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. The shares were sold at an average price of $170.19, for a transaction totalling $6,382,125.00. So you just have to make sure theres enough out there that you can monetize to build a healthy business. 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. 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. Yeah, weve made three acquisitions and two of them were non-revenue acquisitions, they were more technology acquisitions. 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. So we have to work with the cloud provider. 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. Credit: Dev Ittycheria, MongoDB . Get notified the next time Dev Ittycheria buys or sells MongoDB stock. 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. Tech. Dev Ittycheria is the President and Chief Executive Officer at MongoDB. The shares were sold at an average price of $199.96, for a transaction totalling $7,874,824.72. Then you find adjacencies to expand into. Most recently, Dev Ittycheria sold 39,382 shares of the business's stock in a transaction on Tuesday, January 3rd. The company describes DocumentDB as a "fast, scalable, and highly available document database that . So you need to make sure you invest in both, right? Dev C Ittycheria (age 56) is listed at 4 Firethorn Ct Warren, Nj 07059 and is affiliated with the Democratic Party. Ittycheria serves on the board of Datadog, a public software company. MongoDB priced its IPO at $24 a share. Tue, Jun 15 2021 5:33 PM EDT. Its just to say, theres a clear strategy there. I think its absolutely fascinating and super impressive. So we have never been more popular than we are today. The shares closed at $32.07 after the first day of trading, over 30% higher than the IPO price. And so I really wanted to be at what I felt where the action was, which doesnt mean that what other people are doing is not interesting. Under Dev's leadership, MongoDB has released innovative . Is that sort of bottoms up or is there also top down of AEs going directly to CIOs? . 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. We have replication sharding built into our architecture. 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. And we want to get that first workload. 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. And some of it needs to go into open source to make this a very popular product. The. Well, thank you, man. And all of a sudden I saw these companies get funded. And I break it down into kind of three things. Following this acquisition, Dev served as President of BMC, overseeing a business with $1.4 billion in annual revenue. 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. Your email address will not be published. So youll see us expand into other capabilities that developers need to build applications. Dev graduated from Rutgers University with a B.S. In a moment of vivid candor, MongoDB CEO Dev Ittycheria set aside any pretense of open source community building and made it clear that open source, for MongoDB, is all about money: "We open . After co-founding the business in 2001, he went on to take the company public in 2007, and then sold it to BMC Software in 2008 for approximately $ 900 million. So youre always trying to find that fine balance in terms of what the paywall is. Getting revenue from your customers. You shouldnt just be open source for the sake of being open source. 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. The corporate mailing address for Mr. Ittycheria and other Datadog executives is 620 EIGHTH AVENUE 45TH FLOOR, NEW YORK NY, 10018. He is also the Lead Independent Director at . And no matter how successful you are, right? Sure. Always have the attitude of I have more to learn, and that to me has paid massive dividends. The second thing is the database market has a lot of baggage with Oracles past behavior. We are very fortunate to be welcoming a terrific new class of trustees. Theres this tension between bottoms-up and top-down. In the last year, Datadog insiders bought shares 4 times. The community really appreciates it as well. 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). But the U.S. just added graphite to a list of super-critical minerals "essential for America's National Defense." Following the acquisition, he served as President of BMC. We encourage our salespeople to go slow to go fast. 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 . MongoDB has also had a particularly impressive ride in public markets under your stewardship. That kind of drives our top line forecast. 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 . MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. Its always inspiring to hear a little bit about the background of our speakers. 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. And obviously our investors also see a return of the investment. Id like to talk about lessons in scaling. And Elastic themselves are growing more towards the security space than application search. This net worth estimate does not reflect any other investments that Mr. Ittycheria may own. So our community benefits from the continued innovations in the product. We dont want to do that. He and his teams early work established the viability of delivering software as a service with large and highly sophisticated customers. 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. And for additional context, thats a current controversy around Elastic and some stuff like gotten themself tripped up into this whole conversation. I have a CTO in Seattle, have a head of sales in Europe. What does that look like? 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? Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Saunders is an active volunteer for Pingry, and has been involved with many committees. Are you going after Databricks? Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. As they see success you say okay, lets use MongoDB for the next application or replatform an existing application. MongoDBs path from unlikely NYC enterprise tech startup to global category leader has been amazing to watch. And you see people from all walks of life. Think about supply chain apps where you have to have real-time information. Any advice to founders and CEOs about how they can scale themselves? What does Atlas do, so folks can wrap their minds around it. 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. Sometimes theres a little bit of blood on the walls. So youve done it time and again, and both before IPO and after. 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. 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. So youre still going to see a lot of Oracle out there. I think New York is turning out to be a pretty interesting place for tech. Theyve done a fantastic job. So theres a lot of healthy partnership there. So that is growing at about a 66% annualized growth rate. With its the ease of use, the self-service functionality and other developer-friendly tools, they're. But look at Oracle. As a CEO, how do you arbitrage between the different needs? Theyre super expensive because the relational database was designed to be a single node system. (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 has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. And they said, this is crazy. And that essentially means that you now have the full organizations endorsement to be the platform of choice. 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? 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. Datadog is not an open source company, right? 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. Dev also serves on the board of directors of DataRobot, a private software company. Leading database company MongoDB has appointed IT veteran Dev Ittycheria as President and CEO. 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 be very, very clear on that. Earlier in his career Dev was Founder and Chief Executive Officer of Applica, one of the first venture-backed cloud companies. And if you give away too much of your product, its very hard to monetize. Insiders at Datadog own 15.8% of the company. But again, it all depends on what the strategy is. 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. Its only maybe a couple hours longer. Find where they have the most pain, typically the more the pain, the more the dollars are available, then the more attention to senior management. Share Background Report Overview of Dev C Ittycheria Lives in: Warren, New Jersey Phone: View phone number Age: 56 Dev Ittycheria's Voter Registration 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. I also felt like I could add some value to MongoDB. I need to make sure I have the right people in the organization, especially at the executive team to go execute on that strategy. Datadog can also be reached via phone at 866-329-4466 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. Here is MongoDB President & CEO Dev Ittycheria. Correct. So your impact on the NYC tech ecosystem has just been insane. He and his wife Kathleen have one child attending Pingry. (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? Is everyone in line? Its fascinating for all of us who are looking at similar types of companies getting built. 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. Your organization is changing. Chart Data in Insider Trading History Table. So the cheapest paid tier is like 9 bucks a month. The Committee for Economic Development of The Conference Board (CED)uses cookies to improve our website, enhance your experience, and deliver relevant messages and offers about our products. This chart shows Dev Ittycheria's buying and selling at Datadog by year and by quarter. So Google may have some capabilities that are better than Amazon, and Amazon has some capabilities better than Azure and vice versa. Dev Ittycheria. In its last fiscal year,. I led the B round and Datadog, and then literally 6 months later, I joined Mongo to be a CEO. I need to be very clear on what our strategy is, at least the next couple of years. Saunders and her husband Brent support Community Hope, which provides housing and support services to veterans and individuals struggling with mental illness. How do you work with cloud vendors? So as data volumes grow, their architecture has limitations. 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. But some of it needs to go into the commercial product. 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. So theres a little bit of sausage making in the process. You know, or Dremio or other companies like that? And so I think the line or distinction between mobile and web apps will blur when you have that kind of network performance. And then you can give it to the community and then use crowdsource so that the community makes it better over time. 00:33. For access to live and exclusive vide. Your email address will not be published. One was Realm and the other one was WiredTiger, which is a storage engine that we bought in early 2015. So data lakes, search, online archive and Realm, which was an acquisition, I believe. We make some decisions about, Are we going to be profitable? 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. 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 companys chief executive until it was bought by BMC for $900 million. Theres a lot of fierce battles about what to do and what not to do. Very good. 845 Third Avenue And too many times people wait too long to make changes. Dev C. Ittycheria, a software executive and venture capitalist, is president and CEO of database company MongoDB. 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. Well, I think the first thing is youve got to have strong product market fit. But at the time it was very hard to recruit people. I will start by reviewing our first-quarter results before giving you a. And so you really build a lot of muscles in terms of using the best, the cheapest form of financing is revenue, right? Amy B. Saunders is a licensed attorney, having been admitted to the bar in New Jersey, Pennsylvania, Colorado, and Washington, D.C. A question from Alan, about was your strategy growing by acquisition and integration versus organically. The most recent insider tranaction occured on February, 13th when CEO Olivier Pomel sold 85,637 shares worth more than $7,075,328.94. 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 actually I led the B round at Datadog. MongoDB president and CEO Dev Ittycheria joins "TechCheck" to discuss the company's first quarter earnings and outlook. He previously served on the boards of AppDynamics, athenahealth, and BazaarVoice, among others. So you have to then translate developer enthusiasm and interest into a real business value proposition for some decision makers. He currently serves as the President & CEO of MongoDB. MongoDBs open source project has continued to explode in popularity. Like what can they do, how do you incorporate or partner with them? Dev Ittycheria, CEO, at MongoDB joins. Like, oh my God, the adoption that people would say, youre not open source anymore. The estimated net worth of Dev Ittycheria is at least $16.88 million as of January 3rd, 2023. Dev Ittycheria has experience as an entrepreneur, operator, and investor. So you have to think through your licensing around how you plan to license your product and make it simple for customers so that its not confusing to them or to the market about what your intentions are. During his tenure, MongoDB has launched innovative products like cloud database, Atlas, garnered numerous customers, outperformed comparable competitors financially, and expanded operations worldwide. It could be the line of business. 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. To build a community of people who wanted to just try and use MongoDB. All right. 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. And you see a lot of signs with the organization. February 13, 2023. Can I use this free to distribute? How do you arbitrage and then how has it evolved over time? Required fields are marked *. And so I said, why dont I do that? Currently, Mr. Ittycheria holds the position of President, Chief. Well, I think you first have to ask yourself, why are you trying to be an open source? 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. 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. * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). So when they basically say why dont you the experts manage it for us? She has served on the PSPAs Advisory Board and most recently was first vice president of the Executive Board. Were not trying to compete with Snowflake. The company is growing at a 40% rate and doing remarkably well, Jim Cramer said. So I think thats one. Learn More on MongoDB's active insiders. Berndt is also a volunteer and board member with several other educational organizations. And then as you know theres been a lot of friction between AWS and Elastic and other open source companies. president and CEO Dev Ittycheria is scheduled to be on CNBC's "Mad Money," which airs Monday at 6 p.m. EDT. 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. And so, what you as leader have to do, is this a fixable development issue? You know, theyve had Oracle RAC, sidecar and other ways to try and replicate. Monetization is not the only one. Their organization will start getting frustrated if the executives are not able to scale. MongoDB has also had a particularly impressive ride in public markets under your stewardship. 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. MongoDB is designed from the ground up to be highly scalable. This net worth evaluation does not reflect any other investments that Mr. Ittycheria may own. And so, as I said, we only have 1% share and I think were doing quite well. 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 what are the things that I need to be able to do by that time frame? 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. Enter your email address below to get our daily insider buying and selling report. Think about a financial app. Learn More about Dev Ittycheria's net worth. What I mean by that is you constantly have to work at your trade craft. 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. And then what are the right type of folks that you want as a growth stage startup versus as a public company? And so what the cloud providers are doing is taking these free versions of open source, plugging into the platform and monetizing it. Then I took some time off. In total, Dev Ittycheria has made about 61 transactions over 5 years of their time at Mongodb,. So if you constrain the paywall too much, then you have very little adoption. Barral and his wife Angela are the parents of a Pingry alumnus and two current Pingry students. One is a current Pingry student, and the other is joining Pingry this fall. Do you have to recruit a completely different set of folks as you scale? 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. Is this a fatal flaw? 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. 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. So we had a lot of customers who obviously are building mobile. Dev founded his first technology company in 1998, and his leadership and board roles have resulted in 5 IPOs and 2 significant acquisitions. SAS remains strongly committed to providing the whole employee experience - meaningful work Get notified the next time Dev Ittycheria buys or sells Datadog stock. 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. My job is that I need to do three things well. Jonathan M. Peacock is chairman and CEO of Biotech. Join our upcoming webcast for twitter.com/i/web/status/1. So it was a very fair trade. And our focus is really helping developers use data to build amazing applications. 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. Information on this page was last updated on 2/13/2023. And weve seen a lot of high profile outages, and so they worry about things like, Am I going to get the diversity?. We made an acquisition of Mlab, which is a first generation database service offering MongoDB. Learn More about Dev Ittycheria's net worth. Well, with a service, with open source as a service, you can monetize everything because youre just paying as you go. A tech CEO spent almost $600,000 on a Super Bowl ad to warn America about Tesla's self-driving technology. We said, we invest a lot in the product. He and his wife, Dr. Anju Thomas have one child who finished high school from Pingry and another who is at the school. This was fascinating. Were talking about a company thats now 44 years old and they still havent solved the scalability problem. In his past career Mr. Ittycheria was President & Chief Executive . 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. They sold a total of 897,213 shares worth more than $88,522,836.60. Then a year later, we just got an offer to get bought out by BMC. How do you think about this? Awais loves the purple color; purple can be genius. He currently serves as the President & CEO of MongoDB. We had a wide-ranging conversation where we covered: Below is the video and below that, the transcript. These free versions of open source under Dev & # x27 ; s self-driving technology between and. Does Atlas do, how do you arbitrage between the different needs than one person... 16.88 million as of January 3rd, 2023 directors of DataRobot, a private company... At 866-329-4466 and via email at [ emailprotected ] learn more on Dev Ittycheria experience. Have the time it was very hard to monetize $ 7,075,328.94 so we have to recruit a completely set... Paid massive dividends everybody knows Mongo now background of our speakers M. Peacock is and. Sold 85,637 shares worth more than one reporting person, see Instruction 4 ( B ) ( v.... And Realm, which is a current Pingry students tech startup to global category leader been. Fine balance in terms of what the paywall too much of your product, its very hard to.. Super-Critical minerals `` essential for America 's National Defense. and again, it all on. See us expand into other capabilities that are better than Amazon, and has been involved many... Really helping developers use data to build applications than Amazon, and that means... Online archive and Realm, which is a first generation database service offering MongoDB you..., it all depends on what our strategy is, at least $ 16.88 million as of January 3rd January! 4 times with Oracles past behavior developers need to make this a fixable development?!, theres still no sort of bottoms up or is there also top down of AEs directly! Then you can monetize everything because youre just paying as you scale providing... 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