PDF. Do you have to recruit a completely different set of folks as you scale? And then maybe theres some corner cases where they use something esoteric. Think about it like a leaderboard for a gaming application. MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. How do they kind of quickly triangulate on issues and resolve them quickly? 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. 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. BY Christiaan . Then you find adjacencies to expand into. He brought to MongoDB a mix of entrepreneurial, operational and investing experience: He was a managing director at OpenView Venture . 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. 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. 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. Dont assume that just because youre successful in the past, you can be successful in the future because your business is changing. 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. This chart shows Dev Ittycheria's buying and selling at Datadog by year and by quarter. And what essentially Mongo DB did was address two fundamental problems with the relational database. 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. Dev founded his first technology company in 1998, and his leadership and board roles have resulted in 5 IPOs and 2 significant acquisitions. 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. Yeah, weve made three acquisitions and two of them were non-revenue acquisitions, they were more technology acquisitions. There are 4 older and 12 younger executives at MongoDB Inc. All these things matter in terms of building a real cloud service, and so thats something you want to think about. So theyre motivated to drive those workloads to the cloud. And Ive been to almost every major city in the world. 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. $70 per post at $7/CPM. 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? 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. Datadog is not an open source company, right? The oldest executive at MongoDB Inc is John McMahon, 64, who is the Director. I would just think of us as we really want to be an application data platform. Enter your email address to subscribe to this blog and receive notifications of new posts by email. Learn More about Dev Ittycheria's net worth. 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. Most recently, Dev Ittycheria sold 39,382 shares of the business's stock in a transaction on Tuesday, January 3rd. The total sale. 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. We think that will make MongoDB an even more compelling platform to use. Join us for a morning of insights, inspiration, valueand breakfast. Barral and his wife Angela are the parents of a Pingry alumnus and two current Pingry students. Dev Ittycheria, MongoDB | AWS re:Invent 2022 - YouTube Dev Ittycheria, CEO, at MongoDB joins theCUBE at AWS re:Invent 2022 in Las Vegasl, NV. So you just have to make sure theres enough out there that you can monetize to build a healthy business. For example, Snowflake is not an open source company. Notify me of follow-up comments by email. 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? Then I took some time off. Well, that feels like a great place to end. Dev graduated from Rutgers University with a B.S. And so I think the line or distinction between mobile and web apps will blur when you have that kind of network performance. Have some success, build a relationship, get some confidence built around MongoDB, and then go after a new business. 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. Correct. The second thing is the database market has a lot of baggage with Oracles past behavior. We said, we invest a lot in the product. And we decided to sell, and I became the president of BMC for a couple of years. So thats why weve gotten so much popularity and thats why weve taken off. But before you would run, lets say app A on one cloud, app B on another and app C in another. One is a current Pingry student, and the other is joining Pingry this fall. So it went from zero to a $350 million run rate business when we announced our last quarters earnings. Learn More on Dev Ittycheria's trading history. And I break it down into kind of three things. Earlier in his career Dev was Founder and Chief Executive Officer of Applica, one of the first venture-backed cloud companies. 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. Dev C. Ittycheria, a software executive and venture capitalist, is president and CEO of database company MongoDB. The most successful open source companies go after big markets, because by definition, you cant monetize all your usage. Whats the strategy behind it? The shares were sold at an average price of $170.19, for a transaction totalling $6,382,125.00. Once again, Snowflake is bringing our Data for Breakfast event to London. They purchased a total of 1,150,006 shares worth more than $79,339,605.34. And theyve actually helped subsidize and drive a lot of marketing, right? I need to be very clear on what our strategy is, at least the next couple of years. Your organization is changing. So we have to make sure we drive a lot of developer enthusiasm by using MongoDB. So therell be another big data driven tech company in New York. For more information on howCEDcollects and uses personal data, please visit ourprivacy policy. 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. 5. 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 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. And that essentially means that you now have the full organizations endorsement to be the platform of choice. What I mean by that is you constantly have to work at your trade craft. He currently serves as the President & CEO of MongoDB. And the markets very big, so we really focused on organic growth versus trying to grow through acquisition. 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. We bought that just to kind of get some mass customer momentum around atlas. And Elastic themselves are growing more towards the security space than application search. In its last fiscal year,. We had a wide-ranging conversation where we covered: Below is the video and below that, the transcript. Dev Ittycheria. Well, its more like an application search logic. And then one last question from Julia, how does MongoDB manage to not compete with their open source community? Your competition is changing. Perfect timing for a "made in America" graphite company looking to mine, manufacture, and recycle graphite for the booming electric car market. 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. So obviously theres lots of competing interests. So it speaks well to New York. The estimated net worth of Dev Ittycheria is at least $39.95 million as of January 3rd, 2023. Id like to talk about lessons in scaling. Switching to the discussion to Go to Market strategies, you use open source as a freemium kind of strategy. But just because they like MongoDB it doesnt mean that youre going to get a check in the mail from the customer, right? We are very fortunate to be welcoming a terrific new class of trustees. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. 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. Learn More on Dev Ittycheria's contact information. Prior to this position, he was managing director at OpenView Partners. And they said, we really want to embed all our OTP functionality along with application search in one platform, its much easier to maintain. But obviously with COVID weve learned to collaborate. China has owned the graphite market for decades. 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. Monetization is not the only one. Enter your email address below to get our daily insider buying and selling report. As a high growth company, we think a lot about how quickly we can grow. Oracle is the most hated vendor in the tech industry today, but theres still tons of Oracle because its very hard to unravel every Oracle app that was built. It also offers professional services including consulting and training. 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 . 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. Developer speed is a proxy for innovation The supercloud is transforming the role of developers. (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? A lot of people sometimes confuse us, are you competing with Snowflake? She has served on the PSPAs Advisory Board and most recently was first vice president of the Executive Board. And then we review all the projects and get people to rank all the new investments, as well as all the existing investments are doing. Yes. In total, Dev Ittycheria has made about 61 transactions over 5 years of their time at Mongodb,. So we had a lot of customers who obviously are building mobile. The estimated net worth of Dev Ittycheria is at least $16.88 million as of January 3rd, 2023. The community is really I would say our sales leaders sometimes get frustrated because they think the free version competes with us, our paid versions. Its just to say, theres a clear strategy there. Think about supply chain apps where you have to have real-time information. 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. 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. 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. Detailed information on the use of cookies on this site is provided in ourcookie policy. They say, is it free? 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. Dev Ittycheria is an American software executive, entrepreneur, venture capitalist, and the president and CEO of MongoDB, a popular next-generation database. Dev Ittycheria Biography. Like, oh my God, the adoption that people would say, youre not open source anymore. Ittycheria and his wife, Dr. Anju Thomas, have two children. We recognize the markets large enough and we feel like were well positioned. By continuing to use this Site or by clicking "OK", you consent to the use of cookies.OK. Dev C. Ittycheria Lead Independent Director, Datadog, Inc. Dev C. Ittycheria founded BladeLogic, Inc. and Applica Corp. Elliot S. Berndt will serve as president of the Pingry School Parents Association (PSPA) for the 2015-16 school year. Previously, Barral was managing director at Barclays Capital and JP Morgan in convertible sales and trading. Managing a distributed database can be quite challenging. What does that look like? Well, one, we run on all three clouds. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. And for additional context, thats a current controversy around Elastic and some stuff like gotten themself tripped up into this whole conversation. Then the challenge becomes if Im going to have a lot more data at the edge, how do I manage that data so people want a very easy to use mobile database and theres a lot of innovation in the mobile client. 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. Even at your scale there is a finite amount of resources. Learn More about Dev Ittycheria's net worth. Great. And so there was a dual headquarter, but very quickly we moved the center of gravity to New York and thats served us well. Do you want to talk about the product expansion thinking? And our focus is really helping developers use data to build amazing applications. 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? And thats something that you guys created right? The shares closed at $32.07 after the first day of trading, over 30% higher than the IPO price. 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. 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. The second big challenge is that relational databases are not designed for scale. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. 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? 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. What does Atlas do, so folks can wrap their minds around it. New York, NY 10022-6600|Map, SITE POWERED BY EXPRESSION ENGINE | 2023. Thats the heart of the whole discussion. So access to the world from New York is very easy and I like the heterogeneity of the culture. Lets make it a standard. 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. We have replication sharding built into our architecture. Youre running a tech company with offices around the world. Chart Data in Insider Trading History Table. 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. So 99% of our growth has been organic. [Dev Ittycheria] Correct. And as you get more and more traction, the velocity of the new wins start accelerating. Berndt has been a designer for National Geographic magazine and has experience in multimedia publishing and interior design. He holds a B.S. MongoDB can also be reached via phone at (646) 727-4092 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. Dev Ittycheria Wiki, Bio, Age, Family & More. So going after the database market is one of the largest markets in enterprise software. 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. Learn More about Dev Ittycheria's net worth. It just gets a little bit monotonous where I think the cultural diversity of New York is something that I really appreciate. My job is that I need to do three things well. 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. 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. Family & more and receive notifications of new York, NY 10022-6600|Map, site dev ittycheria wife by EXPRESSION ENGINE 2023. I really appreciate easy and I like the heterogeneity of the first day of trading then. 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