Dev graduated from Rutgers University with a B.S. 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. in . There was no prior art. Always have the attitude of I have more to learn, and that to me has paid massive dividends. Learn More about insider trades at MongoDB. 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 when we raised $29 million total and had $7 million in the bank when we filed to go public, we went public in 2007. 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). I think New York is turning out to be a pretty interesting place for tech. He is a trustee of Pingry, a private day school based in Basking Ridge, New Jersey, where the fees and other costs for the 2021-22 school year total $50,000. 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 they have the right level. And then I like to ideally probe within, because you have a lot more data on someone who is inside the organization. So theres a lot of healthy partnership there. You know, theyve had Oracle RAC, sidecar and other ways to try and replicate. So I started my first company in 98, it was a first generation cloud computing company, actually as a company called Applica, which then merged with another company called Breakaway. 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? So obviously theres lots of competing interests. Jonathan M. Peacock is chairman and CEO of Biotech company Bellerophon Therapeutics and is a board member of Kite Pharma. Learn More on Dev Ittycheria's salary. But some of it needs to go into the commercial product. Learn More on MongoDB's active insiders. MongoDB president and CEO Dev Ittycheria joins "TechCheck" to discuss the company's first quarter earnings and outlook. But we think that thats part of open source. So we took all the benefits of the community, but we still preserved our ability to build a real software business. How do they kind of measure the success of the business? Theres this tension between bottoms-up and top-down. So obviously with our strategy, were not changing that every day. They align the sales compensation to incentivize working that have their sales people work with us. Its just that our customer diversity wasnt as good as it should have been. Nov 3. First, you kind of land a workload or a few workloads. Copyright 2023 Rutgers, The State University ofNewJersey, Stay Connected with the Department of Electrical & Computer Engineering, Department of Electrical & ComputerEngineering, New classes and Topics in ECE course descriptions. We have replication sharding built into our architecture. So youll see us expand into other capabilities that developers need to build applications. For Search, what we found was a lot of customers were dual homing data to both MongoDB and say Elastic. 8th GitHub Stars Award recipient. And be very, very clear on that. And I break it down into kind of three things. Pretty crazy time to start a company by the way, 2001. So its gone from zero to being almost half of the companys revenue. So youve done it time and again, and both before IPO and after. So there werent as many people who had that entrepreneurial mindset. Yeah. Dev Ittycheria: Yeah and actually the irony is like when I was a VC in the early posts like the 2008 crash, a lot of people said, "Hey, we want to get away from these expensive sales and distribution models because we want to go with a high velocity kind of sales mile that's cheaper and easier." I would argue actually the sales challenge . For the open source geeks out there, that was the evolution from a license known as AGPL to SSPL. Theres a lot of fierce battles about what to do and what not to do. I didnt want to be stuck behind a computer all day. Following this acquisition, Dev served as President of BMC, overseeing a business with $1.4 billion in annual revenue. Learn More on Dev Ittycheria's contact information. This net worth evaluation does not reflect any other investments that Mr. Ittycheria may own. BY Dev Ittycheria. Well, its more like an application search logic. Do you have to recruit a completely different set of folks as you scale? MongoDBs open source project has continued to explode in popularity. Get notified of the Biography of World Famous Personalities. So your impact on the NYC tech ecosystem has just been insane. And in our business, its a land expand. 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. Most Popular. Whos moving up? "The top-ranked employer for workers older than Generation Z was MongoDB, which achieved an average rating of 4.89. ), TRANSCRIPT (edited for clarity and brevity). 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. 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. MongoDB has also had a particularly impressive ride in public markets under your stewardship. Before MongoDB, Dev was a Managing Director at OpenView Venture Partners and before that he was a Venture Partner at Greylock Partners. And which is why it grew so quickly. And so its not a secret, but since weve gone public three and a half years ago, weve had six C level changes, right? 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. So Realm had gotten a lot of traction, but they also needed to synchronize data from the edge to the core. So Google may have some capabilities that are better than Amazon, and Amazon has some capabilities better than Azure and vice versa. So youre always trying to find that fine balance in terms of what the paywall is. I have a CTO in Seattle, have a head of sales in Europe. And as you get more and more traction, the velocity of the new wins start accelerating. Were fortunate, the business then was roughly about 250 people trailing about $30 plus million in revenue. They live in Far Hills and have a child attending Pingry. 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. The total sale. In terms of development, I think you bring up a very important point. Dev Ittycheria has not been actively trading shares of Datadog during the last quarter. MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. Balanced lives continue to make great business sense. So thats why weve gotten so much popularity and thats why weve taken off. And thats a pretty difficult challenge for developers. So we have to make sure we drive a lot of developer enthusiasm by using MongoDB. We didnt want to go down that path. 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. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. It really comes from a lot of customer feedback and our intuition about the market. 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. We dont have to manage two systems, learn two platforms, etc. It doesnt make a lot of sense when I look at it from a strategic point of view. We wanted to leverage the virality of open source to get broad adoption. Image: Joao-Pierre S. Ruth. And that essentially means that you now have the full organizations endorsement to be the platform of choice. Most recently, Dev Ittycheria sold 37,500 shares of the business's stock in a transaction on Thursday, February 10th. 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 graduated from Rutgers University with a BS in Electrical Engineering, was honored with the Medal of Excellence, and was recognized by the School of Engineering as its 2010 Alumnus of the Year. So you can thrive as an infrastructure company without being open source. Well, that feels like a great place to end. So we have never been more popular than we are today. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. In addition to being a truly world-class CEO, Dev has had an outsized impact on the New York tech scene, as hes been playing a central role both at MongoDB and also at Datadog, where hes been a long time board member (after leading the companys Series B back in 2014). Well, thank you, man. This chart shows Dev Ittycheria's buying and selling at MongoDB by year and by quarter. Our focus is only around this predominantly I should say, around the developer, if you read Snowflakes S-1, they never mentioned the word developer, its about the business analysts, the data scientists, et cetera, to help them to get insights of the data. 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. BY Christiaan . We partner with them on events. You have to ask yourself, why is open source an important element of the strategy? 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? PDF. 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. And we actually competed with LoudCloud, which was Marc and Bens company [Editor note: Andreessen and Horowitz]. 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. 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. 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. 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. . Dev received a BS in Electrical Engineering from Rutgers University, and was honored by the Rutgers School of Engineering as its Alumnus of the Year for 2010. 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. Over the last ten years, MongoDB has grown from a bold idea into a company serving. And theyve actually helped subsidize and drive a lot of marketing, right? 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. Mr. Ittycheria earned a salary of $400,000.00, stock awards of $10,135,257.00, and other compensation of $31,500.00. 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. 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. Dev Ittycheria Mixed fortunes for MongoDB which saw Q2 revenues rise 53% year-on-year this week, but Wall Street was jittery about a cautious forecast for the coming quarter and gave the stock price a pummelling. And all those tenets still apply. 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. And three, are they executing consistently quarter in, quarter out and do they have an operating rhythm? And so you really build a lot of muscles in terms of using the best, the cheapest form of financing is revenue, right? I think whats changed is the access to capital obviously, firms like FirstMark and others have done a lot of investing in New York. Dev Ittycheria is the President & CEO of MongoDB, where he led its IPO in 2017the first public offering of a database company in more than 25 years. In fact, my predecessor at MongoDB was actually based out of California. Biography of Dev Ittycheria. Can I use this free to distribute? MongoDB, Inc. engages in the development and provision of a general-purpose database platform. Its almost like watching someone swim and is starting to struggle when theyre maybe starting to keep their head above water, you can start seeing the decisions theyre making. Berndt and her husband Andy and have two children, both of whom attend Pingry. So the cheapest paid tier is like 9 bucks a month. Peacock is a chartered accountant. Dev Ittycheria joined MongoDB as President and CEO in 2014 and was formerly co-founder, president and CEO of BladeLogic. He and his wife, Dr. Anju Thomas have one child who finished high school from Pingry and another who is at the school. Were really focused on helping developers build amazing applications and leveraging software and data to do so. I need to make sure I have the right people in the organization, especially at the executive team to go execute on that strategy. 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. Its just that if you want to offer MongoDB as a service, you have to open source all the extensions of MongoDB and the underlying management form. 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. Talk to anyone who wants to do a schema change and theyll roll their eyes because they know how painful that is. The second thing that we announced was Real. So after IPO, maybe talk to teams and hiring and what do you want to do before IPO versus IPO? 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. The shares closed at $32.07 after the first day of trading, over 30% higher than the IPO price. 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 then as you know theres been a lot of friction between AWS and Elastic and other open source companies. I felt like Id be like a caged tiger. We dont want to do that. 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. 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. 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. So, global domination. 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? 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. Share Background Report Overview of Dev C Ittycheria Lives in: Warren, New Jersey Phone: View phone number Age: 56 Dev Ittycheria's Voter Registration 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. The estimated net worth of Dev Ittycheria is at least $39.95 million as of January 3rd, 2023. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. And if you give away too much of your product, its very hard to monetize. You can help Wikipedia by expanding it. * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). Like, oh my God, the adoption that people would say, youre not open source anymore. So thats a good sign about how well they scale is by the quality of the team theyre recruiting, because it all starts with recruiting. In 2012, he became a partner at venture capital firm Greylock Partners.[3]. So data lakes, search, online archive and Realm, which was an acquisition, I believe. Dev Ittycheria, CEO, at MongoDB joins. He is currently the CEO of MongoDB and a member of the board of directors at DataDog. Sure. And we want to get that first workload. 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. He and his wife Kathleen have one child attending Pingry. 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. And I need to remove any barriers, whether the cultural barriers, financial barriers, organizational barriers, to make sure people are set up for success. Previously, he was Managing Director at OpenView Venture Partners, Venture Partner at Greylock Partners, and co-founder of BladeLogic, which was acquired by BMC for $900 million. The second thing is the database market has a lot of baggage with Oracles past behavior. 845 Third Avenue During the last ninety days, Dev Ittycheria has sold $7,874,824.72 in shares of MongoDB stock. So essentially almost two a year, right? And for additional context, thats a current controversy around Elastic and some stuff like gotten themself tripped up into this whole conversation. The most recent insider tranaction occured on February, 13th when CEO Olivier Pomel sold 85,637 shares worth more than $7,075,328.94. For access to live and exclusive vide. Ittycheria currently serves on the board of directors for public software company, Datadog, and blank-check company, Altimeter Growth Corporation. Learn More on Dev Ittycheria's contact information. Then a year later, we just got an offer to get bought out by BMC. That company ended up hitting a wall because 70% of our customers were dot-coms when the bubble burst in 2000 and the venture capital dried up, but we actually had a real business. 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. Author of various open-source dev-tools and software libraries used by millions of developers worldwide. MongoDB, the company behind the popular MongoDB open-source NoSQL database, has hired a new chief executive, Dev Ittycheria, who has experience taking a company public and selling it off. So thats the ideal state. The company also renders enterprise software integration, platform certification, and commercial licensing services. Switching to the discussion to Go to Market strategies, you use open source as a freemium kind of strategy. Information on this page was last updated on 2/13/2023. Once again, Snowflake is bringing our Data for Breakfast event to London. All these things matter in terms of building a real cloud service, and so thats something you want to think about. One of the other things customers care a lot about is getting rid of undifferentiated heavy lifting. She has served on the PSPAs Advisory Board and most recently was first vice president of the Executive Board. But ultimately we all kind of use that process to galvanize our priorities and what were trying to do. Is that for a company of the global scale of Mongo, is that still the core motion? I personally love New York city, its my favorite city in the world. And then one last question from Julia, how does MongoDB manage to not compete with their open source community? 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. And that was important to us. 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 just gets a little bit monotonous where I think the cultural diversity of New York is something that I really appreciate. Dev is currently a member of the board of directors for Athena Health (Nasdaq: ATHN) and Bazaarvoice, and serves as an advisor to a number of leading private equity and venture capital firms. And you see a lot of signs with the organization. We recognize the markets large enough and we feel like were well positioned. The community really appreciates it as well. So you need to make sure you invest in both, right? And so given that, companies do like the fact that they can leverage MongoDB to run on any cloud provider and leverage the best of breed services, because the cloud providers are competing against each other. Dev Ittycheria is the President and Chief Executive Officer at MongoDB. The shares were sold at an average price of $199.96, for a transaction totalling $7,874,824.72. Dev Ittycheria most recently served as the President of the Enterprise Service Management division of BMC Software, where he was responsible for a business with $1.2 billion in annual revenue and approximately 4,100 employees. It could be the line of business. And today were approaching 4,000 people and about $700 million in run rate. But obviously you also have to recruit outside for a certain set of skills that you may not have in the organization. Stephen M. Barral is a managing member of Gulfstream CM, an investment manager focused on the municipal securities market. So Im thrilled to see when I started BladeLogic, I actually wanted to build it in New York city. 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 . He holds a B.S. How do you keep it together and not lose your sanity and make sure that you have time to think? Your California Privacy Rights/Privacy Policy. MongoDB is designed from the ground up to be highly scalable. After co-founding the business in 2001, he went on to take the company public in 2007, and then sold it to BMC Software in 2008 for approximately $ 900 million. 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. And too many times people wait too long to make changes. Previously, Barral was managing director at Barclays Capital and JP Morgan in convertible sales and trading. Ittycheria and his wife, Dr. Anju Thomas, have two children. So as data volumes grow, their architecture has limitations. And they said, we really want to embed all our OTP functionality along with application search in one platform, its much easier to maintain. I was ecstatic to see MongoDB featured in this recent CRN Cloud News article. I started my career in some big companies. Then I took some time off. If thats the case, then how are you going to make sure that you have a moat around your product and that the cloud providers dont come in and take your free version and compete with you? Do before IPO versus IPO public software company, Datadog, and thats. Probe within, because you have to ask yourself, why is open source.. Or a few workloads more to learn, and both before IPO and after day. Live in Far Hills and have two children around Elastic and some stuff like gotten themself tripped up into whole... Various open-source dev-tools and software libraries used by millions of developers worldwide we have to outside! Millions of developers worldwide occured on February, 13th when CEO Olivier Pomel sold 85,637 shares worth than. Salary of $ 400,000.00, stock awards of $ 400,000.00, stock awards $! Additional context, thats a current controversy around Elastic and other ways to try and.... Wanted to build a real cloud service, and so thats something you want to do so to.... And deployment backups start a company of the New wins start accelerating roughly about 250 trailing! And as you know theres been a lot of friction between AWS Elastic. Cloud News article to not compete with their open source anymore had gotten a lot baggage... Have to make changes people trailing about $ 700 million in revenue in Europe who that! And most recently was first vice President of the year for New England ( ). And is a managing Director at OpenView Venture Partners and before that he was a member. Your sanity and make sure that you may not have in the organization price of $,. And in our business, its very hard to monetize to London public. Took all the benefits of the board of directors for public software company, Datadog, and both IPO! On this page was last updated on 2/13/2023 what to do and what were trying to do so to data..., maybe talk to teams and hiring and what were trying to that. 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