Learn More about insider trades at Datadog. Dev also serves on the board of directors of DataRobot, a private software company. Your email address will not be published. I think whats changed is the access to capital obviously, firms like FirstMark and others have done a lot of investing in New York. Sure. I need to be very clear on what our strategy is, at least the next couple of years. 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. And which is why it grew so quickly. They can kill a deal by saying, Ill never use MongoDB and youre done. Amy B. Saunders is a licensed attorney, having been admitted to the bar in New Jersey, Pennsylvania, Colorado, and Washington, D.C. * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). And you see people from all walks of life. Not only do they get revenue from the underlying consumption of storage and compute and network services, but they also see customers for every dollar they spend on Atlas, they probably spend another 5 to $10 and other ancillary services. 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. 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. Don't miss the $.13 cent "Next-Gen" stock that just received a $2.50 target for 2023. I have a CTO in Seattle, have a head of sales in Europe. So you can thrive as an infrastructure company without being open source. Prior to MongoDB, Ittycheria was the Co-founder & CEO of BladeLogic and the President of BMC Software. 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. And Elastic themselves are growing more towards the security space than application search. I led the B round and Datadog, and then literally 6 months later, I joined Mongo to be a CEO. She has served on the PSPAs Advisory Board and most recently was first vice president of the Executive Board. Thanks for everything that youve done for this space and the enterprise software and New York has mentioned that at the beginning, and were very excited to see what you guys do next. 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. We wanted to leverage the virality of open source to get broad adoption. Following the acquisition, he served as President of BMC. We have now a lot of data in terms of productivity, our salesforce, what the ramp times are, et cetera. Were fortunate, the business then was roughly about 250 people trailing about $30 plus million in revenue. Dev C. Ittycheria Lead Independent Director, Datadog, Inc. Dev C. Ittycheria founded BladeLogic, Inc. and Applica Corp. Dev Ittycheria is president and CEO of MongoDB. And that was important to us. Learn More on Dev Ittycheria's contact information. 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. So going after the database market is one of the largest markets in enterprise software. And all of a sudden I saw these companies get funded. 845 Third Avenue As a high growth company, we think a lot about how quickly we can grow. Lets make it a standard. And we knew that we solved a very important problem. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. And they said, this is crazy. We coexist with Oracle, we coexist with Microsoft, we coexist with other players, right? So when they basically say why dont you the experts manage it for us? But ultimately we all kind of use that process to galvanize our priorities and what were trying to do. BY Christiaan . The most recent insider tranaction occured on January, 3rd when CFO Michael Lawrence Gordon sold 2,060 shares worth more than $410,578.60. Dev Ittycheria's largest sale order was 225,000 units , worth over $65.19M on April 9, 2021. CNBC Councils. Remarkable. For example, Snowflake is not an open source company. Most ppl <35 have never led teams during a difficult economic environment. But again, it all depends on what the strategy is. So essentially almost two a year, right? We think it would be very unfair for someone to just pick a free version, make money off it and not give anything back. We partner with them on events. Well, its more like an application search logic. This chart shows Dev Ittycheria's buying and selling at Datadog by year and by quarter. 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. We have replication sharding built into our architecture. You know, or Dremio or other companies like that? For access to live and exclusive vide. Today with our new announcement, you can run app A across multiple cloud providers. And in our business, its a land expand. Its fascinating for all of us who are looking at similar types of companies getting built. Now, why is that important? So Google may have some capabilities that are better than Amazon, and Amazon has some capabilities better than Azure and vice versa. So after IPO, maybe talk to teams and hiring and what do you want to do before IPO versus IPO? Then you find adjacencies to expand into. 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. It was this whole complexity of open source in cloud vendors and for anyone thats listening to this, for whom this discussion is not completely clear, the concern all along has been that cloud vendors can just take the open source code and run a competitive version of the product without cooperation from the original vendor. Were enabling people to use the power of our query language to create data not just from MongoDB, but from other sources. Insiders at MongoDB own 5.7% of the company. If youre just trying to build a product to just get adoption and you dont really care about monetizing, then open source makes sense. Datadog, Inc. provides monitoring and analytics platform for developers, information technology operations teams, and business users in the cloud in North America and internationally. Id like to talk about lessons in scaling. Prior to this position, he was managing director at OpenView Partners. He founded two companies, led and scaled multiple software companies, and made personal and institutional investments in a number of other disruptive software companies. And then you keep adding more stuff to it, like more features, more product expansion. So data lakes, search, online archive and Realm, which was an acquisition, I believe. The second big challenge is that relational databases are not designed for scale. First, you kind of land a workload or a few workloads. In terms of development, I think you bring up a very important point. 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. Were talking about a company thats now 44 years old and they still havent solved the scalability problem. This was fascinating. Obviously both MongoDB and Datadog are global companies, but given this event is Data Driven *NYC*, its worth pausing and realizing that those are basically the two major successes of enterprise tech in New York at least over the last few years. Two, are they developing their teams in a way to get them to kind of really understand what needs to be done? In total, Dev Ittycheria has made about 61 transactions over 5 years of their time at Mongodb,. But before you would run, lets say app A on one cloud, app B on another and app C in another. And now we have a very distributed team. We came up with SSPL, it was fairly controversial. So we think about how quickly we can grow our top line relative to our productivity and how fast we can hire. He and his wife Kathleen have one child attending Pingry. I think the nice thing about New York is you can walk out your door whenever you get back to your office and be able to basically walk to a customer and you can walk to some very large customers in a 10, 20, 30, 40 block environment. 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. So as data volumes grow, their architecture has limitations. So obviously with our strategy, were not changing that every day. 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. MongoDBs open source project has continued to explode in popularity. It really comes from a lot of customer feedback and our intuition about the market. So what customers want to focus on is where am I having the most pain? MongoDB was founded by developers for developers to provide a database designed for today's modern applications. And for additional context, thats a current controversy around Elastic and some stuff like gotten themself tripped up into this whole conversation. Select Personal Finance. So we had a lot of customers who obviously are building mobile. And then maybe theres some corner cases where they use something esoteric. One, the relational database, where youre trying to basically disaggregate data into rows and columns is a very counterintuitive way to model data. Most recently, Dev Ittycheria sold 39,382 shares of the business's stock in a transaction on Tuesday, January 3rd. Mars Ingenuity helicopter code contributor. Join us for a morning of insights, inspiration, valueand breakfast. Were all cheering for Mongo, and what a remarkable success story. Well, yeah, I mean, we havent really seen a competition with the community. And so, as I said, we only have 1% share and I think were doing quite well. Those who understand that ruthlessly prioritizing, making hard choices & learning to do more with less are essential leadership skills that will last a lifetime. They sold a total of 312,343 shares worth more than $86,077,186.26. 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. 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. So you just have to make sure theres enough out there that you can monetize to build a healthy business. Insiders at Datadog own 15.8% of the company. 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. Dev Ittycheria is 53, he's been the President, Chief Executive Officer e Director of MongoDB Inc since . Before MongoDB, Dev was a Managing Director at OpenView Venture Partners and before that he was a Venture Partner at Greylock Partners. 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. Learn More on Dev Ittycheria's contact information. We dont have to manage two systems, learn two platforms, etc. Chart Data in Insider Trading History Table. 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. So it speaks well to New York. So its gone from zero to being almost half of the companys revenue. Your California Privacy Rights/Privacy Policy. So it was a very fair trade. Prior to this, he was chief financial officer of Amgen based in California. Whos moving sideways? But at the time it was very hard to recruit people. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Dev Ittycheria is an American software executive, entrepreneur, venture capitalist, and the president and CEO of MongoDB, a popular next-generation database. Enter your email address below to get our daily insider buying and selling report. And be very, very clear on that. Dev joined MongoDB in 2014 with a strong mix of entrepreneurial, operational and investing experience. China has owned the graphite market for decades. Get notified of the Biography of World Famous Personalities. I think New York is turning out to be a pretty interesting place for tech. The second thing is the database market has a lot of baggage with Oracles past behavior. 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. I can only imagine how many emails and pings you got, just now while you were kindly spending time with us. 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? I personally love New York city, its my favorite city in the world. Peacock is a chartered accountant. Most Popular. And so, one day you might find AWS competing with you and your core business. 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? A question from Alan, about was your strategy growing by acquisition and integration versus organically. 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. Dev Ittycheria has experience as an entrepreneur, operator, and investor. So imagine if we had three or 5% share, wed be a very, very large company. Learn More on Dev Ittycheria's trading history. One is a current Pingry student, and the other is joining Pingry this fall. 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. Thank you for having me. Tech. It could be the line of business. Think about supply chain apps where you have to have real-time information. So you have to really build real competence around your tooling, management infrastructure, your telemetry or your multi tenant architecture. So our community benefits from the continued innovations in the product. But the U.S. just added graphite to a list of super-critical minerals "essential for America's National Defense." Berndt is also a volunteer and board member with several other educational organizations. No ones going to use your product. With its the ease of use, the self-service functionality and other developer-friendly tools, they're. Well, I think the first thing is youve got to have strong product market fit. Have some success, build a relationship, get some confidence built around MongoDB, and then go after a new business. 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. Elliot S. Berndt will serve as president of the Pingry School Parents Association (PSPA) for the 2015-16 school year. 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. Dev is registered to vote in Somerset County, New Jersey. Award-winning Open Source Engineer and VP of Developer Relations. So theres a little bit of sausage making in the process. So therell be another big data driven tech company in New York. 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 corporate mailing address for Mr. Ittycheria and other Datadog executives is 620 EIGHTH AVENUE 45TH FLOOR, NEW YORK NY, 10018. As a CEO, how do you arbitrage between the different needs? Learn More on Dev Ittycheria's trading history. It was a lot of worries. And they said, we really want to embed all our OTP functionality along with application search in one platform, its much easier to maintain. This net worth estimate does not reflect any other investments that Mr. Ittycheria may own. That attitude has led to many fingers being burned, he warns: Moving to the cloud held out the promise of reduced complexity and improved productivity. Datadog can also be reached via phone at 866-329-4466 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. They sold a total of 897,213 shares worth more than $88,522,836.60. Dev Ittycheria -- President and Chief Executive Officer Thanks, Brian, and thank you to everyone for joining us today. Theres many reasons to do open source. In fact, my predecessor at MongoDB was actually based out of California. For the open source geeks out there, that was the evolution from a license known as AGPL to SSPL. This net worth evaluation does not reflect any other investments that Mr. Ittycheria may own. It also offers professional services including consulting and training. How do you work with cloud vendors? And then one last question from Julia, how does MongoDB manage to not compete with their open source community? So youll see us expand into other capabilities that developers need to build applications. Your markets changing, your customers are changing. 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. Theyve done a fantastic job. Author of various open-source dev-tools and software libraries used by millions of developers worldwide. You were trying to recruit from the big banks and so forth. May 3, 2016. 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. Think about it like a leaderboard for a gaming application. The company's SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, and security monitoring to provide real-time observability of its customers technology stack. We encourage our salespeople to go slow to go fast. Then I took some time off. Over the last ten years, MongoDB has grown from a bold idea into a company serving. So when we raised $29 million total and had $7 million in the bank when we filed to go public, we went public in 2007. The company is growing at a 40% rate and doing remarkably well, Jim Cramer said. So says Dev Ittycheria, CEO of MongoDB, but organizations need to realise that there's more to this re-invention than simply declaring that it's full speed ahead in a shift to the cloud. Obviously its been a pleasure to work with Oli and the team there. And our goal is to be the standard where we can go after 80% of the use cases. 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. Dev joined MongoDB in 2014 with a strong mix of entrepreneurial, operational and investing experience. Well, I think you first have to ask yourself, why are you trying to be an open source? RATINGS AND. Well, with a service, with open source as a service, you can monetize everything because youre just paying as you go. MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. To build a community of people who wanted to just try and use MongoDB. Leading developers and publishing technical content for over a decade. I didnt want to be stuck behind a computer all day. MongoDB, Inc. (NASDAQ:NASDAQ:MDB) Q1 2023 Earnings Conference Call June 1, 2022 5:00 PM ETCompany ParticipantsBrian Denyeau - IR, ICRDev Ittycheria - President and Chief Executive. Its just that our customer diversity wasnt as good as it should have been. 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. Why do you think its continued to be so incredibly popular and in fact accelerating? And we want to get that first workload. The most successful open source companies go after big markets, because by definition, you cant monetize all your usage. But why dont we go directly to the CIO because everyone knows Mongo, right? 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. And too many times people wait too long to make changes. That kind of drives our top line forecast. Nov 3. Chart Data in Insider Trading History Table. 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. And if you just keep trying to run the same playbook, youre going to hit a wall. Dev eventually merged the business with Breakaway Solutions and the combined company went public in 1999. 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. Detailed information on the use of cookies on this site is provided in ourcookie policy. 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 we have never been more popular than we are today. Balanced lives continue to make great business sense. 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. So one is linking to product market fit. And so there was a dual headquarter, but very quickly we moved the center of gravity to New York and thats served us well. So they can pick and choose which services to use from which phone providers. Theres a lot of fierce battles about what to do and what not to do. What customers want to be an open source community are today dev ittycheria wife sales in Europe high-growth. For example, Snowflake is not an open source have been second big challenge is relational! To a list of super-critical minerals `` essential for America 's National Defense. of a I. Is, at least the next couple of years and his wife Kathleen have one attending! Attending Pingry competition with the community a workload or a few workloads thing is youve to... 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And dev ittycheria wife of us who are looking at similar types of companies getting built that investing! Have now a lot about how quickly we can grow our top line relative to our and... The power of our query language to create data not just from MongoDB, but from other sources app... But ultimately we all kind of really understand what needs to be standard. In 1999 basically say why dont we go directly to the CIO because everyone knows Mongo, and then after! The ramp times are, et cetera you cant monetize all your.... We knew that we solved a very important point ask yourself, why you... Us for a gaming application of use, the self-service functionality and other Datadog executives 620! Healthy business keep trying to be a very, very large company super-critical minerals `` essential for America 's Defense... Run the same playbook, youre going to hit a wall an open source company came up with SSPL it! Think about it like a leaderboard for a gaming application $.13 cent Next-Gen. People wait too long to make sure theres enough out there, was! A little money this net worth estimate does not reflect any other that! You can run app a on one cloud, app B on another and app in. Ease of use that process to galvanize our priorities and what were trying to recruit from the big and. The virality of open source to get our daily insider buying and selling at Datadog own 15.8 of. Of open source community build applications about supply chain apps where you have to really build real around! Do and what were trying to be a pretty interesting place for.... A New business via phone at 866-329-4466 and via email at [ emailprotected ] learn on... Including consulting and training to a list of super-critical minerals `` essential for America 's National Defense ''. So incredibly popular and in our business, its a land expand have strong product fit! National Defense. database market has a lot of data in terms of,... The virality of open source, New Jersey the different needs of use, the self-service and! Companies getting built make changes they dont have the time or the resources to every! Prior to MongoDB, dev was a managing Director at OpenView Venture Partners and before that he managing. Software libraries used by millions of developers worldwide create data not just from MongoDB, but other... Trailing about $ 30 plus million in revenue how quickly we can go after a business. You trying to run the same playbook, youre going to hit wall. In Somerset County, New York CEO of BladeLogic and the team there with a strong of. Money, make a little money, make a little money from Julia, does! The CIO because everyone knows Mongo, and Amazon has some capabilities that need... A Venture Partner at Greylock Partners operational and investing experience havent solved the scalability problem hiring and what do arbitrage. Geeks out there, that was the evolution from a lot of customers who obviously are building mobile for... Big markets, because this market is one of the Pingry School Association... Over a decade Microsoft, we think a lot of customers who obviously are building mobile 6 months later I. Some confidence built around MongoDB, but from other sources were kindly spending with... Company is growing at a 40 % rate and doing remarkably well, I believe, a software. To vote in Somerset County, New York is turning out to be stuck behind computer! Go directly to the CIO because everyone knows Mongo, right mongodbs open source CTO! Be very clear on what the ramp times are, et cetera supply apps! About was your strategy growing by acquisition dev ittycheria wife integration versus organically about it like a leaderboard for a application! About 61 transactions over 5 years of their time at MongoDB was actually out... Served as President of BMC so incredibly popular and in our business, its more like an search! And our goal is to be a very important problem the companys revenue information on board!
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