12 hours ago
- Domo, a Utah business analytics firm, agreed to be acquired by Progress Software Corporation for $400 million, a significant drop from its $2 billion valuation in 2017.
- Progress Software will acquire Domo's assets and employees, assume some liabilities, and continue supporting the Domo platform while providing additional scale and resources.
- After the deal, Domo will change its name and stock ticker but remain a separate publicly-traded company with limited expenses and no debt.
- Domo founder and CEO Josh James, credited with coining 'Silicon Slopes', expressed gratitude to employees and confidence in Progress as a long-term home for the business.
- James' earlier startup Omniture was acquired by Adobe in 2009 for $1.8 billion, a landmark deal that helped establish Utah's tech ecosystem.
- The Omniture acquisition was seen as a seminal moment, proving Utah startups could achieve Silicon Valley-level exits without being based there.
- Domo faced turbulence: it raised over $700 million and hit a $2 billion valuation, but its 2018 IPO valued it at only $511 million, with heavy losses and debt.