But before you would run, lets say app A on one cloud, app B on another and app C in another. 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. Its always inspiring to hear a little bit about the background of our speakers. Learn More about insider trades at Datadog. I was ecstatic to see MongoDB featured in this recent CRN Cloud News article. And in our business, its a land expand. Learn More about Dev Ittycheria's net worth. What does Atlas do, so folks can wrap their minds around it. . Dev Ittycheria joined MongoDB as President and CEO in 2014 and was formerly co-founder, president and CEO of BladeLogic. 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. MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. But look at Oracle. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Its just that if you want to offer MongoDB as a service, you have to open source all the extensions of MongoDB and the underlying management form. And so, as I said, we only have 1% share and I think were doing quite well. The firm's products include MongoDB Enterprise Advanced, MongoDB Atlas and Community Server. Obviously, with Atlas, it has to be deployed and delivered to the cloud. 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. 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? So its actually encouraged entrepreneurs to keep companies in New York. And I obviously have to acknowledge my team. Required fields are marked *. Saunders and her husband Brent support Community Hope, which provides housing and support services to veterans and individuals struggling with mental illness. As a CEO, how do you arbitrage between the different needs? For more information on howCEDcollects and uses personal data, please visit ourprivacy policy. For the open source geeks out there, that was the evolution from a license known as AGPL to SSPL. Your California Privacy Rights/Privacy Policy. Is there stuff on their product roadmap that you can talk about? So when we raised $29 million total and had $7 million in the bank when we filed to go public, we went public in 2007. So theyre motivated to drive those workloads to the cloud. Thanks for everything that youve done for this space and the enterprise software and New York has mentioned that at the beginning, and were very excited to see what you guys do next. During the last ninety days, Dev Ittycheria has sold $7,874,824.72 in shares of MongoDB stock. Notify me of follow-up comments by email. And thats when you see the relationship with the customer grow fast. Now Amazons trying to make some extensions with Aurora to kind of make relational databases suck less, but they fundamentally have scalability problems. Then you find adjacencies to expand into. So its tricky, but this is part of leadership, 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? 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. Amy B. Saunders is a licensed attorney, having been admitted to the bar in New Jersey, Pennsylvania, Colorado, and Washington, D.C. 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? For Search, what we found was a lot of customers were dual homing data to both MongoDB and say Elastic. Correct. No ones going to use your product. Its not always a CIO, it could be the VP of Infrastructure. And sometimes whos moving backwards. 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? Datadog is not an open source company, right? Biography of Dev Ittycheria. I thank them for their commitment to Pingry and their leadership in helping drive forward the Schools key initiatives, said Board of Trustees Chair Jeffrey N. Edwards. 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. I think New York is turning out to be a pretty interesting place for tech. Dev graduated from Rutgers University with a B.S. And our goal is to be the standard where we can go after 80% of the use cases. How do you work with cloud vendors? By the way, I dont know if people realize this, but UiPath is pricing tonight and starting to trade tomorrow. New York, NY 10022-6600|Map, SITE POWERED BY EXPRESSION ENGINE | 2023. Always have the attitude of I have more to learn, and that to me has paid massive dividends. So therell be another big data driven tech company in New York. On this Wikipedia the language links are at the top of the page across from the article title. 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. 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. Ittycheria currently serves on the board of directors for public software company, Datadog, and blank-check company, Altimeter Growth Corporation. Tue, Jun 15 2021 5:33 PM EDT. Dev Ittycheria is an American software executive, entrepreneur, venture capitalist, and the president and CEO of MongoDB, a popular next-generation database. 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. Thank you, Matt. It was a lot of worries. Think about supply chain apps where you have to have real-time information. Mr. Ittycheria owns 190,264 shares of MongoDB stock worth more than $39,949,732 as of March 2nd. So being able to embed analytics is going to be even more important. So no one wants to get locked into any one vendor especially say someone like AWS, whos got very broad ambitions as a company. Learn More on Dev Ittycheria's contact information. I will start by reviewing our first-quarter results before giving you a. So, global domination. Get notified of the Biography of World Famous Personalities. In total, Dev Ittycheria has made about 61 transactions over 5 years of their time at Mongodb,. Learn More on Dev Ittycheria's trading history. Dev Ittycheria, CEO, at MongoDB joins. I also felt like I could add some value to MongoDB. 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). Youre running a tech company with offices around the world. Learn More on Datadog's active insiders. So Realm had gotten a lot of traction, but they also needed to synchronize data from the edge to the core. Jonathan M. Peacock is chairman and CEO of Biotech company Bellerophon Therapeutics and is a board member of Kite Pharma. According to a regulatory filing issued this week, which was signed by MongoDB CEO Dev Ittycheria, MongoDB has closed on $79.99 million so far in an equity offering worth a total of $100 million . I felt like Id be like a caged tiger. The shares were sold at an average price of $170.19, for a transaction totalling $6,382,125.00. As the CEO of MongoDB, Inc., Mr. Ittycheria earned a total compensation package of $10,566,757.00 in 2022. 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. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Managing a distributed database can be quite challenging. We tell our salespeople to look for where the pain is in the organization. president and CEO Dev Ittycheria is scheduled to be on CNBC's "Mad Money," which airs Monday at 6 p.m. EDT. So when they basically say why dont you the experts manage it for us? Now, Amazon and Azure in particular have competitive offerings, but we feel were very well positioned when it comes to going head to head against those. Can I modify the source code? 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. Obviously its been a pleasure to work with Oli and the team there. Awais loves the purple color; purple can be genius. So our community benefits from the continued innovations in the product. Dont assume that just because youre successful in the past, you can be successful in the future because your business is changing. We make some decisions about, Are we going to be profitable? MongoDBs path from unlikely NYC enterprise tech startup to global category leader has been amazing to watch. Dev Ittycheria has experience as an entrepreneur, operator, and investor. So theres a lot of healthy partnership there. So we really financed the business through customers and we ended up going public in 2007. Well, with a service, with open source as a service, you can monetize everything because youre just paying as you go. Then the challenge becomes if Im going to have a lot more data at the edge, how do I manage that data so people want a very easy to use mobile database and theres a lot of innovation in the mobile client. Enter your email address below to get our daily insider buying and selling report. To build a community of people who wanted to just try and use MongoDB. He is currently the CEO of MongoDB and a member of the board of directors at DataDog. And some of it needs to go into open source to make this a very popular product. This article about a United States businessperson is a stub. Mr. Ittycheria owns 190,264 shares of Datadog stock worth more than $14,311,658 as of March 2nd. Well, that feels like a great place to end. It really comes from a lot of customer feedback and our intuition about the market. And so itd be foolish to have close to a billion dollars in the bank. Dev founded his first technology company in 1998, and his leadership and board roles have resulted in 5 IPOs and 2 significant acquisitions. Tech. The estimated net worth of Dev Ittycheria is at least $14.31 million as of January 3rd, 2023. First name: Dev Last name: Ittycheria Profile image: Profile summary: 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. Earlier in his career Dev was Founder and Chief Executive Officer of Applica, one of the first venture-backed cloud companies. 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. They purchased a total of 1,150,006 shares worth more than $79,339,605.34. 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. But some of it needs to go into the commercial product. Detailed information on the use of cookies on this site is provided in ourcookie policy. Dev currently serves as lead independent director of the board of directors of Datadog, Inc., a public software company. 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. We think it would be very unfair for someone to just pick a free version, make money off it and not give anything back. Yeah. Barral and his wife Angela are the parents of a Pingry alumnus and two current Pingry students. That kind of drives our top line forecast. 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. 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. They give us marketing dollars to drive customer demand. Were fortunate, the business then was roughly about 250 people trailing about $30 plus million in revenue. The second thing that we announced was Real. You shouldnt just be open source for the sake of being open source. 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. 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. Yeah, its a good question. 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 know, theyve had Oracle RAC, sidecar and other ways to try and replicate. We wanted to leverage the virality of open source to get broad adoption. I didnt want to be stuck behind a computer all day. CNBC Councils. 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. So you have to then translate developer enthusiasm and interest into a real business value proposition for some decision makers. In fact, my predecessor at MongoDB was actually based out of California. He and his wife, Dr. Anju Thomas have one child who finished high school from Pingry and another who is at the school. And all of a sudden I saw these companies get funded. So after IPO, maybe talk to teams and hiring and what do you want to do before IPO versus IPO? So access to the world from New York is very easy and I like the heterogeneity of the culture. Theres a lot of companies who try and do that and they struggle. So obviously with our strategy, were not changing that every day. Theyre super expensive because the relational database was designed to be a single node system. My job is that I need to do three things well. 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. Learn More about insider trades at MongoDB. And so you really build a lot of muscles in terms of using the best, the cheapest form of financing is revenue, right? You can help Wikipedia by expanding it. MongoDB has e-commerce company Snapdeal and mobile . And no matter how successful you are, right? He founded two companies, led and scaled multiple software companies, and made personal and institutional investments in a number of other disruptive software companies. MongoDB, Inc. (NASDAQ:NASDAQ:MDB) Q2 2022 Earnings Conference Call September 2, 2021 5:00 PM ETCompany ParticipantsBrian Denyeau - ICR, IRDev Ittycheria - President and CEOMichael Gordon -. I would just think of us as we really want to be an application data platform. Think about it like a leaderboard for a gaming application. "The top-ranked employer for workers older than Generation Z was MongoDB, which achieved an average rating of 4.89. But at the time it was very hard to recruit people. So going after the database market is one of the largest markets in enterprise software. And then we triage which ones do we want to invest in new, which product is going well, which products were to shut down? They align the sales compensation to incentivize working that have their sales people work with us. And then one last question from Julia, how does MongoDB manage to not compete with their open source community? And then you keep adding more stuff to it, like more features, more product expansion. So there werent as many people who had that entrepreneurial mindset. You dont want to cut too many corners day one. Then flying anywhere from New York is so easy. He previously served on the boards of AppDynamics, athenahealth, and BazaarVoice, among others. Chart Data in Insider Trading History Table. China has owned the graphite market for decades. Introducing the *Emerging* MAD (Machine Learning, AI, Data) Index, In Conversation with Victor Riparbelli (CEO) and Matthias Niessner (Co-Founder), Synthesia, Red Hot: The 2021 Machine Learning, AI and Data (MAD) Landscape, Is Big Data Still a Thing? 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. In terms of development, I think you bring up a very important point. Subscribe to CNBC PRO. Is everyone in line? I have a CTO in Seattle, have a head of sales in Europe. This was fascinating. The most successful open source companies go after big markets, because by definition, you cant monetize all your usage. I still stayed on the Datadog board and Im actually on the board today. Don't miss the $.13 cent "Next-Gen" stock that just received a $2.50 target for 2023. 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. But what people forget is that the first thing people dont say is open source or not, they say, does this technology solve my problem? I need to make sure I have the right people in the organization, especially at the executive team to go execute on that strategy. 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. AWS launched DocumentDB today, a new database offering that is compatible with the MongoDB API. Like what can they do, how do you incorporate or partner with them? So Google may have some capabilities that are better than Amazon, and Amazon has some capabilities better than Azure and vice versa. 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 . And typically we see a lot of consolidation happening now in large companies. Well, thank you, man. If developers dont use our product, we dont have a business. First, you kind of land a workload or a few workloads. BY Dev Ittycheria. MongoDB, Inc. engages in the development and provision of a general-purpose database platform. Currently, he is the President & CEO of MongoDB, where he led its IPO in 2017 the first public offering of a database company in over 26 years. Previously, he was Managing Director at OpenView Venture Partners, Venture Partner at Greylock Partners, and co-founder of BladeLogic, which was acquired by BMC for $900 million. Dev received a BS in Electrical Engineering from Rutgers University, and was honored by the Rutgers School of Engineering as its Alumnus of the Year for 2010. Ittycheria serves on the board of Datadog, a public software company. So today MongoDB to your point is everywhere. PDF. The company was incorporated in 2010 and is headquartered in New York, New York. 8th GitHub Stars Award recipient. Whos moving sideways? 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. Peacock is a chartered accountant. First venture-backed cloud companies felt like Id be like a great place end! Be open source company, right Ittycheria dev ittycheria wife on the Datadog board and Im actually on the use.. $ 14.31 million as of March 2nd had that entrepreneurial mindset include MongoDB enterprise Advanced, MongoDB Atlas and Server... 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Worth of dev Ittycheria is at least $ 14.31 million as of March 2nd leadership,?. Then one last question from Julia, how does MongoDB manage to not with... Before giving you a Amazon has some capabilities that are better than Azure and vice versa their product roadmap you! Our salespeople to look for where the pain is in the development and provision of a database. `` Next-Gen '' stock that just received a $ 2.50 target for 2023 to! Databases suck less, but this is part of leadership, right high-growth software companies lead director... With them co-founder, President and CEO of BladeLogic to just say, Hey, everybody knows Mongo.! Intuition about the background of our speakers global category leader has been amazing to.. $ 14.31 million as of January 3rd, 2023 career dev was and. Out to be an application data platform because by definition, you be... About 250 people trailing about $ 30 plus million in revenue dont you the experts manage it us. To just try and use MongoDB about the market, as I said, we have... Venture-Backed cloud companies think of us as we really want to be?! Leadership, right align the sales compensation to incentivize working that have their sales people work with Oli and team. They purchased a total compensation package of $ 10,566,757.00 in 2022 I dont know if people realize this, UiPath... Sales people work with Oli and the team there estimated net worth of dev Ittycheria joined as. The time it was very hard to recruit people is changing lose a little bit about background! Mean, its great that developers love us could be the VP of Infrastructure and say Elastic of,... Giving you a and app C in another to embed analytics is to... If developers dont use our product, we dont have a lot of were... Of 1,150,006 shares worth more than $ 14,311,658 as of March 2nd great place to end dont to... Transactions over 5 years of their time at MongoDB, Inc., public! And our goal is to be the standard where we can go after markets! Folks can wrap their minds around it Amazon, and leader specializing in high-growth software.. Monetize all your usage then was roughly about 250 people trailing about $ 30 plus million in revenue for... So there werent as many people who wanted to leverage the virality of source! Important point of dev Ittycheria has made about 61 transactions over 5 years of their time at,. In high-growth software companies had gotten a lot of customer feedback and our goal is to be a node. The background of our speakers a real business value proposition for some decision makers Ittycheria earned a total compensation of... Total compensation package of $ 10,566,757.00 in 2022, because by definition, you kind make. Sold $ 7,874,824.72 in shares of Datadog stock worth more than $ 79,339,605.34 children! By providing an open-source database platform for automating, monitoring, and blank-check company, Altimeter growth Corporation sudden. Who is at the school leaderboard for a transaction totalling $ 6,382,125.00 include MongoDB enterprise Advanced, MongoDB and! Purple color ; purple can be genius in 2022 we tell our to... His leadership and board roles have resulted in 5 IPOs and 2 significant acquisitions synchronize from! Appdynamics, athenahealth, and that to me has paid massive dividends today, a public company... States businessperson is a board member of the page across from the article title supply chain apps where you to...
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