You were trying to recruit from the big banks and so forth. Learn More on Dev Ittycheria's contact information. You shouldnt just be open source for the sake of being open source. Today with our new announcement, you can run app A across multiple cloud providers. Ittycheria was the co-founder and CEO of BladeLogic, one of the fastest growing enterprise software companies of the last decade. I think its absolutely fascinating and super impressive. All right. 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. MongoDB is designed from the ground up to be highly scalable. Thats just what I seem to really get excited about. How do you work with cloud vendors? We make some decisions about, Are we going to be profitable? Save my name, email, and website in this browser for the next time I comment. in . 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. Sure. Credit: Dev Ittycheria, MongoDB . And we find the relationship kind of tends to be in three stages. Tech. And so I encourage everyone to take the same approach. You'll learn Always have the attitude of I have more to learn, and that to me has paid massive dividends. Like, oh my God, the adoption that people would say, youre not open source anymore. 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. [2] 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. 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. Dev joined MongoDB in 2014 with a strong mix of entrepreneurial, operational and investing experience. Dev Ittycheria Wiki, Bio, Age, Family & More. And so there was a dual headquarter, but very quickly we moved the center of gravity to New York and thats served us well. What does that look like? Learn More about Dev Ittycheria's net worth. Join our upcoming webcast for twitter.com/i/web/status/1. Learn More about Dev Ittycheria's net worth. They give us marketing dollars to drive customer demand. Learn More on MongoDB's active insiders. Amy B. Saunders is a licensed attorney, having been admitted to the bar in New Jersey, Pennsylvania, Colorado, and Washington, D.C. But before you would run, lets say app A on one cloud, app B on another and app C in another. Its always inspiring to hear a little bit about the background of our speakers. The estimated net worth of Dev Ittycheria is at least $14.31 million as of January 3rd, 2023. Dev Ittycheria is 53, he's been the President, Chief Executive Officer e Director of MongoDB Inc since . He is a member of the Board of Trustees of the Essex Hunt Club and has previously served as a member of the Board of Trustees of the Far Hills Country Day School and the Board of Governors of the Somerset Hills Country Club. Two, are they developing their teams in a way to get them to kind of really understand what needs to be done? So today MongoDB to your point is everywhere. A lot of people sometimes confuse us, are you competing with Snowflake? And three, are they executing consistently quarter in, quarter out and do they have an operating rhythm? And third, its not trivial to be both building software and running software. Its more to help developers because we believe that applications of the future and even today are more and more instrumenting the business, applications are now embedding analytics, especially real-time analytics into apps. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. Most recently, Dev Ittycheria sold 39,382 shares of the business's stock in a transaction on Tuesday, January 3rd. The total sale. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. 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. Remarkable. 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 . 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 well have a 3rd big, and their valuation I think will be quite large. We came up with SSPL, it was fairly controversial. MongoDB, Inc. engages in the development and provision of a general-purpose database platform. 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. And so what the cloud providers are doing is taking these free versions of open source, plugging into the platform and monetizing it. Well, if youre a customer in Australia or youre a customer in Canada, Amazon, or say Azure may only have one region. Why do you think its continued to be so incredibly popular and in fact accelerating? And as you get more and more traction, the velocity of the new wins start accelerating. The estimated net worth of Dev Ittycheria is at least $39.95 million as of January 3rd, 2023. Its platform also provides user experience monitoring, network performance monitoring, cloud security, developer-focused observability, and incident management, as well as a range of shared features, such as dashboards, analytics, collaboration tools, and alerting capabilities. Were all cheering for Mongo, and what a remarkable success story. This chart shows Dev Ittycheria's buying and selling at MongoDB by year and by quarter. We dont have to manage two systems, learn two platforms, etc. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. But again, it all depends on what the strategy is. . I also felt like I could add some value to MongoDB. 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. So it just makes it so much easier to use MongoDB, to build applications, to do it quickly and to do it more powerfully. 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. So youll see us expand into other capabilities that developers need to build applications. MongoDB has also had a particularly impressive ride in public markets under your stewardship. We tell our salespeople to look for where the pain is in the organization. And they said, we really want to embed all our OTP functionality along with application search in one platform, its much easier to maintain. MongoDB priced its IPO at $24 a share. And they said, this is crazy. Learn More on Dev Ittycheria's trading history. We encourage our salespeople to go slow to go fast. But ultimately we all kind of use that process to galvanize our priorities and what were trying to do. Do you have to recruit a completely different set of folks as you scale? She has served on the PSPAs Advisory Board and most recently was first vice president of the Executive Board. So then our revenue forecast then drives an expense forecast. In total, Dev Ittycheria has made about 61 transactions over 5 years of their time at Mongodb,. 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. And if you just keep trying to run the same playbook, youre going to hit a wall. 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. Berndt is also a volunteer and board member with several other educational organizations. 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. Obviously its been a pleasure to work with Oli and the team there. And then one last question from Julia, how does MongoDB manage to not compete with their open source community? In his 2019 interview, MongoDB CEO Dev Ittycheria confirms that MongoDB Inc. does not care about working with the open source community to make MongoDB better, as their focus is on their freemium strategy: "MongoDB was built by MongoDB. China has owned the graphite market for decades. Information on this page was last updated on 2/13/2023. Its just that our customer diversity wasnt as good as it should have been. Your organization is changing. 8th GitHub Stars Award recipient. Prior to MongoDB, Ittycheria was the Co-founder & CEO of BladeLogic and the President of BMC Software. Yeah, weve made three acquisitions and two of them were non-revenue acquisitions, they were more technology acquisitions. And the markets very big, so we really focused on organic growth versus trying to grow through acquisition. The most recent insider tranaction occured on January, 3rd when CFO Michael Lawrence Gordon sold 2,060 shares worth more than $410,578.60. He and his wife, Dr. Anju Thomas have one child who finished high school from Pingry and another who is at the school. They purchased a total of 1,150,006 shares worth more than $79,339,605.34. There was no prior art. Yes, I raised my first round of financing five days before 9/11. Were fortunate, the business then was roughly about 250 people trailing about $30 plus million in revenue. And then we triage which ones do we want to invest in new, which product is going well, which products were to shut down? 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. 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. A tech CEO spent almost $600,000 on a Super Bowl ad to warn America about Tesla's self-driving technology. Lets make it a standard. But obviously you also have to recruit outside for a certain set of skills that you may not have in the organization. Well, I think you first have to ask yourself, why are you trying to be an open source? So the cheapest paid tier is like 9 bucks a month. 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. And all of a sudden I saw these companies get funded. 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. 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. How do you arbitrage and then how has it evolved over time? And be very, very clear on that. Whos moving up? Stephen M. Barral is a managing member of Gulfstream CM, an investment manager focused on the municipal securities market. 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. Awais loves the purple color; purple can be genius. And so I said, why dont I do that? So once youre clear on the strategy, then a lot of the focus is on people. Well, that feels like a great place to end. And in our business, its a land expand. So Google may have some capabilities that are better than Amazon, and Amazon has some capabilities better than Azure and vice versa. 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. 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. Then flying anywhere from New York is so easy. Even at your scale there is a finite amount of resources. Are you going after Databricks? Ive had the pleasure of hosting two of MongoDBs co-founders over the years, first Dwight Merriman back in 2012 (here) and then CTO Eliot Horowitz in 2016 (here). So you have to then translate developer enthusiasm and interest into a real business value proposition for some decision makers. So that is growing at about a 66% annualized growth rate. And I obviously have to acknowledge my team. 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. The company was incorporated in 2010 and is headquartered in New York, New York. Talk to anyone who wants to do a schema change and theyll roll their eyes because they know how painful that is. Getting revenue from your customers. Balanced lives continue to make great business sense. So you need to make sure you invest in both, right? Dev Ittycheria, by /s/ Ron A. Metzger, Attorney-in-Fact: 01/10/2022 ** Signature of Reporting Person: Date: Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. We partner with them on deals. 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. MongoDBs path from unlikely NYC enterprise tech startup to global category leader has been amazing to watch. So it was a very fair trade. Well, I think happiness for a CEO is a great relationship with your board and having a high functioning, cohesive team under you, right? * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). So it was a real treat this time to get to chat with CEO Dev Ittycheria, who has been leading the company since 2014, and it particular has presided over the companys remarkable ride in public markets since its 2017 IPO. PDF. Were really focused on helping developers build amazing applications and leveraging software and data to do so. Now, why is that important? 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. Berndt has been a designer for National Geographic magazine and has experience in multimedia publishing and interior design. Dev is registered to vote in Somerset County, New Jersey. We have now a lot of data in terms of productivity, our salesforce, what the ramp times are, et cetera. With its the ease of use, the self-service functionality and other developer-friendly tools, they're. How do they kind of quickly triangulate on issues and resolve them quickly? So its actually encouraged entrepreneurs to keep companies in New York. Currently, Mr. Ittycheria holds the position of President, Chief. Theres a lot of companies who try and do that and they struggle. This net worth evaluation does not reflect any other investments that Mr. Ittycheria may own. So thats the ideal state. One of the other things customers care a lot about is getting rid of undifferentiated heavy lifting. 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. Insiders at Datadog own 15.8% of the company. One was Realm and the other one was WiredTiger, which is a storage engine that we bought in early 2015. MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. 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 mean, Oracle was founded in 1977. They can kill a deal by saying, Ill never use MongoDB and youre done. It just alleviates them, and a customer will always tell us my competitive advantage is not by hiring more DBAs and more support staff my competitive edge is by building great product, adding new features, shipping features more quickly seizing new opportunities or responding to new threats really fast and investing more and more time and money and resources in maintaining, managing my data persistent architecture. What I mean by that is you constantly have to work at your trade craft. As a member of Board of Directors at Datadog, Inc., Dev Ittycheria made $258,183 in total compensation. The second thing I would say is that we didnt view open source as a crowdsourced R&D strategy. 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. (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! 5. We recognize the markets large enough and we feel like were well positioned. Dev founded his first technology company in 1998, and his leadership and board roles have resulted in 5 IPOs and 2 significant acquisitions. Have some success, build a relationship, get some confidence built around MongoDB, and then go after a new business. 845 Third Avenue Class of 1978, in a prepared statement. 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. Yes. We partner with them on events. Learn More about Dev Ittycheria's net worth. MongoDB has e-commerce company Snapdeal and mobile . But we think that thats part of open source. It just gets a little bit monotonous where I think the cultural diversity of New York is something that I really appreciate. Dev joined MongoDB in 2014 with a strong mix of entrepreneurial, operational and investing experience. And the exact people who Ive seen struggle in not being able to scale, are the ones who just cant adapt and grow. Theres a lot of fierce battles about what to do and what not to do. RATINGS AND. 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. He has been a member of the Minnesota Vikings ownership group for a decade, and serves as the teams executive vice president strategic planning and business initiatives. Dev Ittycheria Biography. 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. And I need to remove any barriers, whether the cultural barriers, financial barriers, organizational barriers, to make sure people are set up for success. And so you really build a lot of muscles in terms of using the best, the cheapest form of financing is revenue, right? Ittycheria currently serves on the board of directors for public software company, Datadog, and blank-check company, Altimeter Growth Corporation. 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 theres a little bit of sausage making in the process. Right? So we really financed the business through customers and we ended up going public in 2007. So no one wants to get locked into any one vendor especially say someone like AWS, whos got very broad ambitions as a company. Do you want to talk about the product expansion thinking? The oldest executive at MongoDB Inc is John McMahon, 64, who is the Director. Jonathan Z. Wilf, Class of 2002, is a partner in Garden Homes, a family-owned, nationwide retail, commercial, and private residential development business based in Short Hills. Dev Ittycheria joined MongoDB as President and CEO in 2014 and was formerly co-founder, president and CEO of BladeLogic. Select Personal Finance. They dont want to use a new database for every new use case. Earlier in his career, he co-founded the software company Applica and served as president and CEO until it was purchased by Breakaway Solutions. And theyve actually helped subsidize and drive a lot of marketing, right? @CEDUpdate Dev Ittycheria has not been actively trading shares of Datadog during the last quarter. Whats the strategy behind it? 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. 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. The Committee for Economic Development of The Conference Board (CED) is a nonprofit, nonpartisan, business-led public policy organization that delivers well-researched analysis and reasoned solutions to our nations most critical issues. One is a current Pingry student, and the other is joining Pingry this fall. So what the strategy is experience as an entrepreneur, investor, and leader in! General-Purpose database platform expense forecast purple can be genius three stages some decision.... Who is at the school data in terms of productivity, our salesforce, what the ramp are! Some capabilities that developers need to build applications cheapest paid tier is like 9 bucks a month get them kind! By more than one reporting person, see Instruction 4 ( B ) ( v ) feels a. First technology company in 1998, and leader specializing in high-growth software companies of the fastest enterprise! Dev Ittycheria is at the school have now a lot about is rid... 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