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. You have to ask yourself, why is open source an important element of the strategy? 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. 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. Its all over. So its allowed us to build a real business, allowed us to invest back into the product. I mean, Oracle was founded in 1977. Ittycheria serves on the board of Datadog, a public software company. In his 2019 interview, MongoDB CEO Dev Ittycheria confirms that MongoDB Inc. does not care about working with the open source community to make MongoDB better, as their focus is on their freemium strategy: "MongoDB was built by MongoDB. He and his wife Kathleen have one child attending Pingry. Learn More on Dev Ittycheria's trading history. Were not trying to compete with Snowflake. Dev Ittycheria is the Director of Datadog Inc and owns about 441,347 shares of Datadog Inc (DDOG) stock worth over $38 Million . And all those tenets still apply. And they said, we really want to embed all our OTP functionality along with application search in one platform, its much easier to maintain. Dev was recognized by Ernst & Young as an Entrepreneur of the Year for his strong leadership at BladeLogic, and he has also been publicly acknowledged as one of the pioneers of the SaaS business model. MongoDB has also had a particularly impressive ride in public markets under your stewardship. Are you going after Databricks? 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. Chart Data in Insider Trading History Table. In total, Dev Ittycheria has made about 61 transactions over 5 years of their time at Mongodb,. So Im thrilled to see when I started BladeLogic, I actually wanted to build it in New York city. Learn More about Dev Ittycheria's net worth. Id like to talk about lessons in scaling. "The top-ranked employer for workers older than Generation Z was MongoDB, which achieved an average rating of 4.89. So theres a lot of healthy partnership there. Following the completion of the sale, the chief executive officer now directly owns 190,264 shares of the company's stock, valued at $38,045,189.44. Dev began his professional career at large and growth-stage telecom companies developing advanced broadban .. Read More, Get notified of the Biography of World Famous Personalities. To build a community of people who wanted to just try and use MongoDB. How do you think about this? So 2014 turned out to be a pretty interesting year for me. And thats when you see the relationship with the customer grow fast. Dev Ittycheria is 53, he's been the President, Chief Executive Officer e Director of MongoDB Inc since . And they have the right level. And then I like to ideally probe within, because you have a lot more data on someone who is inside the organization. So once youre clear on the strategy, then a lot of the focus is on people. 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. In fact, weve invested over $700 million in R&D since we started the company and more than 50% of that goes to the free product. AWS launched DocumentDB today, a new database offering that is compatible with the MongoDB API. In its last fiscal year,. Managing a distributed database can be quite challenging. Lose a little money, make a little money. Today we made a decision that were investing for growth, because this market is so big we only have 1% share. But ultimately we all kind of use that process to galvanize our priorities and what were trying to do. And you see a lot of signs with the organization. Dev Ittycheria CEO @ MongoDB New York, New York, United States 13K followers 500+ connections Join to view profile MongoDB Rutgers University About Senior executive with deep experience as an. And obviously our investors also see a return of the investment. Enter your email address below to get our daily insider buying and selling report. 00:33. I think, as you see the success of these companies, Datadog MongoDB, potentially UiPath, and others, I think youre going to see more talent in the local area. Nov 3. Class of 1978, in a prepared statement. Your markets changing, your customers are changing. In terms of development, I think you bring up a very important point. 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? 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. But the U.S. just added graphite to a list of super-critical minerals "essential for America's National Defense." Can I use this free to distribute? Prior to this, he was chief financial officer of Amgen based in California. 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. Founder of BladeLogic, Inc. and Applica Corp., Dev C. Ittycheria occupies the position of President, Chief Executive Officer & Director at MongoDB, Inc. Mr. Ittycheria is also on the board of Datadog, Inc., The Pingry School and Altimeter Growth Corp. You were trying to recruit from the big banks and so forth. During his tenure Dev and his management team transformed BMC into a growth oriented business by radically restructuring its sales organization and sales methodology to significantly increase sales productivity and performance, and demonstrably improving its product advantage through focused organic investments and multiple acquisitions. You shouldnt just be open source for the sake of being open source. One, the relational database, where youre trying to basically disaggregate data into rows and columns is a very counterintuitive way to model data. Dev Ittycheria is the President & CEO of MongoDB, where he led its IPO in 2017the first public offering of a database company in more than 25 years. I need to be very clear on what our strategy is, at least the next couple of years. 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. He currently serves as the President & CEO of MongoDB. 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. We think it would be very unfair for someone to just pick a free version, make money off it and not give anything back. MongoDBs open source project has continued to explode in popularity. And in our business, its a land expand. Following the acquisition, he served as President of BMC. He holds a B.S. And now we have a very distributed team. Database company MongoDB brings in a new CEO ahead of its IPO, BladeLogic founder joins VC firm, Greylock Partners, https://en.wikipedia.org/w/index.php?title=Dev_Ittycheria&oldid=886583988, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 7 March 2019, at 05:12. Well, one, we run on all three clouds. How do they kind of measure the success of the business? Yes, I raised my first round of financing five days before 9/11. New York, NY 10022-6600|Map, SITE POWERED BY EXPRESSION ENGINE | 2023. Think about supply chain apps where you have to have real-time information. What does that look like? You have a multi-cloud offering now, right? Were talking about a company thats now 44 years old and they still havent solved the scalability problem. Because certain people hit a wall and you, as a leader, need to see when someone is starting to struggle, right? So, global domination. A tech CEO spent almost $600,000 on a Super Bowl ad to warn America about Tesla's self-driving technology. Awais loves the purple color; purple can be genius. I was ecstatic to see MongoDB featured in this recent CRN Cloud News article. Subscribe to CNBC PRO. 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. The Biggest "Missing Ingredient" in the $7 Trillion EV Market. So our business starts and stops with developers. He and his wife, Dr. Anju Thomas have one child who finished high school from Pingry and another who is at the school. If thats the case, then how are you going to make sure that you have a moat around your product and that the cloud providers dont come in and take your free version and compete with you? The second thing that we announced was Real. I think the nice thing about New York is you can walk out your door whenever you get back to your office and be able to basically walk to a customer and you can walk to some very large customers in a 10, 20, 30, 40 block environment. Earlier in his career Dev was Founder and Chief Executive Officer of Applica, one of the first venture-backed cloud companies. You'll learn Balanced lives continue to make great business sense. MongoDB is designed from the ground up to be highly scalable. So its actually encouraged entrepreneurs to keep companies in New York. But obviously you also have to recruit outside for a certain set of skills that you may not have in the organization. And I break it down into kind of three things. The estimated net worth of Dev Ittycheria is at least $39.95 million as of January 3rd, 2023. Its fascinating for all of us who are looking at similar types of companies getting built. The community really appreciates it as well. Well, thank you, man. Learn More on Dev Ittycheria's contact information. Get notified the next time Dev Ittycheria buys or sells Datadog stock. They say, is it free? Were all cheering for Mongo, and what a remarkable success story. So thats why weve gotten so much popularity and thats why weve taken off. What does Atlas do, so folks can wrap their minds around it. We recognize the markets large enough and we feel like were well positioned. I think its absolutely fascinating and super impressive. They give us marketing dollars to drive customer demand. So 99% of our growth has been organic. So its literally like having two cups of coffee a month to we have customers now spending more than seven figures with us on Atlas. It could be the line of business. Dev C. Ittycheria, a software executive and venture capitalist, is president and CEO of database company MongoDB. Its frankly, its not aligned to how developers work and as the data model grows, it becomes more and more brittle and its harder to change. Get notified of the Biography of World Famous Personalities. BY Christiaan . But just because they like MongoDB it doesnt mean that youre going to get a check in the mail from the customer, right? Once again, Snowflake is bringing our Data for Breakfast event to London. And then one last question from Julia, how does MongoDB manage to not compete with their open source community? Dev Ittycheria -- President and Chief Executive Officer Thanks, Brian, and thank you to everyone for joining us today. 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. Ittycheria currently serves on the board of directors for public software company, Datadog, and blank-check company, Altimeter Growth Corporation. Thats the heart of the whole discussion. MongoDB, Inc. engages in the development and provision of a general-purpose database platform. Leading developers and publishing technical content for over a decade. 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. Lets make it a standard. 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. As a CEO, how do you arbitrage between the different needs? Like, oh my God, the adoption that people would say, youre not open source anymore. So today MongoDB to your point is everywhere. Dev Ittycheria is an American software executive, entrepreneur, venture capitalist, and the president and CEO of MongoDB, a popular next-generation database. Dev Ittycheria is an American software executive, entrepreneur, venture capitalist, and the president and CEO of MongoDB, a popular next-generation database. * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). I started off in a management program at AT&T, I rose pretty quickly, but quickly got frustrated with big company politics and went to some smaller telecom company and thats in the 90s when telecom was hot and VCs were investing and building out the broadband internet. We encourage our salespeople to go slow to go fast. Well, I think you first have to ask yourself, why are you trying to be an open source? So if you constrain the paywall too much, then you have very little adoption. All right. 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. 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. For example, Snowflake is not an open source company. . I would say theres two big reasons why customers love Atlas and one big reason why it really helps 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. Learn More about Dev Ittycheria's net worth. I have a CTO in Seattle, have a head of sales in Europe. You dont want to cut too many corners day one. Mars Ingenuity helicopter code contributor. Previously, Barral was managing director at Barclays Capital and JP Morgan in convertible sales and trading. So it was a very fair trade. So then our revenue forecast then drives an expense forecast. Mr. Ittycheria owns 190,264 shares of Datadog stock worth more than $16,880,222 as of February 16th. And then as you know theres been a lot of friction between AWS and Elastic and other open source companies. But look at Oracle. So after IPO, maybe talk to teams and hiring and what do you want to do before IPO versus IPO? We are very fortunate to be welcoming a terrific new class of trustees. So there werent as many people who had that entrepreneurial mindset. in . Learn More on Datadog's active insiders. Of this total $58,221 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was received as options, $199,962 was awarded as stock and $0 came from . In his past career Mr. Ittycheria was President & Chief Executive . And were not trying to be a data warehouse. He is a member of the Board of Trustees of the Essex Hunt Club and has previously served as a member of the Board of Trustees of the Far Hills Country Day School and the Board of Governors of the Somerset Hills Country Club. Its just to say, theres a clear strategy there. So I always have the mindset about what do I need to think about, Okay, where will the business not be today, but where will the business be two, three years from now? This net worth estimate does not reflect any other investments that Mr. Ittycheria may own. Well, its more like an application search logic. Dev founded his first technology company in 1998, and his leadership and board roles have resulted in 5 IPOs and 2 significant acquisitions. 845 Third Avenue In the last year, insiders at the sold shares 34 times. So you can scale very, very easily using MongoDB. 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. They sold a total of 897,213 shares worth more than $88,522,836.60. 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 company's chief executive until it was bought by BMC for $900 million. But at the time it was very hard to recruit people. Correct. Now Amazons trying to make some extensions with Aurora to kind of make relational databases suck less, but they fundamentally have scalability problems. So we think about how quickly we can grow our top line relative to our productivity and how fast we can hire. Your email address will not be published. Learn More about Dev Ittycheria's net worth. What I mean by that is you constantly have to work at your trade craft. We partner with them on events. Very good. And that essentially means that you now have the full organizations endorsement to be the platform of choice. Notify me of follow-up comments by email. 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, 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. And too many times people wait too long to make changes. We said, we invest a lot in the product. Were fortunate, the business then was roughly about 250 people trailing about $30 plus million in revenue. in Electrical Engineering, was honored with the Medal of Excellence and was recognized by the School of Engineering as its 2010 Alumnus of the Year. So theres a little bit of sausage making in the process. Detailed information on the use of cookies on this site is provided in ourcookie policy. Ive had the pleasure of hosting two of MongoDBs co-founders over the years, first Dwight Merriman back in 2012 (here) and then CTO Eliot Horowitz in 2016 (here). Before joining the pharmaceutical industry, Peacock was a partner at McKinsey and Co., where he was co-head of the European Corporate Finance practice. Don't let a crisis go to waste. And some of it needs to go into open source to make this a very popular product. Is everyone in line? I think whats changed is the access to capital obviously, firms like FirstMark and others have done a lot of investing in New York. And third, its not trivial to be both building software and running software. MongoDB can also be reached via phone at (646) 727-4092 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. But at your scale, theres still no sort of temptation to just say, Hey, everybody knows Mongo now. So yes, I mean, its great that developers love us. And so I think the line or distinction between mobile and web apps will blur when you have that kind of network performance. Prior to MongoDB, Ittycheria was the Co-founder & CEO of BladeLogic and the President of BMC Software. * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). We make some decisions about, Are we going to be profitable? So our community benefits from the continued innovations in the product. The company describes DocumentDB as a "fast, scalable, and highly available document database that . Talk to anyone who wants to do a schema change and theyll roll their eyes because they know how painful that is. [Dev Ittycheria] Correct. How do you keep it together and not lose your sanity and make sure that you have time to think? In the last year, insiders at the sold shares 60 times. 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. And so at some point we have to say, Hey, its time to bring someone else who can kind of help the organization scale to the next level. Well, that feels like a great place to end. (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! 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. Dev Ittycheria has experience as an entrepreneur, operator, and investor. 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. Then a year later, we just got an offer to get bought out by BMC. We dont want to do that. MongoDB was founded by developers for developers to provide a database designed for today's modern applications. And that was important to us. But we think that thats part of open source. So with this whole complexity of open source and cloud and the relationship, what do you think of, I guess, open source in 2021 for a young company? Even at your scale there is a finite amount of resources. Don't miss the $.13 cent "Next-Gen" stock that just received a $2.50 target for 2023. 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. Dev graduated from Rutgers University with a B.S. Licensing & Reprints. (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. Learn More about Dev Ittycheria's net worth. 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? Jonathan Z. Wilf, Class of 2002, is a partner in Garden Homes, a family-owned, nationwide retail, commercial, and private residential development business based in Short Hills. Dev currently serves as lead independent director of the board of directors of Datadog, Inc., a public software company. The corporate mailing address for Mr. Ittycheria and other Datadog executives is 620 EIGHTH AVENUE 45TH FLOOR, NEW YORK NY, 10018. Is that for a company of the global scale of Mongo, is that still the core motion? Great. Well, yeah, I mean, we havent really seen a competition with the community. This article about a United States businessperson is a stub. And then you keep adding more stuff to it, like more features, more product expansion. Whos moving up? Right? And so its not a secret, but since weve gone public three and a half years ago, weve had six C level changes, right? Most Popular. So when they basically say why dont you the experts manage it for us? He has been a member of the Minnesota Vikings ownership group for a decade, and serves as the teams executive vice president strategic planning and business initiatives.
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