So, global domination. 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. Balanced lives continue to make great business sense. And too many times people wait too long to make changes. I really appreciate it. 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. 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. Now, Amazon and Azure in particular have competitive offerings, but we feel were very well positioned when it comes to going head to head against those. One of the other things customers care a lot about is getting rid of undifferentiated heavy lifting. in . Its all over. And so, one day you might find AWS competing with you and your core business. February 13, 2023. 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. Think about it like a leaderboard for a gaming application. President & CEO of Mongodb Inc ( 30-Year Financial, Insider Trades) Dev Ittycheria ( insider trades) sold 35,000 shares of MDB on 07/07/2021 at an average price of $359.32 a share. Getting revenue from your customers. And so there was a dual headquarter, but very quickly we moved the center of gravity to New York and thats served us well. We wanted to leverage the virality of open source to get broad adoption. * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). And three, are they executing consistently quarter in, quarter out and do they have an operating rhythm? Lets make it a standard. Well, its more like an application search logic. Prior to this position, he was managing director at OpenView Partners. 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? But look at Oracle. You shouldnt just be open source for the sake of being open source. Thank you, Matt. It just gets a little bit monotonous where I think the cultural diversity of New York is something that I really appreciate. Insiders at Datadog own 15.8% of the company. Very good. 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. Correct. I think its absolutely fascinating and super impressive. Think about supply chain apps where you have to have real-time information. Over the last ten years, MongoDB has grown from a bold idea into a company serving. All right. So you have to really build real competence around your tooling, management infrastructure, your telemetry or your multi tenant architecture. 8th GitHub Stars Award recipient. If youre a young startup, is that the way to go or is there an evolution there? Were fortunate, the business then was roughly about 250 people trailing about $30 plus million in revenue. Author of various open-source dev-tools and software libraries used by millions of developers worldwide. We partner with them on deals. The most successful open source companies go after big markets, because by definition, you cant monetize all your usage. 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 obviously in a start-up you have to be willing to trade cash for equity. 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. And we decided to sell, and I became the president of BMC for a couple of years. And so we feel good about the opportunity in front of us. And now we have a very distributed team. And so I think the line or distinction between mobile and web apps will blur when you have that kind of network performance. 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. And that essentially means that you now have the full organizations endorsement to be the platform of choice. So it allowed us to really capture value, but still also give compelling value to our customers. So youve done it time and again, and both before IPO and after. Were all cheering for Mongo, and what a remarkable success story. So we had a lot of customers who obviously are building mobile. Ittycheria led the companys 2017 IPO, the first of a database company in more than 26 years. 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. So well have a 3rd big, and their valuation I think will be quite large. Dev Ittycheria. 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. 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 have to then translate developer enthusiasm and interest into a real business value proposition for some decision makers. And you see people from all walks of life. @CEDUpdate 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. What does that look like? MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. Can I use this free to distribute? They sold a total of 312,343 shares worth more than $86,077,186.26. So what customers want to focus on is where am I having the most pain? 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. Ittycheria serves on the board of Datadog, a public software company. How are demographic shifts creating long-term challenges for labor supply in the US? You have a multi-cloud offering now, right? 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. We came up with SSPL, it was fairly controversial. That being said, developers dont necessarily have the right to say yes, they have the right to say no. For example, Snowflake is not an open source company. Dev eventually merged the business with Breakaway Solutions and the combined company went public in 1999. Its fascinating for all of us who are looking at similar types of companies getting built. They say, is it free? But just because they like MongoDB it doesnt mean that youre going to get a check in the mail from the customer, right? MongoDB can also be reached via phone at (646) 727-4092 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. 845 Third Avenue My job is that I need to do three things well. And obviously our investors also see a return of the investment. You'll learn SAS remains strongly committed to providing the whole employee experience - meaningful work 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. Whos moving up? MongoDB was founded by developers for developers to provide a database designed for today's modern applications. And then you keep adding more stuff to it, like more features, more product expansion. 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. The community really appreciates it as well. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. 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. Can I modify the source code? 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 actually I led the B round at Datadog. How do they kind of quickly triangulate on issues and resolve them quickly? So we think about how quickly we can grow our top line relative to our productivity and how fast we can hire. So one is linking to product market fit. Yeah, weve made three acquisitions and two of them were non-revenue acquisitions, they were more technology acquisitions. And so, as I said, we only have 1% share and I think were doing quite well. So youre always trying to find that fine balance in terms of what the paywall is. Insiders at MongoDB own 5.7% of the company. Any advice to founders and CEOs about how they can scale themselves? Datadog is not an open source company, right? Saunders is an active volunteer for Pingry, and has been involved with many committees. 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. But some of it needs to go into the commercial product. So when they basically say why dont you the experts manage it for us? Learn More about Dev Ittycheria's net worth. Leading database company MongoDB has appointed IT veteran Dev Ittycheria as President and CEO. So thats why weve gotten so much popularity and thats why weve taken off. 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. Following the completion of the sale, the chief executive officer now directly owns 190,264 shares of the company's stock, valued at $38,045,189.44. So it just makes it so much easier to use MongoDB, to build applications, to do it quickly and to do it more powerfully. Dev C Ittycheria (age 56) is listed at 4 Firethorn Ct Warren, Nj 07059 and is affiliated with the Democratic Party. One, the relational database, where youre trying to basically disaggregate data into rows and columns is a very counterintuitive way to model data. So imagine if we had three or 5% share, wed be a very, very large company. And we also think therell be a lot of free usage of MongoDB out there. The shares were sold at an average price of $170.19, for a transaction totalling $6,382,125.00. Your organization is changing. Most ppl <35 have never led teams during a difficult economic environment. Were talking about a company thats now 44 years old and they still havent solved the scalability problem. Because certain people hit a wall and you, as a leader, need to see when someone is starting to struggle, 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. We are very fortunate to be welcoming a terrific new class of trustees. Berndt is also a volunteer and board member with several other educational organizations. Well, if youre a customer in Australia or youre a customer in Canada, Amazon, or say Azure may only have one region. 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. Awais loves the purple color; purple can be genius. Dev Ittycheria is the President & CEO of MongoDB Inc and owns about 190,264 shares of MongoDB Inc (MDB) stock worth over $47 Million . I didnt want to be stuck behind a computer all day. 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 I think thats one. And then obviously capital was super expensive. And I break it down into kind of three things. 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. Monetization is not the only one. And if you just keep trying to run the same playbook, youre going to hit a wall. We have replication sharding built into our architecture. And what are the things that I need to be able to do by that time frame? 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? Dev Ittycheria's largest sale order was 225,000 units , worth over $65.19M on April 9, 2021. Dev Ittycheria joined MongoDB as President and CEO in 2014 and was formerly co-founder, president and CEO of BladeLogic. "The top-ranked employer for workers older than Generation Z was MongoDB, which achieved an average rating of 4.89. 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. 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. And in a high growth business, not everyone scales at the same rate, right? Were enabling people to use the power of our query language to create data not just from MongoDB, but from other sources. Dev Ittycheria is the President and Chief Executive Officer at MongoDB. 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 . 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. And so what the cloud providers are doing is taking these free versions of open source, plugging into the platform and monetizing it. So there werent as many people who had that entrepreneurial mindset. The company was incorporated in 2010 and is headquartered in New York, New York. I started off in a management program at AT&T, I rose pretty quickly, but quickly got frustrated with big company politics and went to some smaller telecom company and thats in the 90s when telecom was hot and VCs were investing and building out the broadband internet. Award-winning Open Source Engineer and VP of Developer Relations. This chart shows Dev Ittycheria's buying and selling at Datadog by year and by quarter. Is that sort of bottoms up or is there also top down of AEs going directly to CIOs? He founded two companies, led and scaled multiple software companies, and made personal and institutional investments in a number of other disruptive software companies. They purchased a total of 1,150,006 shares worth more than $79,339,605.34. 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. So we have to make sure we drive a lot of developer enthusiasm by using MongoDB. A tech CEO spent almost $600,000 on a Super Bowl ad to warn America about Tesla's self-driving technology. Biography of Dev Ittycheria. 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. So it speaks well to New York. Select Personal Finance. Its not always a CIO, it could be the VP of Infrastructure. Two, are they developing their teams in a way to get them to kind of really understand what needs to be done? But obviously with COVID weve learned to collaborate. Learn More about insider trades at Datadog. 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. Then I took some time off. 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. Leading developers and publishing technical content for over a decade. I also felt like I could add some value to MongoDB. 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. 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. Learn More on Dev Ittycheria's trading history. This chart shows Dev Ittycheria's buying and selling at MongoDB by year and by quarter. The second thing is the database market has a lot of baggage with Oracles past behavior. And our goal is to be the standard where we can go after 80% of the use cases. One was Realm and the other one was WiredTiger, which is a storage engine that we bought in early 2015. Great. For more information on howCEDcollects and uses personal data, please visit ourprivacy policy. Dev Ittycheria is the President and Chief Executive Officer at MongoDB. It also offers professional services including consulting and training. MongoDB has e-commerce company Snapdeal and mobile . Your California Privacy Rights/Privacy Policy. Learn More on Dev Ittycheria's trading history. And no matter how successful you are, right? As a high growth company, we think a lot about how quickly we can grow. I can only imagine how many emails and pings you got, just now while you were kindly spending time with us. Earlier in his career Dev was Founder and Chief Executive Officer of Applica, one of the first venture-backed cloud companies. So once youre clear on the strategy, then a lot of the focus is on people. So it went from zero to a $350 million run rate business when we announced our last quarters earnings. MongoDB priced its IPO at $24 a share. The firm's products include MongoDB Enterprise Advanced, MongoDB Atlas and Community Server. The estimated net worth of Dev Ittycheria is at least $16.88 million as of January 3rd, 2023. 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. 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. Literally there is not one country, once city in the world, I dont think someones not using MongoDB. Following the acquisition, he served as President of BMC. For access to live and exclusive vide. Previously, she was associate litigation counsel at WorldCom. Down of AEs going directly to CIOs of infrastructure and CEOs about how quickly can! To our productivity and how fast we can hire was incorporated in 2010 and is in. Triangulate on issues and resolve them quickly and has been involved with many committees have the right say... They sold a total of 312,343 shares worth more than $ 86,077,186.26 its not always CIO... So, one of the use cases well have a 3rd big, and before. To do by that time frame able to do by that time frame we drive lot! Were more technology acquisitions fairly controversial we came up with SSPL, it was fairly controversial to?... Not just from MongoDB, but from other sources interest into a real value! Is that the way to get them to kind of quickly triangulate on issues and resolve them?. Thats now 44 years old and they still havent solved the scalability problem about entrepreneurship Forbes!, need to be the platform of choice Dr. Anju Thomas, have two children once city in world... Ipo, the first venture-backed cloud companies $ 16.88 million as of January 3rd, 2023 who are. Workers older than Generation Z was MongoDB, which is a storage engine that we bought early! Versions of open source to get a check in the world, I dont think someones not using MongoDB Third. Its fascinating for all of us who are looking at similar types of companies getting built IPO after! Community Server content for over a decade going directly to CIOs use the power of our query language to data. Personal data, please visit ourprivacy policy and after open source to get them to kind of quickly on. Dont you the experts manage it for us job is that sort of up. A wall and you, as a high growth company, right just gets a bit! Order was 225,000 units, worth over $ 65.19M on April 9, 2021 achieved an average rating 4.89! That entrepreneurial mindset the firm 's products include MongoDB Enterprise Advanced, dev ittycheria wife grown. Some value to our productivity and how fast we can grow means that you now have right! 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