And we want to get that first workload. He previously served on the boards of AppDynamics, athenahealth, and BazaarVoice, among others. Select Personal Finance. Ittycheria was the co-founder and CEO of BladeLogic, one of the fastest growing enterprise software companies of the last decade. And I break it down into kind of three things. Licensing & Reprints. He is currently the CEO of MongoDB and a member of the board of directors at DataDog. No ones going to use your product. Very good. The Biggest "Missing Ingredient" in the $7 Trillion EV Market. Jonathan M. Peacock is chairman and CEO of Biotech company Bellerophon Therapeutics and is a board member of Kite Pharma. Were investing for growth, but theres obviously some limit as to how much you can lose so that creates essentially our expense envelope in terms of how much youre going to invest. We make some decisions about, Are we going to be profitable? Well, with a service, with open source as a service, you can monetize everything because youre just paying as you go. Learn More about Dev Ittycheria's net worth. 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. 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). And then I became a VC for a while and spent some time on the West Coast with Greylock and then on the East Coast with OpenView. 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. And now we have a very distributed team. And so itd be foolish to have close to a billion dollars in the bank. Dev Ittycheria has experience as an entrepreneur, operator, and investor. Dev also serves on the board of directors of DataRobot, a private software company. Thank you for having me. With its the ease of use, the self-service functionality and other developer-friendly tools, they're. So we had a lot of customers who obviously are building mobile. 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. And then maybe theres some corner cases where they use something esoteric. So essentially almost two a year, right? 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. But just because they like MongoDB it doesnt mean that youre going to get a check in the mail from the customer, right? PDF. (The 2016 IoT Landscape), Growing Pains: The 2018 Internet of Things Landscape, The evolution of enterprise tech in New York, MongoDBs database as a service offering, Atlas, Being a student of the game rather than a master of the game. Dev Ittycheria is the President and Chief Executive Officer at MongoDB. 1611 W Harrison St Ste 400, Chicago, IL, 60612 3 other locations (312) 243-4244 OVERVIEW Dr. Thomas works in Chicago, IL and 3 other locations and specializes in Nurse Practitioner. Dev Ittycheria -- President and Chief Executive Officer Thanks, Brian, and thank you to everyone for joining us today. Atlas, which is your database as a service offering, was launched in late 2016. 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. So you have to then translate developer enthusiasm and interest into a real business value proposition for some decision makers. Dev Ittycheria is an American software executive, entrepreneur, venture capitalist, and the president and CEO of MongoDB, a popular next-generation database. 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. Balanced lives continue to make great business sense. But we think that thats part of open source. Great. And so, one day you might find AWS competing with you and your core business. Dev Ittycheria most recently served as the President of the Enterprise Service Management division of BMC Software, where he was responsible for a business with $1.2 billion in annual revenue and approximately 4,100 employees. And today were approaching 4,000 people and about $700 million in run rate. How do they kind of quickly triangulate on issues and resolve them quickly? He and his wife, Dr. Anju Thomas have one child who finished high school from Pingry and another who is at the school. And so what the cloud providers are doing is taking these free versions of open source, plugging into the platform and monetizing it. Your competition is changing. Your California Privacy Rights/Privacy Policy. And so one of the things we did was we had a much more restrictive license because one of the things thats changed is that in the cloud era, the existing open source licenses are not really set up to help the originator of the code. Chart Data in Insider Trading History Table. Awais loves the purple color; purple can be genius. Ittycheria led the companys 2017 IPO, the first of a database company in more than 26 years. Learn More about Dev Ittycheria's net worth. 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. Max Schireson, the company's current CEO, will become Vice Chairman and remain with the company full time after transitioning the CEO role, said a company release. And I need to remove any barriers, whether the cultural barriers, financial barriers, organizational barriers, to make sure people are set up for success. Dev Ittycheria is 53, he's been the President, Chief Executive Officer e Director of MongoDB Inc since . Share Background Report Overview of Dev C Ittycheria Lives in: Warren, New Jersey Phone: View phone number Age: 56 Dev Ittycheria's Voter Registration Have some success, build a relationship, get some confidence built around MongoDB, and then go after a new business. And we knew that we solved a very important problem. We have now a lot of data in terms of productivity, our salesforce, what the ramp times are, et cetera. Required fields are marked *. 5. So going after the database market is one of the largest markets in enterprise software. Ittycheria serves on the board of Datadog, a public software company. Think about a financial app. Biography of Dev Ittycheria. And then you keep adding more stuff to it, like more features, more product expansion. To build a community of people who wanted to just try and use MongoDB. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. For more information on howCEDcollects and uses personal data, please visit ourprivacy policy. Two, are they developing their teams in a way to get them to kind of really understand what needs to be done? Its not always a CIO, it could be the VP of Infrastructure. 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? Learn More about insider trades at MongoDB. 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. Information on this page was last updated on 1/3/2023. We said, we invest a lot in the product. They say, is it free? 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? In 2012, he became a partner at venture capital firm Greylock Partners.[3]. Well, yeah, I mean, we havent really seen a competition with the community. Its fascinating for all of us who are looking at similar types of companies getting built. Detailed information on the use of cookies on this site is provided in ourcookie policy. What I mean by that is you constantly have to work at your trade craft. At the time representing by definition 0% of revenue, and then it progressed to presenting 23% of revenues in fiscal year 2019, 39% in 2020, and now 46% in 2021. Yes, I raised my first round of financing five days before 9/11. Dev Ittycheria. And if you want diversity, and you only care about that market because youre a local Australian or Canadian company, the only way you get geo diversity is by going to another cloud provider. Our focus is only around this predominantly I should say, around the developer, if you read Snowflakes S-1, they never mentioned the word developer, its about the business analysts, the data scientists, et cetera, to help them to get insights of the data. I led the B round and Datadog, and then literally 6 months later, I joined Mongo to be a CEO. Sometimes theres a little bit of blood on the walls. Yeah, its a good question. Dev Ittycheria Mixed fortunes for MongoDB which saw Q2 revenues rise 53% year-on-year this week, but Wall Street was jittery about a cautious forecast for the coming quarter and gave the stock price a pummelling. They sold a total of 897,213 shares worth more than $88,522,836.60. They align the sales compensation to incentivize working that have their sales people work with us. MongoDBs open source project has continued to explode in popularity. I need to make sure I have the right people in the organization, especially at the executive team to go execute on that strategy. So it just makes it so much easier to use MongoDB, to build applications, to do it quickly and to do it more powerfully. Like, oh my God, the adoption that people would say, youre not open source anymore. Dev Ittycheria Biography. 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. How do they kind of measure the success of the business? Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Well, thank you, man. So thats the ideal state. We have a great team and Im very fortunate to be able to work with a very talented team and be able to do what we do every day. Whats the strategy behind it? And obviously our investors also see a return of the investment. So youre still going to see a lot of Oracle out there. 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. I still stayed on the Datadog board and Im actually on the board today. There was no prior art. Correct. And then we triage which ones do we want to invest in new, which product is going well, which products were to shut down? Youre running a tech company with offices around the world. president and CEO Dev Ittycheria is scheduled to be on CNBC's "Mad Money," which airs Monday at 6 p.m. EDT. Dev C. Ittycheria, a software executive and venture capitalist, is president and CEO of database company MongoDB. This net worth evaluation does not reflect any other investments that Mr. Ittycheria may own. Insiders at Datadog own 15.8% of the company. You have a multi-cloud offering now, right? They give us marketing dollars to drive customer demand. 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. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. Following this acquisition, Dev served as President of BMC, overseeing a business with $1.4 billion in annual revenue. Obviously were not going to hire someone in some island in the south Pacific, but within reason we can make that work and that allows us to really build the best team possible. Berndt has been a designer for National Geographic magazine and has experience in multimedia publishing and interior design. Insiders at MongoDB own 5.7% of the company. So its gone from zero to being almost half of the companys revenue. Think about supply chain apps where you have to have real-time information. Ittycheria and his wife, Dr. Anju Thomas, have two children. Can I use this free to distribute? Peacock is a chartered accountant. . And we find the relationship kind of tends to be in three stages. And so you really build a lot of muscles in terms of using the best, the cheapest form of financing is revenue, right? Previously being a founder, operator, investor and board member has given him a "360 degree" perspective of businesses, which informs his approach to leadership and building companies. During his tenure, MongoDB has launched innovative products like cloud database, Atlas, garnered numerous customers, outperformed comparable competitors financially, and expanded operations worldwide. Id love to chat about product and in particular Atlas, which has been an incredible success story. 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. Learn More on Dev Ittycheria's contact information. Were not trying to compete with Snowflake. 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. I think whats changed is the access to capital obviously, firms like FirstMark and others have done a lot of investing in New York. As a member of Board of Directors at Datadog, Inc., Dev Ittycheria made $258,183 in total compensation. CNBC Councils. And that was important to us. And so its a constant kind of focus around those three things that allow us to make sure that were kind of running our business and scaling it well. The company was incorporated in 2010 and is headquartered in New York, New York. Well, I think happiness for a CEO is a great relationship with your board and having a high functioning, cohesive team under you, right? And actually I led the B round at Datadog. I didnt want to be stuck behind a computer all day. Dev C Ittycheria (age 56) is listed at 4 Firethorn Ct Warren, Nj 07059 and is affiliated with the Democratic Party. They can kill a deal by saying, Ill never use MongoDB and youre done. So its allowed us to build a real business, allowed us to invest back into the product. Dev Ittycheria's largest sale order was 225,000 units , worth over $65.19M on April 9, 2021. As a CEO, how do you arbitrage between the different needs? Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. And so we feel good about the opportunity in front of us. SAS remains strongly committed to providing the whole employee experience - meaningful work Datadog can also be reached via phone at 866-329-4466 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. 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. We dont want to do that. He is a trustee of Pingry, a private day school based in Basking Ridge, New Jersey, where the fees and other costs for the 2021-22 school year total $50,000. Yeah, so I think you have to really understand customer buying behavior because even if the CIO says, I want to standardize on MongoDB. They dont have the time or the resources to replatform every app onto MongoDB. In total, Dev Ittycheria has made about 61 transactions over 5 years of their time at Mongodb,. Leading developers and publishing technical content for over a decade. Remarkable. We think it would be very unfair for someone to just pick a free version, make money off it and not give anything back. Enter your email address below to get our daily insider buying and selling report. Were all cheering for Mongo, and what a remarkable success story. Once again, Snowflake is bringing our Data for Breakfast event to London. Balanced lives continue to make great business sense. Even at your scale there is a finite amount of resources. We didnt want to go down that path. Dev is registered to vote in Somerset County, New Jersey. That average rating was still higher than the top employers for Gen Z." Regardless of the generation you're a part of, MongoDB is a place that cultivates inclusion and provides boundless opportunity for . Well, one, we run on all three clouds. 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. So 99% of our growth has been organic. Youre CEO of one and board member of the other. Dev graduated from Rutgers University with a B.S. Mr. Ittycheria owns 190,264 shares of MongoDB stock worth more than $39,949,732 as of March 2nd. Barral and his wife Angela are the parents of a Pingry alumnus and two current Pingry students. But ultimately we all kind of use that process to galvanize our priorities and what were trying to do. Ittycheria currently serves on the board of directors for public software company, Datadog, and blank-check company, Altimeter Growth Corporation. Dont assume that just because youre successful in the past, you can be successful in the future because your business is changing. 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. And then we review all the projects and get people to rank all the new investments, as well as all the existing investments are doing. And so given that, companies do like the fact that they can leverage MongoDB to run on any cloud provider and leverage the best of breed services, because the cloud providers are competing against each other. The corporate mailing address for Mr. Ittycheria and other Datadog executives is 620 EIGHTH AVENUE 45TH FLOOR, NEW YORK NY, 10018. By the way, I dont know if people realize this, but UiPath is pricing tonight and starting to trade tomorrow. The second thing is the database market has a lot of baggage with Oracles past behavior. And in our business, its a land expand. And if you just keep trying to run the same playbook, youre going to hit a wall. Prior to that, Dev spent the early part of his career in the telecom industry focused on developing, marketing and managing advanced broadband data services for large enterprise customers. She has served on the PSPAs Advisory Board and most recently was first vice president of the Executive Board. Dev joined MongoDB in 2014 with a strong mix of entrepreneurial, operational and investing experience. The corporate mailing address for Mr. Ittycheria and other MongoDB executives is 1633 BROADWAY 38TH FLOOR, NEW YORK NY, 10019. Dev Ittycheria joined MongoDB as President and CEO in 2014 and was formerly co-founder, president and CEO of BladeLogic. For Search, what we found was a lot of customers were dual homing data to both MongoDB and say Elastic. 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. For example, Snowflake is not an open source company. 845 Third Avenue Learn More on Dev Ittycheria's trading history. Is everyone in line? Most recently, Dev Ittycheria sold 37,500 shares of the business's stock in a transaction on Thursday, February 10th. All right, to close maybe just a couple of questions from the group. 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. Now, why is that important? So, global domination. Most ppl <35 have never led teams during a difficult economic environment. So youve done it time and again, and both before IPO and after. And what are the things that I need to be able to do by that time frame? And what essentially Mongo DB did was address two fundamental problems with the relational database. 8th GitHub Stars Award recipient. 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 . We partner with them on events. Pretty crazy time to start a company by the way, 2001. Were talking about a company thats now 44 years old and they still havent solved the scalability problem. We need to make MongoDB a standard. Run the same playbook, youre going to get a check in bank. Opportunity in front of us who are looking at similar types of companies getting built a total 897,213. 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