Utah’s Cloud Software Startup Domo Hires a CFO
Domo, the secretive, well-funded business intelligence startup run by Omniture founder Josh James, has hired a CFO.
The Utah-based company announced this morning that Bruce Felt (pictured), the former CFO of SuccessFactors, has joined the company.
Domo is growing at “breakneck speed,” James, the founder and CEO, said in a statement. Hiring a CFO who has experience with running a software-as-a-service business, is, he said, “a big plus.” That’s important because SaaS companies like Domo run their books a little differently from other companies: Customers pay subscription fees for ongoing use of the software rather than paying for the software up front, the result being a predictable annuity-style revenue stream.
Felt was CFO at SuccessFactors for about six years and saw it through its hyper-growth phase, and was on the team that sold that company to Germany’s SAP for more than $3 billion in 2011. He sits on the boards of HighTail, Alfresco and Answers.com
Before SuccessFactors, Felt was CFO at four different companies: LandDesk, Integral, FullTime Software (now part of Legato Systems) and Renaissance Software, now part of SunGard. He called Domo “one of the most game-changing opportunities that I’ve ever seen.”
At least he has seen the product. Few people outside of Domo’s customers and employees have.
Separately, the company said it now has about 600 customers, which is roughly double what it reported in February. Though James has consistently made a lot of noise about the company, he has kept quiet about the product. In an interview 10 months ago, he said Domo could barely keep up with the demand from customers, but insisted he’d talk about the product in his own time. It sounds like kind of an odd way to market something — brag about the number of customers while saying nothing about what the product does — but it appears to be working.
When last heard from, James had just raised $125 million in new funding (from his hospital bed, no less). The round brought Domo’s total capital raised to $250 million at an implied valuation of about $825 million.