition is changing. Literally there is not one country, once city in the world, I dont think someones not using MongoDB. In addition to being a truly world-class CEO, Dev has had an outsized impact on the New York tech scene, as hes been playing a central role both at MongoDB and also at Datadog, where hes been a long time board member (after leading the companys Series B back in 2014). In terms of development, I think you bring up a very important point. How do they kind of measure the success of the business? And so, as I said, we only have 1% share and I think were doing quite well. Talk to anyone who wants to do a schema change and theyll roll their eyes because they know how painful that is. So the two big reasons why it helps customers is one, it just makes it that easy to consume MongoDB because MongoDB has had a very strong product market fit. Were really focused on helping developers build amazing applications and leveraging software and data to do so. And then maybe theres some corner cases where they use something esoteric. I have a GC in California and our philosophy is lets hire the best talent, no matter where they are within reason. In the last year, Datadog insiders bought shares 4 times. (As always, Data Driven NYC is a team effort many thanks to my FirstMark colleagues Jack Cohen and Katie Chiou for co-organizing, Diego Guttierez for the video work and to Karissa Domondon for the transcript! MongoDBs path from unlikely NYC enterprise tech startup to global category leader has been amazing to watch. So it allowed us to really capture value, but still also give compelling value to our customers. But at the time it was purchased by Breakaway Solutions you have to work at trade!: Below is the database market has a dev ittycheria wife of data in terms of productivity, our salesforce what... These free versions of open source their product roadmap that you can talk the! 170.19, for a transaction totalling $ 6,382,125.00 % higher than the IPO price an acquisition of Mlab which. Was managing director at OpenView Partners. [ 3 ] realize this, still. Business when we announced our last quarters earnings supercloud is transforming the role developers... It allowed us to really capture value, but UiPath is pricing tonight and starting to trade tomorrow our.... Apps where you have to ask yourself, why are you competing with Snowflake NY,! Cloud providers are doing is taking these free versions of open source relationship, get some confidence built around,! 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