Talk to anyone who wants to do a schema change and theyll roll their eyes because they know how painful that is. So we took all the benefits of the community, but we still preserved our ability to build a real software business. Wilf and his wife Rachel have one child. I personally love New York city, its my favorite city in the world. 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. Tech. How do you arbitrage and then how has it evolved over time? How do you scale yourself? The company describes DocumentDB as a "fast, scalable, and highly available document database that . I can only imagine how many emails and pings you got, just now while you were kindly spending time with us. 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. So you have to really build real competence around your tooling, management infrastructure, your telemetry or your multi tenant architecture. New York, NY 10022-6600|Map, SITE POWERED BY EXPRESSION ENGINE | 2023. Sometimes theres a little bit of blood on the walls. The most recent insider tranaction occured on February, 13th when CEO Olivier Pomel sold 85,637 shares worth more than $7,075,328.94. So, global domination. 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. And so its not a secret, but since weve gone public three and a half years ago, weve had six C level changes, right? * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). Whats good for us as a company is that prior to Atlas, we had our free version and our paid version, and we had a classic open source problem where you have to figure out where the paywall is, right? And typically we see a lot of consolidation happening now in large companies. So it just makes it so much easier to use MongoDB, to build applications, to do it quickly and to do it more powerfully. I started my career in some big companies. And what essentially Mongo DB did was address two fundamental problems with the relational database. 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. We partner with them on events. Dev also serves on the board of directors of DataRobot, a private software company. 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. Get notified the next time Dev Ittycheria buys or sells MongoDB stock. Dev founded his first technology company in 1998, and his leadership and board roles have resulted in 5 IPOs and 2 significant acquisitions. And thats a pretty difficult challenge for developers. 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. Your markets changing, your customers are changing. Great. Peacock is a chartered accountant. Information on this page was last updated on 2/13/2023. And so weve automated that for developers and made it really easy. Currently, Mr. Ittycheria holds the position of President, Chief. Do you want to talk about the product expansion thinking? So its actually encouraged entrepreneurs to keep companies in New York. Now Amazons trying to make some extensions with Aurora to kind of make relational databases suck less, but they fundamentally have scalability problems. Dev Ittycheria, MongoDB | AWS re:Invent 2022 - YouTube Dev Ittycheria, CEO, at MongoDB joins theCUBE at AWS re:Invent 2022 in Las Vegasl, NV. In terms of development, I think you bring up a very important point. It doesnt make a lot of sense when I look at it from a strategic point of view. Your email address will not be published. Ittycheria serves on the board of Datadog, a public software company. Previously, Barral was managing director at Barclays Capital and JP Morgan in convertible sales and trading. SAS remains strongly committed to providing the whole employee experience - meaningful work 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 has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. A tech CEO spent almost $600,000 on a Super Bowl ad to warn America about Tesla's self-driving technology. CNBC Councils. And we also think therell be a lot of free usage of MongoDB out there. How do they kind of measure the success of the business? He holds a B.S. 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. And our goal is to be the standard where we can go after 80% of the use cases. The estimated net worth of Dev Ittycheria is at least $39.95 million as of January 3rd, 2023. 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 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. 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. 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. Prior to this position, he was managing director at OpenView Partners. 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. Notify me of follow-up comments by email. One is a current Pingry student, and the other is joining Pingry this fall. 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. I need to be very clear on what our strategy is, at least the next couple of years. So 99% of our growth has been organic. And our focus is really helping developers use data to build amazing applications. 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. That kind of drives our top line forecast. How do you keep it together and not lose your sanity and make sure that you have time to think? Mr. Ittycheria earned a salary of $400,000.00, stock awards of $10,135,257.00, and other compensation of $31,500.00. So the cheapest paid tier is like 9 bucks a month. Then flying anywhere from New York is so easy. Thank you for having me. I would say theres two big reasons why customers love Atlas and one big reason why it really helps MongoDB. So theres a lot of healthy partnership there. Then I took some time off. And thats something that you guys created right? Your email address will not be published. In total, Dev Ittycheria has made about 61 transactions over 5 years of their time at Mongodb,. Its frankly, its not aligned to how developers work and as the data model grows, it becomes more and more brittle and its harder to change. Licensing & Reprints. All right. Yes, I raised my first round of financing five days before 9/11. He and his wife, Dr. Anju Thomas have one child who finished high school from Pingry and another who is at the school. Were all cheering for Mongo, and what a remarkable success story. Well, I think happiness for a CEO is a great relationship with your board and having a high functioning, cohesive team under you, right? Most recently, Dev Ittycheria sold 37,500 shares of the business's stock in a transaction on Thursday, February 10th. Dev Ittycheria joined MongoDB as President and CEO in 2014 and was formerly co-founder, president and CEO of BladeLogic. I led the B round and Datadog, and then literally 6 months later, I joined Mongo to be a CEO. Dev was appointed to the board of Altimeter Growth Corporation in 2020, a public special purpose investment vehicle formed to invest in a technology company. Obviously its been a pleasure to work with Oli and the team there. And we knew that we solved a very important problem. So once youre clear on the strategy, then a lot of the focus is on people. Ittycheria currently serves on the board of directors for public software company, Datadog, and blank-check company, Altimeter Growth Corporation. Mars Ingenuity helicopter code contributor. 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. In his past career Mr. Ittycheria was President & Chief Executive . Always have the attitude of I have more to learn, and that to me has paid massive dividends. How are demographic shifts creating long-term challenges for labor supply in the US? But obviously with COVID weve learned to collaborate. 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. 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. So I think thats one. Well, yeah, I mean, we havent really seen a competition with the community. So you can thrive as an infrastructure company without being open source. Is that for a company of the global scale of Mongo, is that still the core motion? Atlas essentially allows people to consume MongoDB as a service, as a managed offering, delivered from the cloud (and we run in all these three major cloud providers), and you pay as you go. And so its a constant kind of focus around those three things that allow us to make sure that were kind of running our business and scaling it well. Then we said the developer in New York city, a developer in Silicon valley or a developer in Shanghai or Mumbai is not going to care whether this was an OSI approved license. 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. So Im thrilled to see when I started BladeLogic, I actually wanted to build it in New York city. 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. This net worth evaluation does not reflect any other investments that Mr. Ittycheria may own. The. He and his wife, Dr. Anju Thomas have one child who finished high school from Pingry and another who is at the school. Its only maybe a couple hours longer. If developers dont use our product, we dont have a business. In its last fiscal year,. 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. Dev Ittycheria has not been actively trading shares of Datadog during the last quarter. So no one wants to get locked into any one vendor especially say someone like AWS, whos got very broad ambitions as a company. So its allowed us to build a real business, allowed us to invest back into the product. Theres a lot of companies who try and do that and they struggle. And if you give away too much of your product, its very hard to monetize. 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. Now, why is that important? Elliot S. Berndt will serve as president of the Pingry School Parents Association (PSPA) for the 2015-16 school year. Were really focused on helping developers build amazing applications and leveraging software and data to do so. president and CEO Dev Ittycheria is scheduled to be on CNBC's "Mad Money," which airs Monday at 6 p.m. EDT. He and his wife Kathleen have one child attending Pingry. 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? 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. Like what can they do, how do you incorporate or partner with them? By the way, I dont know if people realize this, but UiPath is pricing tonight and starting to trade tomorrow. And I need to remove any barriers, whether the cultural barriers, financial barriers, organizational barriers, to make sure people are set up for success. 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. They say, is it free? February 13, 2023. What I mean by that is you constantly have to work at your trade craft. Any advice to founders and CEOs about how they can scale themselves? Theres this tension between bottoms-up and top-down. Well, I think you first have to ask yourself, why are you trying to be an open source? The second thing I would say is that we didnt view open source as a crowdsourced R&D strategy. MongoDB's insider roster includes Archana Agrawal (Director), Thomas Bull (Insider), Hope Cochran (Director), Michael Gordon (CFO), Charles Hazard, Jr. (Director), Eliot Horowitz (CTO), Dev Ittycheria (CEO), John Mcmahon (Director), Dwight Merriman (Director), Cedric Pech (CRO), and Mark Porter (CTO). 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. How do you think about this? Great. We use open source as a freemium strategy to kind of let people use MongoDB quickly, play with it, tell their friends and leverage the virality of the open source community. On this Wikipedia the language links are at the top of the page across from the article title. Chart Data in Insider Trading History Table. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. You have a multi-cloud offering now, right? Two, are they developing their teams in a way to get them to kind of really understand what needs to be done? And you see people from all walks of life. Get notified the next time Dev Ittycheria buys or sells Datadog stock. You were trying to recruit from the big banks and so forth. And what are the things that I need to be able to do by that time frame? 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. So it speaks well to New York. Learn More about Dev Ittycheria's net worth. Can I modify the source code? MongoDB has e-commerce company Snapdeal and mobile . Award-winning Open Source Engineer and VP of Developer Relations. Dev eventually merged the business with Breakaway Solutions and the combined company went public in 1999. Learn More about Dev Ittycheria's net worth. 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? Author of various open-source dev-tools and software libraries used by millions of developers worldwide. And that was important to us. He currently serves as the President & CEO of MongoDB. [Matt Turck] As a level set, heres a quick run through the history of MongoDB: 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. And then we use that as a wedge to get in the door and then use that as a way to So once we get in the door, our net expansion rates are very high because obviously we can then start winning more and more workloads. And Elastic themselves are growing more towards the security space than application search. But we think that thats part of open source. One was Realm and the other one was WiredTiger, which is a storage engine that we bought in early 2015. Under Dev's leadership, MongoDB has released innovative . Previously, she was associate litigation counsel at WorldCom. And then what are the right type of folks that you want as a growth stage startup versus as a public company? $70 per post at $7/CPM. MongoDB was founded by developers for developers to provide a database designed for today's modern applications. Dev Ittycheria has experience as an entrepreneur, operator, and investor. (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? But just because they like MongoDB it doesnt mean that youre going to get a check in the mail from the customer, 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). What does Atlas do, so folks can wrap their minds around it. 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. And then you keep adding more stuff to it, like more features, more product expansion. Theyve done a fantastic job. Image: Joao-Pierre S. Ruth. 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. Saunders is an active volunteer for Pingry, and has been involved with many committees. Today with our new announcement, you can run app A across multiple cloud providers. Well, its more like an application search logic. 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? And all those tenets still apply. It could be the line of business. PDF. Well, if youre a customer in Australia or youre a customer in Canada, Amazon, or say Azure may only have one region. You dont want to cut too many corners day one. They align the sales compensation to incentivize working that have their sales people work with us. Get notified of the Biography of World Famous Personalities. 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. Of this total $58,221 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was received as options, $199,962 was awarded as stock and $0 came from . You have to ask yourself, why is open source an important element of the strategy? Learn More on Dev Ittycheria's trading history. You'll learn Then you find adjacencies to expand into. 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). Earlier in his career, he co-founded the software company Applica and served as president and CEO until it was purchased by Breakaway Solutions. Dev currently serves as lead independent director of the board of directors of Datadog, Inc., a public software company. 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 we find the relationship kind of tends to be in three stages. As they see success you say okay, lets use MongoDB for the next application or replatform an existing application. They live in Far Hills and have a child attending Pingry. I still stayed on the Datadog board and Im actually on the board today. So our community benefits from the continued innovations in the product. Dev Ittycheria. 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. Prior to MongoDB, Ittycheria was the Co-founder & CEO of BladeLogic and the President of BMC Software. Dev Ittycheria is the President and Chief Executive Officer at MongoDB. So going after the database market is one of the largest markets in enterprise software. Dev is registered to vote in Somerset County, New Jersey. 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. 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. Dev Ittycheria is an American software executive, entrepreneur, venture capitalist, and the president and CEO of MongoDB, a popular next-generation database. But look at Oracle. So its tricky, but this is part of leadership, right? And sometimes whos moving backwards. 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? First, you kind of land a workload or a few workloads. 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. And the markets very big, so we really focused on organic growth versus trying to grow through acquisition. SAS remains strongly committed to providing the whole employee experience - meaningful work Barral and his wife Angela are the parents of a Pingry alumnus and two current Pingry students. Amy B. Saunders is a licensed attorney, having been admitted to the bar in New Jersey, Pennsylvania, Colorado, and Washington, D.C. We didnt want to go down that path. BY Dev Ittycheria. I also felt like I could add some value to MongoDB. Awais loves the purple color; purple can be genius. And we actually competed with LoudCloud, which was Marc and Bens company [Editor note: Andreessen and Horowitz]. She has served on the PSPAs Advisory Board and most recently was first vice president of the Executive Board. I will start by reviewing our first-quarter results before giving you a. MongoDB priced its IPO at $24 a share. And the exact people who Ive seen struggle in not being able to scale, are the ones who just cant adapt and grow.
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