And our goal is to be the standard where we can go after 80% of the use cases. And Ive been to almost every major city in the world. 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. 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. It doesnt make a lot of sense when I look at it from a strategic point of view. Dev was recognized by Ernst & Young as an Entrepreneur of the Year for his strong leadership at BladeLogic, and he has also been publicly acknowledged as one of the pioneers of the SaaS business model. In 2012, he became a partner at venture capital firm Greylock Partners.[3]. As the CEO of MongoDB, Inc., Mr. Ittycheria earned a total compensation package of $10,566,757.00 in 2022. Do you have to recruit a completely different set of folks as you scale? So going after the database market is one of the largest markets in enterprise software. Ittycherias many leadership roles have led to five IPOs and two significant acquisitions. So it allowed us to really capture value, but still also give compelling value to our customers. 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. 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. 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. We think it would be very unfair for someone to just pick a free version, make money off it and not give anything back. 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. That being said, developers dont necessarily have the right to say yes, they have the right to say no. And obviously our investors also see a return of the investment. 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. Are you going after Databricks? Dont assume that just because youre successful in the past, you can be successful in the future because your business is changing. I think its absolutely fascinating and super impressive. In the last year, insiders at the sold shares 60 times. 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. And then you can give it to the community and then use crowdsource so that the community makes it better over time. 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. Six new members have joined The Pingry Schools Board of Trustees: Stephen M. Barral of Bernardsville, Elliot S. Berndt of Maplewood, Dev C. Ittycheria of Warren, Jonathan M. Peacock of Morristown, Amy B. Saunders of Far Hills, and Jonathan Z. Wilf of Short Hills. Enter your email address to subscribe to this blog and receive notifications of new posts by email. Awais loves the purple color; purple can be genius. You know, theyve had Oracle RAC, sidecar and other ways to try and replicate. So you just have to make sure theres enough out there that you can monetize to build a healthy business. Theres a lot of companies who try and do that and they struggle. The most recent insider tranaction occured on February, 13th when CEO Olivier Pomel sold 85,637 shares worth more than $7,075,328.94. Correct. Don't let a crisis go to waste. 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? So that is growing at about a 66% annualized growth rate. 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. Is everyone in line? 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 just because they like MongoDB it doesnt mean that youre going to get a check in the mail from the customer, right? Dev Ittycheria is an American software executive, entrepreneur, venture capitalist, and the president and CEO of MongoDB, a popular next-generation database. Chart Data in Insider Trading History Table. Learn More on MongoDB's active insiders. It was a lot of worries. So its tricky, but this is part of leadership, right? Your California Privacy Rights/Privacy Policy. 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. I also felt like I could add some value to MongoDB. Whos moving sideways? 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. But the U.S. just added graphite to a list of super-critical minerals "essential for America's National Defense." 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. 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. Dev Ittycheria is 53, he's been the President, Chief Executive Officer e Director of MongoDB Inc since . And be very, very clear on that. But theres some spirit of coopertition and thats like weve been dealing with the big guys, Oracle from day one, Microsoft, and obviously now Amazon. 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. Then a year later, we just got an offer to get bought out by BMC. Berndt and her husband Andy and have two children, both of whom attend Pingry. The Biggest "Missing Ingredient" in the $7 Trillion EV Market. Well, with a service, with open source as a service, you can monetize everything because youre just paying as you go. And we want to get that first workload. I didnt want to be stuck behind a computer all day. In its last fiscal year,. 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. He brought to MongoDB a mix of entrepreneurial, operational and investing experience: He was a managing director at OpenView Venture . To build a community of people who wanted to just try and use MongoDB. (As always, Data Driven NYC is a team effort many thanks to my FirstMark colleagues Jack Cohen and Katie Chiou for co-organizing, Diego Guttierez for the video work and to Karissa Domondon for the transcript! Learn More about Dev Ittycheria's net worth. And theyve actually helped subsidize and drive a lot of marketing, right? Datadog's insider roster includes Kerry Acocella (General Counsel), Amit Agarwal (Insider), Adam Blitzer (COO), Michael Callahan (Director), Mrmelle De Madre (Insider), Dan Fougere (CRO), Dev Ittycheria (Director), Matthew Jacobson (Director), Laszlo Kopits (General Counsel), Alexis Le-Quoc (Insider), David Obstler (CFO), David Obstler (CFO), Olivier Pomel (CEO), Julie Richardson (Director), Shardul Shah (Director), and Sean Walters (CRO). 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. You have a multi-cloud offering now, right? 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. The second thing is the database market has a lot of baggage with Oracles past behavior. So you need to make sure you invest in both, right? 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. Stephen M. Barral is a managing member of Gulfstream CM, an investment manager focused on the municipal securities market. Dev Ittycheria is the President & CEO of MongoDB Inc and owns about 190,264 shares of MongoDB Inc (MDB) stock worth over $47 Million . 00:33. In his past career Mr. Ittycheria was President & Chief Executive . Learn More about Dev Ittycheria's net worth. Most recently, Dev Ittycheria sold 37,500 shares of the business's stock in a transaction on Thursday, February 10th. SAS remains strongly committed to providing the whole employee experience - meaningful work What does Atlas do, so folks can wrap their minds around it. I really appreciate it. Id like to talk about lessons in scaling. Before joining the pharmaceutical industry, Peacock was a partner at McKinsey and Co., where he was co-head of the European Corporate Finance practice. And no matter how successful you are, right? One of the other things customers care a lot about is getting rid of undifferentiated heavy lifting. So we have to work with the cloud provider. And in our business, its a land expand. Save my name, email, and website in this browser for the next time I comment. Credit: Dev Ittycheria, MongoDB . We have replication sharding built into our architecture. Can I use this free to distribute? MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. They say, is it free? In terms of development, I think you bring up a very important point. Lets make it a standard. So Im thrilled to see when I started BladeLogic, I actually wanted to build it in New York city. Then flying anywhere from New York is so easy. Dev eventually merged the business with Breakaway Solutions and the combined company went public in 1999. And sometimes whos moving backwards. We came up with SSPL, it was fairly controversial. 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. And I break it down into kind of three things. And so what the cloud providers are doing is taking these free versions of open source, plugging into the platform and monetizing it. So Realm had gotten a lot of traction, but they also needed to synchronize data from the edge to the core. Learn More about Dev Ittycheria's net worth. Perfect timing for a "made in America" graphite company looking to mine, manufacture, and recycle graphite for the booming electric car market. Then you find adjacencies to expand into. MongoDB can also be reached via phone at (646) 727-4092 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. And they said, this is crazy. Notify me of follow-up comments by email. Think about supply chain apps where you have to have real-time information. He also serves on the new stadium development team, set to open in 2016. In fact, my predecessor at MongoDB was actually based out of California. A lot of people sometimes confuse us, are you competing with Snowflake? But why dont we go directly to the CIO because everyone knows Mongo, right? MongoDB has also had a particularly impressive ride in public markets under your stewardship. For example, Snowflake is not an open source company. 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. So therell be another big data driven tech company in New York. And weve seen a lot of high profile outages, and so they worry about things like, Am I going to get the diversity?. How do you work with cloud vendors? And what I have to work on now to make sure that I get that kind of outcome. Those are the people I see tend to really grow and evolve as a leader. Obviously its been a pleasure to work with Oli and the team there. 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. Dev Ittycheria. And typically we see a lot of consolidation happening now in large companies. He and his wife, Dr. Anju Thomas have one child who finished high school from Pingry and another who is at the school. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Even at your scale there is a finite amount of resources. The firm's products include MongoDB Enterprise Advanced, MongoDB Atlas and Community Server. And so weve automated that for developers and made it really easy. As they see success you say okay, lets use MongoDB for the next application or replatform an existing application. Balanced lives continue to make great business sense. BY Christiaan . Mr. Ittycheria owns 190,264 shares of Datadog stock worth more than $16,880,222 as of February 16th. So theres a little bit of sausage making in the process. And we knew that we solved a very important problem. Learn More on Dev Ittycheria's trading history. And then we triage which ones do we want to invest in new, which product is going well, which products were to shut down? 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. 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. One, the relational database, where youre trying to basically disaggregate data into rows and columns is a very counterintuitive way to model data. Atlas, which is your database as a service offering, was launched in late 2016. So one is linking to product market fit. President & CEO of Mongodb Inc (30-Year Financial, Insider Trades) Dev Ittycheria (insider trades) sold 8,955 shares of MDB on 01/04/2021 at an average price of $345.11 a share. 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. And so we feel good about the opportunity in front of us. 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. 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 speaks well to New York. Well, one, we run on all three clouds. Your email address will not be published. We didnt want to go down that path. Your organization is changing. I led the B round and Datadog, and then literally 6 months later, I joined Mongo to be a CEO. And then maybe theres some corner cases where they use something esoteric. Were fortunate, the business then was roughly about 250 people trailing about $30 plus million in revenue. Information on this page was last updated on 1/3/2023. Literally there is not one country, once city in the world, I dont think someones not using MongoDB. BY Dev Ittycheria. And so itd be foolish to have close to a billion dollars in the bank. And they said, we really want to embed all our OTP functionality along with application search in one platform, its much easier to maintain. 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? Award-winning Open Source Engineer and VP of Developer Relations. We coexist with Oracle, we coexist with Microsoft, we coexist with other players, right? You dont want to cut too many corners day one. How are demographic shifts creating long-term challenges for labor supply in the US? All right, to close maybe just a couple of questions from the group. They sold a total of 897,213 shares worth more than $88,522,836.60. 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. 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 -. 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 so I think the line or distinction between mobile and web apps will blur when you have that kind of network performance. Learn More on Dev Ittycheria's trading history. Always have the attitude of I have more to learn, and that to me has paid massive dividends. And obviously in a start-up you have to be willing to trade cash for equity. We bought that just to kind of get some mass customer momentum around atlas. Insiders at Datadog own 15.8% of the company. Sure. Dev C Ittycheria (age 56) is listed at 4 Firethorn Ct Warren, Nj 07059 and is affiliated with the Democratic Party. Were all cheering for Mongo, and what a remarkable success story. So we think about how quickly we can grow our top line relative to our productivity and how fast we can hire. The oldest executive at MongoDB Inc is John McMahon, 64, who is the Director. If youre a young startup, is that the way to go or is there an evolution there? Do you want to talk about the product expansion thinking? And so its not a secret, but since weve gone public three and a half years ago, weve had six C level changes, right? I was ecstatic to see MongoDB featured in this recent CRN Cloud News article. So being able to embed analytics is going to be even more important. Dev Ittycheria has not been actively trading shares of Datadog during the last quarter. Yes. My job is that I need to do three things well. And in a high growth business, not everyone scales at the same rate, right? Dev is registered to vote in Somerset County, New Jersey. So obviously with our strategy, were not changing that every day. This chart shows Dev Ittycheria's buying and selling at Datadog by year and by quarter. 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. We need to make MongoDB a standard. And what we also saw was that last year we had more downloads of our software than the first 10 years of the companys history. 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. They dont want to use a new database for every new use case. So you have to then translate developer enthusiasm and interest into a real business value proposition for some decision makers. No ones going to use your product. Itd be foolish to try and optimize for profitability. Dev Ittycheria, MongoDB | AWS re:Invent 2022 - YouTube Dev Ittycheria, CEO, at MongoDB joins theCUBE at AWS re:Invent 2022 in Las Vegasl, NV. The shares were sold at an average price of $199.96, for a transaction totalling $7,874,824.72. What does that look like? Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Following this acquisition, Dev served as President of BMC, overseeing a business with $1.4 billion in annual revenue. 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 your impact on the NYC tech ecosystem has just been insane. We said, we invest a lot in the product. Yeah, its a good question. Insiders at MongoDB own 5.7% of the company. MongoDB priced its IPO at $24 a share. So its gone from zero to being almost half of the companys revenue. Your competition is changing. How do they kind of quickly triangulate on issues and resolve them quickly? Before MongoDB, Dev was a Managing Director at OpenView Venture Partners and before that he was a Venture Partner at Greylock Partners. We partner with them on events. So its literally like having two cups of coffee a month to we have customers now spending more than seven figures with us on Atlas. $70 per post at $7/CPM. 5. May 3, 2016. He currently serves as the President & CEO of MongoDB. Were not trying to compete with Snowflake. By the way, I dont know if people realize this, but UiPath is pricing tonight and starting to trade tomorrow. And you see people from all walks of life. In the last year, insiders at the sold shares 34 times. Elliot S. Berndt will serve as president of the Pingry School Parents Association (PSPA) for the 2015-16 school year. 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? president and CEO Dev Ittycheria is scheduled to be on CNBC's "Mad Money," which airs Monday at 6 p.m. EDT. 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. We tell our salespeople to look for where the pain is in the organization. So it went from zero to a $350 million run rate business when we announced our last quarters earnings. Two, are they developing their teams in a way to get them to kind of really understand what needs to be done? Your email address will not be published. This net worth evaluation does not reflect any other investments that Mr. Ittycheria may own. So theres a lot of healthy partnership there. You shouldnt just be open source for the sake of being open source. PDF. So access to the world from New York is very easy and I like the heterogeneity of the culture. So then our revenue forecast then drives an expense forecast. 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. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Whether youre a multi time CEO or a first time founder, or someone whos just become a first-time manager, you got promoted from an individual contributor role to a team lead or a manager. So it was a very fair trade. It also offers professional services including consulting and training. 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. How do you arbitrage and then how has it evolved over time? 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? That kind of drives our top line forecast. 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. And the exact people who Ive seen struggle in not being able to scale, are the ones who just cant adapt and grow. So Google may have some capabilities that are better than Amazon, and Amazon has some capabilities better than Azure and vice versa. MongoDB has also had a particularly impressive ride in public markets under your stewardship. Jonathan M. Peacock is chairman and CEO of Biotech company Bellerophon Therapeutics and is a board member of Kite Pharma. 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. in electrical engineering from Rutgers University, where he was awarded the Medal of Excellence and recognized as the Alumnus of the Year in 2010 by the School of Engineering. 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. There was obviously some interesting companies, obviously DoubleClick was doing well, and adtech was a big space and new media was another hot area, but hardcore tech was not a placefor the New York. Youre CEO of one and board member of the other. I personally love New York city, its my favorite city in the world. 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 . Learn More on Datadog's active insiders. Learn More about insider trades at MongoDB. We partner with them on deals. So as data volumes grow, their architecture has limitations. Talk to anyone who wants to do a schema change and theyll roll their eyes because they know how painful that is. The most successful open source companies go after big markets, because by definition, you cant monetize all your usage. We made an acquisition of Mlab, which is a first generation database service offering 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. Dr. Anju Thomas have one child who finished high school from Pingry and another is... February, 13th when CEO Olivier Pomel sold 85,637 shares worth more than $.. Out by BMC I see tend to really capture value, but also!, right ) is listed at 4 Firethorn Ct Warren, Nj 07059 is... Ittycheria may own better than Amazon, and leader specializing in high-growth software companies the,! Young startup, is that I get that kind of network performance ones who just cant adapt grow. Every New use case, Hey, everybody knows Mongo now I need to do three things well include! 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