We said, we invest a lot in the product. (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. The estimated net worth of Dev Ittycheria is at least $16.88 million as of January 3rd, 2023. So then our revenue forecast then drives an expense forecast. Right? So 99% of our growth has been organic. Developer speed is a proxy for innovation The supercloud is transforming the role of developers. 845 Third Avenue CNBC Councils. Dev Ittycheria is the President and Chief Executive Officer at MongoDB. MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. Currently, Mr. Ittycheria holds the position of President, Chief. 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). 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. And so, as I said, we only have 1% share and I think were doing quite well. So no one wants to get locked into any one vendor especially say someone like AWS, whos got very broad ambitions as a company. Like what can they do, how do you incorporate or partner with them? Datadog can also be reached via phone at 866-329-4466 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. 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 . 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. Dev Ittycheria's largest sale order was 225,000 units , worth over $65.19M on April 9, 2021. So essentially almost two a year, right? 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? Its not always a CIO, it could be the VP of Infrastructure. So therell be another big data driven tech company in New York. So it allowed us to really capture value, but still also give compelling value to our customers. Notify me of follow-up comments by email. In the last year, insiders at the sold shares 60 times. . And be very, very clear on that. And for additional context, thats a current controversy around Elastic and some stuff like gotten themself tripped up into this whole conversation. BY Dev Ittycheria. Subscribe to CNBC PRO. I led the B round and Datadog, and then literally 6 months later, I joined Mongo to be a CEO. I have a GC in California and our philosophy is lets hire the best talent, no matter where they are within reason. So our business starts and stops with developers. But ultimately we all kind of use that process to galvanize our priorities and what were trying to do. So youve done it time and again, and both before IPO and after. Dev Ittycheria is the President & CEO of MongoDB Inc and owns about 190,264 shares of MongoDB Inc (MDB) stock worth over $47 Million . The second thing that we announced was Real. 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. And third, its not trivial to be both building software and running software. We think that will make MongoDB an even more compelling platform to use. So its actually encouraged entrepreneurs to keep companies in New York. The corporate mailing address for Mr. Ittycheria and other Datadog executives is 620 EIGHTH AVENUE 45TH FLOOR, NEW YORK NY, 10018. 00:33. 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. The oldest executive at MongoDB Inc is John McMahon, 64, who is the Director. What I mean by that is you constantly have to work at your trade craft. We partner with them on deals. 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. So its gone from zero to being almost half of the companys revenue. But some of it needs to go into the commercial product. So it speaks well to New York. At some point you have to say, Can this be remedied or do I have to make a change?. Dev graduated from Rutgers University with a BS 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. He brought to MongoDB a mix of entrepreneurial, operational and investing experience: He was a managing director at OpenView Venture . And then as you know theres been a lot of friction between AWS and Elastic and other open source companies. I still stayed on the Datadog board and Im actually on the board today. Thats just what I seem to really get excited about. Obviously both MongoDB and Datadog are global companies, but given this event is Data Driven *NYC*, its worth pausing and realizing that those are basically the two major successes of enterprise tech in New York at least over the last few years. 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. Well, I think you first have to ask yourself, why are you trying to be an open source? So Realm had gotten a lot of traction, but they also needed to synchronize data from the edge to the core. Chart Data in Insider Trading History Table. And if you just keep trying to run the same playbook, youre going to hit a wall. 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. 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. We encourage our salespeople to go slow to go fast. 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. 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. So youre still going to see a lot of Oracle out there. Ittycheria led the companys 2017 IPO, the first of a database company in more than 26 years. In terms of development, I think you bring up a very important point. Information on this page was last updated on 2/13/2023. Mr. Ittycheria owns 190,264 shares of Datadog stock worth more than $16,880,222 as of February 16th. Pretty crazy time to start a company by the way, 2001. Before MongoDB, Dev was a Managing Director at OpenView Venture Partners and before that he was a Venture Partner at Greylock Partners. This net worth evaluation does not reflect any other investments that Mr. Ittycheria may own. Learn More about Dev Ittycheria's net worth. So 2014 turned out to be a pretty interesting year for me. Were enabling people to use the power of our query language to create data not just from MongoDB, but from other sources. 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. Dev Ittycheria Biography. 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? 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. Correct. Don't miss the $.13 cent "Next-Gen" stock that just received a $2.50 target for 2023. So depending on how big your deployment is, how much resources you need and it really ranges the gamut in terms of a variety of customers. They say, is it free? Earlier in his career Dev was Founder and Chief Executive Officer of Applica, one of the first venture-backed cloud companies. MongoDBs path from unlikely NYC enterprise tech startup to global category leader has been amazing to watch. In his past career Mr. Ittycheria was President & Chief Executive . Not only do they get revenue from the underlying consumption of storage and compute and network services, but they also see customers for every dollar they spend on Atlas, they probably spend another 5 to $10 and other ancillary services. 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 graduated from Rutgers University with a B.S. Information on this page was last updated on 1/3/2023. [Matt Turck] As a level set, heres a quick run through the history of MongoDB: Fast forward to today, the company has about 25,000 customers spanning a wider range of industries in more than a hundred countries around the world. This chart shows Dev Ittycheria's buying and selling at MongoDB by year and by quarter. Theyve done a fantastic job. We dont want to do that. I think whats changed is the access to capital obviously, firms like FirstMark and others have done a lot of investing in New York. Itd be foolish to try and optimize for profitability. But again, it all depends on what the strategy is. He and his wife, Dr. Anju Thomas have one child who finished high school from Pingry and another who is at the school. Mr. Ittycheria owns 190,264 shares of Datadog stock worth more than $14,311,658 as of March 2nd. For Search, what we found was a lot of customers were dual homing data to both MongoDB and say Elastic. Id like to talk about lessons in scaling. And sometimes whos moving backwards. We coexist with Oracle, we coexist with Microsoft, we coexist with other players, right? I started my career in some big companies. How do they kind of quickly triangulate on issues and resolve them quickly? And in our business, its a land expand. If you think about mobile, everyones going with a mobile first strategy, especially with the advent of 5G, when network speeds will be hundred times faster, at least we hope than what we get with LTE or 4G. My philosophy in life has always been, always be the student of the game, not the master of the game. Learn More on Dev Ittycheria's trading history. And obviously we also want to plant seeds, especially on the product side, for things that we think will bear fruit two, three years from now, because a lot of the investments were making now wont show up as products until later. They align the sales compensation to incentivize working that have their sales people work with us. It doesnt make a lot of sense when I look at it from a strategic point of view. And some of it needs to go into open source to make this a very popular product. MongoDB can also be reached via phone at (646) 727-4092 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. Do you want to talk about the product expansion thinking? Now, why is that important? 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. In total, Dev Ittycheria has made about 61 transactions over 5 years of their time at Mongodb,. 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 theyve actually helped subsidize and drive a lot of marketing, right? And we also think therell be a lot of free usage of MongoDB out there. And that was important to us. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Then you find adjacencies to expand into. Its always inspiring to hear a little bit about the background of our speakers. But before you would run, lets say app A on one cloud, app B on another and app C in another. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. I also felt like I could add some value to MongoDB. 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. 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. 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. And obviously our investors also see a return of the investment. The community is really I would say our sales leaders sometimes get frustrated because they think the free version competes with us, our paid versions. So thats the ideal state. He is also the Lead Independent Director at . 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. MongoDB has e-commerce company Snapdeal and mobile . ), TRANSCRIPT (edited for clarity and brevity). (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? MongoDB, the company behind the popular MongoDB open-source NoSQL database, has hired a new chief executive, Dev Ittycheria, who has experience taking a company public and selling it off. Datadog is not an open source company, right? 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. 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? 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. So you just have to make sure theres enough out there that you can monetize to build a healthy business. Its all over. 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. 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. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Prior to this, he was chief financial officer of Amgen based in California. 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. For example, Snowflake is not an open source company. This net worth estimate does not reflect any other investments that Mr. Ittycheria may own. 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. 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. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. So it just makes it so much easier to use MongoDB, to build applications, to do it quickly and to do it more powerfully. Well, yeah, I mean, we havent really seen a competition with the community. 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? You were trying to recruit from the big banks and so forth. How do you arbitrage and then how has it evolved over time? 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 also serves on the new stadium development team, set to open in 2016. Were not trying to compete with Snowflake. Whos moving sideways? And so I said, why dont I do that? I can only imagine how many emails and pings you got, just now while you were kindly spending time with us. This was fascinating. How do you think about this? MongoDB is designed from the ground up to be highly scalable. So every app has some search functionality, so embedding that more tightly into the app is helpful for the application developers, less systems to maintain. Is everyone in line? The community really appreciates it as well. To build a community of people who wanted to just try and use MongoDB. 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. That being said, developers dont necessarily have the right to say yes, they have the right to say no. 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? Enter your email address below to get our daily insider buying and selling report. It was a lot of worries. Why do you think its continued to be so incredibly popular and in fact accelerating? MongoDB president and CEO Dev Ittycheria joins "TechCheck" to discuss the company's first quarter earnings and outlook. 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. Dev also serves on the board of directors of DataRobot, a private software company. Detailed information on the use of cookies on this site is provided in ourcookie policy. 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. Dev Ittycheria is the Director of Datadog Inc and owns about 441,347 shares of Datadog Inc (DDOG) stock worth over $38 Million . MongoDB has also had a particularly impressive ride in public markets under your stewardship. Is that sort of bottoms up or is there also top down of AEs going directly to CIOs? 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. 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. Required fields are marked *. So when they basically say why dont you the experts manage it for us? And so I think the line or distinction between mobile and web apps will blur when you have that kind of network performance. 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. Well, one, we run on all three clouds. And people really wanted to maintain their cash comp, but then also have big equity. They live in Far Hills and have a child attending Pingry. But look at Oracle. 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. Save my name, email, and website in this browser for the next time I comment. Yes, I raised my first round of financing five days before 9/11. We dont have to manage two systems, learn two platforms, etc. I need to be very clear on what our strategy is, at least the next couple of years. Balanced lives continue to make great business sense. And then one last question from Julia, how does MongoDB manage to not compete with their open source community? So youll see us expand into other capabilities that developers need to build applications. Do you have to recruit a completely different set of folks as you scale? Youve done some fascinating things as an entrepreneur, as a CEO, also as a VC, although more briefly if you could give us a couple of minutes on your story, thatd be awesome. Biography of Dev Ittycheria. So your impact on the NYC tech ecosystem has just been insane. Were talking about a company thats now 44 years old and they still havent solved the scalability problem. They want to standardize and say a modern standard like MongoDB, maybe a relational standard like Postgres. Jonathan M. Peacock is chairman and CEO of Biotech. During his tenure, MongoDB has launched innovative products like cloud database, Atlas, garnered numerous customers, outperformed comparable competitors financially, and expanded operations worldwide. 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. The most recent insider tranaction occured on January, 3rd when CFO Michael Lawrence Gordon sold 2,060 shares worth more than $410,578.60. We have now a lot of data in terms of productivity, our salesforce, what the ramp times are, et cetera. And then obviously capital was super expensive. Well, I think the first thing is youve got to have strong product market fit. 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). They can kill a deal by saying, Ill never use MongoDB and youre done. The company describes DocumentDB as a "fast, scalable, and highly available document database that . And you see a lot of signs with the organization. Were really focused on helping developers build amazing applications and leveraging software and data to do so. Well, I think happiness for a CEO is a great relationship with your board and having a high functioning, cohesive team under you, right? We think it would be very unfair for someone to just pick a free version, make money off it and not give anything back. So after IPO, maybe talk to teams and hiring and what do you want to do before IPO versus IPO? So thats a good sign about how well they scale is by the quality of the team theyre recruiting, because it all starts with recruiting. All right, to close maybe just a couple of questions from the group. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Leading developers and publishing technical content for over a decade. And three, are they executing consistently quarter in, quarter out and do they have an operating rhythm? Dev Ittycheria Wiki, Bio, Age, Family & More. Jonathan M. Peacock is chairman and CEO of Biotech company Bellerophon Therapeutics and is a board member of Kite Pharma. So well have a 3rd big, and their valuation I think will be quite large. One of the other things customers care a lot about is getting rid of undifferentiated heavy lifting. And too many times people wait too long to make changes. And we knew that we solved a very important problem. Select Personal Finance. So that is growing at about a 66% annualized growth rate. They purchased a total of 1,150,006 shares worth more than $79,339,605.34. 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. 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. The. Lets make it a standard. [Dev Ittycheria] Correct. We came up with SSPL, it was fairly controversial. Always have the attitude of I have more to learn, and that to me has paid massive dividends. 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 on Dev Ittycheria's contact information. May 3, 2016. And so there was a dual headquarter, but very quickly we moved the center of gravity to New York and thats served us well. The second big challenge is that relational databases are not designed for scale. 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. You shouldnt just be open source for the sake of being open source. And so itd be foolish to have close to a billion dollars in the bank. 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. That kind of drives our top line forecast. 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. 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. Dev Ittycheria, CEO, at MongoDB joins. Learn More on Dev Ittycheria's trading history. And I need to remove any barriers, whether the cultural barriers, financial barriers, organizational barriers, to make sure people are set up for success. 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. 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. Mr. Ittycheria owns 190,264 shares of MongoDB stock worth more than $39,949,732 as of March 2nd. In 2012, he became a partner at venture capital firm Greylock Partners.[3]. Ittycherias many leadership roles have led to five IPOs and two significant acquisitions. 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.
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