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. And our focus is really helping developers use data to build amazing applications. So were not like a Workday or Salesforce who are making an enterprise wide decision day one for the whole enterprise to use a platform. And you see a lot of signs with the organization. So we have constraints in terms of offering MongoDB as a service, we still believe in all the tenets of open source and its worked out well. Dev Ittycheria joined MongoDB as President and CEO in 2014 and was formerly co-founder, president and CEO of BladeLogic. The estimated net worth of Dev Ittycheria is at least $39.95 million as of January 3rd, 2023. And people really wanted to maintain their cash comp, but then also have big equity. And if you give away too much of your product, its very hard to monetize. 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. So it was a very fair trade. And so itd be foolish to have close to a billion dollars in the bank. We tell our salespeople to look for where the pain is in the organization. Insiders at MongoDB own 5.7% of the company. So we think about how quickly we can grow our top line relative to our productivity and how fast we can hire. I would just think of us as we really want to be an application data platform. There are 4 older and 12 younger executives at MongoDB Inc. MongoDB can also be reached via phone at (646) 727-4092 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. So youre still going to see a lot of Oracle out there. That was inspiration to start BladeLogic, just starting 2001, which was essentially, you were building a data center automation platform to help people provision, configure and manage service and data center, because as people move to these kinds of distributed architectures, all the complexity was the backend. Itd be foolish to try and optimize for profitability. Youre going to hire great engineers, but hiring a great CFO or a great head of sales because there hasnt been this generational set of companies in New York where people have developed their skills and built their experience in New York city. So you just have to make sure theres enough out there that you can monetize to build a healthy business. In the last year, insiders at the sold shares 34 times. And as you get more and more traction, the velocity of the new wins start accelerating. Its always inspiring to hear a little bit about the background of our speakers. 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 . * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Were investing for growth, but theres obviously some limit as to how much you can lose so that creates essentially our expense envelope in terms of how much youre going to invest. 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. Can I use this free to distribute? 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. You have to ask yourself, why is open source an important element of the strategy? The estimated net worth of Dev Ittycheria is at least $16.88 million as of January 3rd, 2023. And we find the relationship kind of tends to be in three stages. 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. So we really financed the business through customers and we ended up going public in 2007. Don't miss the $.13 cent "Next-Gen" stock that just received a $2.50 target for 2023. $70 per post at $7/CPM. And in a high growth business, not everyone scales at the same rate, right? 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. May 3, 2016. 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. 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. Yeah, weve made three acquisitions and two of them were non-revenue acquisitions, they were more technology acquisitions. So we have to work with the cloud provider. He brought to MongoDB a mix of entrepreneurial, operational and investing experience: He was a managing director at OpenView Venture . The total sale. Lets make it a standard. 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. Dev C. Ittycheria Lead Independent Director, Datadog, Inc. Dev C. Ittycheria founded BladeLogic, Inc. and Applica Corp. For example, Snowflake is not an open source company. There was no prior art. The company describes DocumentDB as a "fast, scalable, and highly available document database that . And so we feel good about the opportunity in front of us. Then a year later, we just got an offer to get bought out by BMC. As a member of Board of Directors at Datadog, Inc., Dev Ittycheria made $258,183 in total compensation. So our community benefits from the continued innovations in the product. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Well, one, we run on all three clouds. Were fortunate, the business then was roughly about 250 people trailing about $30 plus million in revenue. You shouldnt just be open source for the sake of being open source. 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. He also serves on the new stadium development team, set to open in 2016. They align the sales compensation to incentivize working that have their sales people work with us. One is a current Pingry student, and the other is joining Pingry this fall. Learn More on Dev Ittycheria's trading history. MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. And be very, very clear on that. 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 said, we really want to embed all our OTP functionality along with application search in one platform, its much easier to maintain. So that is growing at about a 66% annualized growth rate. So when they basically say why dont you the experts manage it for us? It could be the line of business. And then you keep adding more stuff to it, like more features, more product expansion. 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. Information on this page was last updated on 2/13/2023. Thats the heart of the whole discussion. The corporate mailing address for Mr. Ittycheria and other MongoDB executives is 1633 BROADWAY 38TH FLOOR, NEW YORK NY, 10019. Learn More about Dev Ittycheria's net worth. I personally love New York city, its my favorite city in the world. Award-winning Open Source Engineer and VP of Developer Relations. Talk to anyone who wants to do a schema change and theyll roll their eyes because they know how painful that is. 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. Yeah. Then flying anywhere from New York is so easy. The second thing is the database market has a lot of baggage with Oracles past behavior. And were not trying to be a data warehouse. 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? The firm's products include MongoDB Enterprise Advanced, MongoDB Atlas and Community Server. 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. Dev joined MongoDB in 2014 with a strong mix of entrepreneurial, operational and investing experience. One of the other things customers care a lot about is getting rid of undifferentiated heavy lifting. Learn More about Dev Ittycheria's net worth. The second big challenge is that relational databases are not designed for scale. 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 . 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. 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. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Mr. Ittycheria owns 190,264 shares of Datadog stock worth more than $14,311,658 as of March 2nd. Most Popular. My philosophy in life has always been, always be the student of the game, not the master of the game. 00:33. Its fascinating for all of us who are looking at similar types of companies getting built. Then I took some time off. So 99% of our growth has been organic. Thank you for having me. AboutPressCopyrightContact. And obviously in a start-up you have to be willing to trade cash for equity. And Ive been to almost every major city in the world. Great. 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). I also felt like I could add some value to MongoDB. And some of it needs to go into open source to make this a very popular product. The second thing is you have to recognize that if youre open source, the best way to monetize open source is open source as a service. Dev C. Ittycheria, a software executive and venture capitalist, is president and CEO of database company MongoDB. We are very fortunate to be welcoming a terrific new class of trustees. Well, its more like an application search logic. And obviously our investors also see a return of the investment. 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. Chart Data in Insider Trading History Table. 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. My job is that I need to do three things well. And so I said, why dont I do that? Their organization will start getting frustrated if the executives are not able to scale. They give us marketing dollars to drive customer demand. 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. Saunders is an active volunteer for Pingry, and has been involved with many committees. Its all over. 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. We think that will make MongoDB an even more compelling platform to use. 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. You'll learn And thats a pretty difficult challenge for developers. And theyve actually helped subsidize and drive a lot of marketing, right? Theres many reasons to do open source. 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 there werent as many people who had that entrepreneurial mindset. So the cheapest paid tier is like 9 bucks a month. 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. A lot of people sometimes confuse us, are you competing with Snowflake? My academic training is as an engineer, what I realized about myself was that I really wanted to be at the intersection of business and technology. They can kill a deal by saying, Ill never use MongoDB and youre done. Notify me of follow-up comments by email. 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. 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. Yes, I raised my first round of financing five days before 9/11. 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. So they can pick and choose which services to use from which phone providers. 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. And if you just keep trying to run the same playbook, youre going to hit a wall. Currently, Mr. Ittycheria holds the position of President, Chief. The second thing that we announced was Real. How do you work with cloud vendors? 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. Weve now embedded that it just makes life so much easier for customers. The shares were sold at an average price of $170.19, for a transaction totalling $6,382,125.00. 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. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. We have a great team and Im very fortunate to be able to work with a very talented team and be able to do what we do every day. You were trying to recruit from the big banks and so forth. Get notified the next time Dev Ittycheria buys or sells Datadog stock. We dont have to manage two systems, learn two platforms, etc. But look at Oracle. That kind of drives our top line forecast. Always have the attitude of I have more to learn, and that to me has paid massive dividends. Dev Ittycheria, by /s/ Ron A. Metzger, Attorney-in-Fact: 01/10/2022 ** Signature of Reporting Person: Date: Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Your California Privacy Rights/Privacy Policy. He is currently the CEO of MongoDB and a member of the board of directors at DataDog. Well, thank you, man. We bought that just to kind of get some mass customer momentum around atlas. Ittycheria currently serves on the board of directors for public software company, Datadog, and blank-check company, Altimeter Growth Corporation. Dev Ittycheria's largest sale order was 225,000 units , worth over $65.19M on April 9, 2021. And so, one day you might find AWS competing with you and your core business. The most recent insider tranaction occured on February, 13th when CEO Olivier Pomel sold 85,637 shares worth more than $7,075,328.94. Because certain people hit a wall and you, as a leader, need to see when someone is starting to struggle, right? The estimated net worth of Dev Ittycheria is at least $14.31 million as of January 3rd, 2023. Dev joined MongoDB in 2014 with a strong mix of entrepreneurial, operational and investing experience. A leader has to essentially recruit well. 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. Learn More about insider trades at MongoDB. The company was founded by Eliot Horowitz, Dwight A. Merriman, Kevin P. Ryan and Geir Magnusson Jr. in November 2007 and is headquartered in New York, NY. Dont assume that just because youre successful in the past, you can be successful in the future because your business is changing. As a CEO, how do you arbitrage between the different needs? Well, we essentially solve that problem by coming out with our document architecture, which is much more conducive to the way developers think and the way developers code. And then obviously capital was super expensive. BY Dev Ittycheria. Tech. 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? Before MongoDB, Dev was a Managing Director at OpenView Venture Partners and before that he was a Venture Partner at Greylock Partners. I can only imagine how many emails and pings you got, just now while you were kindly spending time with us. Enter your email address below to get our daily insider buying and selling report. Mr. Ittycheria owns 190,264 shares of MongoDB stock worth more than $39,949,732 as of March 2nd. So going after the database market is one of the largest markets in enterprise software. We recognize the markets large enough and we feel like were well positioned. And no matter how successful you are, right? We had a wide-ranging conversation where we covered: Below is the video and below that, the transcript. During the last ninety days, Dev Ittycheria has sold $7,874,824.72 in shares of MongoDB stock. MongoDB president and CEO Dev Ittycheria joins "TechCheck" to discuss the company's first quarter earnings and outlook. Can I modify the source code? They live in Far Hills and have a child attending Pingry. Do you want to talk about the product expansion thinking? China has owned the graphite market for decades. He founded two companies, led and scaled multiple software companies, and made personal and institutional investments in a number of other disruptive software companies. 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? 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. MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. Your organization is changing. And today were approaching 4,000 people and about $700 million in run rate. Prior to MongoDB, Ittycheria was a partner at Greylock Partners, the managing director at OpenView Venture Partners, and the co-founder and CEO of BladeLogic which was later acquired for $900 million. This article about a United States businessperson is a stub. So data lakes, search, online archive and Realm, which was an acquisition, I believe. Following this acquisition, Dev served as President of BMC, overseeing a business with $1.4 billion in annual revenue. ), TRANSCRIPT (edited for clarity and brevity). 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. So its allowed us to build a real business, allowed us to invest back into the product. He and his teams early work established the viability of delivering software as a service with large and highly sophisticated customers. So Google may have some capabilities that are better than Amazon, and Amazon has some capabilities better than Azure and vice versa. Class of 1978, in a prepared statement. 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. 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. What are the key drivers behind that? Earlier in his career, he co-founded the software company Applica and served as president and CEO until it was purchased by Breakaway Solutions. It doesnt make a lot of sense when I look at it from a strategic point of view. So youre always trying to find that fine balance in terms of what the paywall is. We have now a lot of data in terms of productivity, our salesforce, what the ramp times are, et cetera. And then what are the right type of folks that you want as a growth stage startup versus as a public company? Its just to say, theres a clear strategy there. In the last year, Datadog insiders bought shares 4 times. And the exact people who Ive seen struggle in not being able to scale, are the ones who just cant adapt and grow. 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 . And that essentially means that you now have the full organizations endorsement to be the platform of choice. I felt like Id be like a caged tiger. So it went from zero to a $350 million run rate business when we announced our last quarters earnings. Licensing & Reprints. Theres a lot of companies who try and do that and they struggle. I would say theres two big reasons why customers love Atlas and one big reason why it really helps MongoDB. Prior to this position, he was managing director at OpenView Partners. 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. And all those tenets still apply. Dev graduated from Rutgers University with a B.S. Ittycherias many leadership roles have led to five IPOs and two significant acquisitions. And too many times people wait too long to make changes. Don't let a crisis go to waste. Learn More about Dev Ittycheria's net worth. 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). 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. Berndt and her husband Andy and have two children, both of whom attend Pingry. 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. Whos moving up? Right? Dev Ittycheria has not been actively trading shares of Datadog during the last quarter. Dev Ittycheria has experience as an entrepreneur, operator, and investor. You can help Wikipedia by expanding it. The second thing I would say is that we didnt view open source as a crowdsourced R&D strategy. We encourage our salespeople to go slow to go fast. And three, are they executing consistently quarter in, quarter out and do they have an operating rhythm? This chart shows Dev Ittycheria's buying and selling at Datadog by year and by quarter. They want to standardize and say a modern standard like MongoDB, maybe a relational standard like Postgres. 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. Prior to this, he was chief financial officer of Amgen based in California. Leading database company MongoDB has appointed IT veteran Dev Ittycheria as President and CEO. Enter your email address below to get our daily insider buying and selling report. 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. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. How do you think about this? 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. How are demographic shifts creating long-term challenges for labor supply in the US? Very good. And so, as I said, we only have 1% share and I think were doing quite well. So we had a lot of customers who obviously are building mobile. Credit: Dev Ittycheria, MongoDB . 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. How do you arbitrage and then how has it evolved over time? He is also the Lead Independent Director at . So essentially almost two a year, right? 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. Select Personal Finance. February 13, 2023. Sometimes theres a little bit of blood on the walls. Dev Ittycheria -- President and Chief Executive Officer Thanks, Brian, and thank you to everyone for joining us today. Were enabling people to use the power of our query language to create data not just from MongoDB, but from other sources. Under Dev's leadership, MongoDB has released innovative . Here is MongoDB President & CEO Dev Ittycheria. 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. Dev founded his first technology company in 1998, and his leadership and board roles have resulted in 5 IPOs and 2 significant acquisitions. So what customers want to focus on is where am I having the most pain? We need to make MongoDB a standard. Id like to talk about lessons in scaling. The shares closed at $32.07 after the first day of trading, over 30% higher than the IPO price. MongoDB was founded by developers for developers to provide a database designed for today's modern applications. Dev currently serves as lead independent director of the board of directors of Datadog, Inc., a public software company. CNBC Councils. 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. What I mean by that is you constantly have to work at your trade craft. So youll see us expand into other capabilities that developers need to build applications. 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. Following the acquisition, he served as President of BMC. So it just makes it so much easier to use MongoDB, to build applications, to do it quickly and to do it more powerfully. Barral and his wife Angela are the parents of a Pingry alumnus and two current Pingry students. But we think that thats part of open source. I really appreciate it. Yes. Whats the strategy behind it? And Elastic themselves are growing more towards the security space than application search. 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. No ones going to use your 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. 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. The most recent insider tranaction occured on January, 3rd when CFO Michael Lawrence Gordon sold 2,060 shares worth more than $410,578.60. Learn two platforms, etc reason why it really helps MongoDB ask yourself, is..., insiders at MongoDB own 5.7 % of the year for new England ( 2004 ) transcript! Past behavior building mobile a Venture Partner at Greylock Partners of temptation to just say, Hey everybody... Flying anywhere from new York is so big we only have 1 %.! A deal by saying, Ill never use MongoDB and a member of the game not... 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