Theres a lot of fierce battles about what to do and what not to do. If youre just trying to build a product to just get adoption and you dont really care about monetizing, then open source makes sense. MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. And we knew that we solved a very important problem. So one is linking to product market fit. Do you want to talk about the product expansion thinking? Award-winning Open Source Engineer and VP of Developer Relations. Most Popular. 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. Were talking about a company thats now 44 years old and they still havent solved the scalability problem. All these things matter in terms of building a real cloud service, and so thats something you want to think about. The community really appreciates it as well. I need to be very clear on what our strategy is, at least the next couple of years. How do you keep it together and not lose your sanity and make sure that you have time to think? Obviously, with Atlas, it has to be deployed and delivered to the cloud. Dev Ittycheria has not been actively trading shares of Datadog during the last quarter. So youre always trying to find that fine balance in terms of what the paywall is. And then what are the right type of folks that you want as a growth stage startup versus as a public company? How do they kind of measure the success of the business? president and CEO Dev Ittycheria is scheduled to be on CNBC's "Mad Money," which airs Monday at 6 p.m. EDT. Sure. 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. PDF. And which is why it grew so quickly. This was fascinating. And Elastic themselves are growing more towards the security space than application search. "The top-ranked employer for workers older than Generation Z was MongoDB, which achieved an average rating of 4.89. 8th GitHub Stars Award recipient. Dev Ittycheria is the President and Chief Executive Officer at MongoDB. Obviously its been a pleasure to work with Oli and the team there. At the time it was a pretty high multiple, obviously seems paltry in todays revenue multiples, but it was a pretty rich multiple for that era. I think whats changed is the access to capital obviously, firms like FirstMark and others have done a lot of investing in New York. Well, we essentially solve that problem by coming out with our document architecture, which is much more conducive to the way developers think and the way developers code. 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. 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. 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. So what customers want to focus on is where am I having the most pain? So well have a 3rd big, and their valuation I think will be quite large. We think that will make MongoDB an even more compelling platform to use. And third, its not trivial to be both building software and running software. So 99% of our growth has been organic. Prior to MongoDB, Ittycheria was the Co-founder & CEO of BladeLogic and the President of BMC Software. Stephen M. Barral is a managing member of Gulfstream CM, an investment manager focused on the municipal securities market. 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. 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 so itd be foolish to have close to a billion dollars in the bank. Whos moving up? The Biggest "Missing Ingredient" in the $7 Trillion EV Market. MongoDB serves customers worldwide by providing an open-source database platform for automating, monitoring, and deployment backups. Youre CEO of one and board member of the other. One was Realm and the other one was WiredTiger, which is a storage engine that we bought in early 2015. I have a CTO in Seattle, have a head of sales in Europe. That being said, developers dont necessarily have the right to say yes, they have the right to say no. The most recent insider tranaction occured on February, 13th when CEO Olivier Pomel sold 85,637 shares worth more than $7,075,328.94. Before MongoDB, Dev was a Managing Director at OpenView Venture Partners and before that he was a Venture Partner at Greylock Partners. A lot of people sometimes confuse us, are you competing with Snowflake? 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. Why do you think its continued to be so incredibly popular and in fact accelerating? Id love to chat about product and in particular Atlas, which has been an incredible success story. 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. And be very, very clear on that. And then you can give it to the community and then use crowdsource so that the community makes it better over time. So you have to really build real competence around your tooling, management infrastructure, your telemetry or your multi tenant architecture. Dev joined MongoDB in 2014 with a strong mix of entrepreneurial, operational and investing experience. So depending on how big your deployment is, how much resources you need and it really ranges the gamut in terms of a variety of customers. They can kill a deal by saying, Ill never use MongoDB and youre done. There was no prior art. And then as you know theres been a lot of friction between AWS and Elastic and other open source companies. The oldest executive at MongoDB Inc is John McMahon, 64, who is the Director. MongoDB has also had a particularly impressive ride in public markets under your stewardship. Biography of Dev Ittycheria. 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. Were fortunate, the business then was roughly about 250 people trailing about $30 plus million in revenue. We bought that just to kind of get some mass customer momentum around atlas. Dev Ittycheria's largest sale order was 225,000 units , worth over $65.19M on April 9, 2021. So you can thrive as an infrastructure company without being open source. 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. Great. But we think that thats part of open source. First name: Dev Last name: Ittycheria Profile image: Profile summary: 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. 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. But some of it needs to go into the commercial product. 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? And I break it down into kind of three things. You dont want to cut too many corners day one. And obviously we also want to plant seeds, especially on the product side, for things that we think will bear fruit two, three years from now, because a lot of the investments were making now wont show up as products until later. 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. 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. Whos moving sideways? 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. So its actually encouraged entrepreneurs to keep companies in New York. Then you find adjacencies to expand into. 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. 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 too many times people wait too long to make changes. He currently serves as the President & CEO of MongoDB. The company was founded by Eliot Horowitz, Dwight A. Merriman, Kevin P. Ryan and Geir Magnusson Jr. in November 2007 and is headquartered in New York, NY. Tech. 5. 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. To build a community of people who wanted to just try and use MongoDB. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. And for additional context, thats a current controversy around Elastic and some stuff like gotten themself tripped up into this whole conversation. 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. 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. Theres many reasons to do open source. So imagine if we had three or 5% share, wed be a very, very large company. And so I encourage everyone to take the same approach. And obviously in a start-up you have to be willing to trade cash for equity. Its all over. Are you going after Databricks? So after IPO, maybe talk to teams and hiring and what do you want to do before IPO versus IPO? MongoDB was founded by developers for developers to provide a database designed for today's modern applications. Enter your email address below to get our daily insider buying and selling report. This net worth evaluation does not reflect any other investments that Mr. Ittycheria may own. One is a current Pingry student, and the other is joining Pingry this fall. And they said, this is crazy. Dev currently serves as lead independent director of the board of directors of Datadog, Inc., a public software company. China has owned the graphite market for decades. As a member of Board of Directors at Datadog, Inc., Dev Ittycheria made $258,183 in total compensation. And the exact people who Ive seen struggle in not being able to scale, are the ones who just cant adapt and grow. So your impact on the NYC tech ecosystem has just been insane. We encourage our salespeople to go slow to go fast. As they see success you say okay, lets use MongoDB for the next application or replatform an existing application. The shares closed at $32.07 after the first day of trading, over 30% higher than the IPO price. Whats the strategy behind it? I think its absolutely fascinating and super impressive. He previously served on the boards of AppDynamics, athenahealth, and BazaarVoice, among others. So you need to make sure you invest in both, right? 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. 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. A leader has to essentially recruit well. That average rating was still higher than the top employers for Gen Z." Regardless of the generation you're a part of, MongoDB is a place that cultivates inclusion and provides boundless opportunity for . In fact, my predecessor at MongoDB was actually based out of California. Dev Ittycheria Biography. They align the sales compensation to incentivize working that have their sales people work with us. Then flying anywhere from New York is so easy. So youll see us expand into other capabilities that developers need to build applications. As the CEO of MongoDB, Inc., Mr. Ittycheria earned a total compensation package of $10,566,757.00 in 2022. So thats the ideal state. 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. Learn More about Dev Ittycheria's net worth. It also offers professional services including consulting and training. 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. Well, I think you first have to ask yourself, why are you trying to be an open source? Over the last ten years, MongoDB has grown from a bold idea into a company serving. Credit: Dev Ittycheria, MongoDB . Learn More about Dev Ittycheria's net worth. 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. They want to standardize and say a modern standard like MongoDB, maybe a relational standard like Postgres. . So they can pick and choose which services to use from which phone providers. I didnt want to be stuck behind a computer all day. By the way, I dont know if people realize this, but UiPath is pricing tonight and starting to trade tomorrow. 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. You know, or Dremio or other companies like that? Mr. Ittycheria owns 190,264 shares of Datadog stock worth more than $14,311,658 as of March 2nd. How are demographic shifts creating long-term challenges for labor supply in the US? What are the key drivers behind that? 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. 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. 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? CNBC on Peacock. So we took all the benefits of the community, but we still preserved our ability to build a real software business. They give us marketing dollars to drive customer demand. And we decided to sell, and I became the president of BMC for a couple of years. Thats the heart of the whole discussion. 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 . Learn More about insider trades at Datadog. And now we have a very distributed team. MongoDB can also be reached via phone at (646) 727-4092 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. In terms of development, I think you bring up a very important point. Image: Joao-Pierre S. Ruth. Dev Ittycheria joined MongoDB as President and CEO in 2014 and was formerly co-founder, president and CEO of BladeLogic. Dev graduated from Rutgers University with a B.S. Well, with a service, with open source as a service, you can monetize everything because youre just paying as you go. 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 in our business, its a land expand. Under Dev's leadership, MongoDB has released innovative . 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. The second thing I would say is that we didnt view open source as a crowdsourced R&D strategy. 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. Well, I think the first thing is youve got to have strong product market fit. It could be the line of business. One is a current Pingry student, and the other is joining Pingry this fall. So we think about how quickly we can grow our top line relative to our productivity and how fast we can hire. Notify me of follow-up comments by email. Elliot S. Berndt will serve as president of the Pingry School Parents Association (PSPA) for the 2015-16 school year. Think about a financial app. A question from Alan, about was your strategy growing by acquisition and integration versus organically. He currently serves as the President & CEO of MongoDB. Mr. Ittycheria earned a salary of $400,000.00, stock awards of $10,135,257.00, and other compensation of $31,500.00. Dev Ittycheria has experience as an entrepreneur, operator, and investor. And in a high growth business, not everyone scales at the same rate, right? This net worth evaluation does not reflect any other investments that Mr. Ittycheria may own. 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. Learn More about Dev Ittycheria's net worth. But look at Oracle. If youre a young startup, is that the way to go or is there an evolution there? 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). And thats when you see the relationship with the customer grow fast. Save my name, email, and website in this browser for the next time I comment. In the last year, insiders at the sold shares 60 times. Correct. Its just that our customer diversity wasnt as good as it should have been. Think about it like a leaderboard for a gaming application. I would just think of us as we really want to be an application data platform. So obviously with our strategy, were not changing that every day. They sold a total of 312,343 shares worth more than $86,077,186.26. 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. So youve done it time and again, and both before IPO and after. We came up with SSPL, it was fairly controversial. 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. Developer speed is a proxy for innovation The supercloud is transforming the role of developers. 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? Were not trying to compete with Snowflake. We partner with them on deals. 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 being able to embed analytics is going to be even more important. 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. And the markets very big, so we really focused on organic growth versus trying to grow through acquisition. Ittycheria estimated that MongoDB had spent $150 million on research and development over the years to create and maintain the open-source version of the database. This chart shows Dev Ittycheria's buying and selling at Datadog by year and by quarter. Dev Ittycheria, CEO, at MongoDB joins. Because certain people hit a wall and you, as a leader, need to see when someone is starting to struggle, right? How do they kind of quickly triangulate on issues and resolve them quickly? But why dont we go directly to the CIO because everyone knows Mongo, right? How do you scale yourself? 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. I felt like Id be like a caged tiger. Well, I think happiness for a CEO is a great relationship with your board and having a high functioning, cohesive team under you, right? 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. Lets make it a standard. Today with our new announcement, you can run app A across multiple cloud providers. So essentially almost two a year, right? So I think thats one. So obviously theres lots of competing interests. So our business starts and stops with developers. 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 no matter how successful you are, right? And so, one day you might find AWS competing with you and your core business. Once again, Snowflake is bringing our Data for Breakfast event to London. Datadog, Inc. provides monitoring and analytics platform for developers, information technology operations teams, and business users in the cloud in North America and internationally. I still stayed on the Datadog board and Im actually on the board today. Yes. 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. The estimated net worth of Dev Ittycheria is at least $16.88 million as of January 3rd, 2023. Before joining the pharmaceutical industry, Peacock was a partner at McKinsey and Co., where he was co-head of the European Corporate Finance practice. Were enabling people to use the power of our query language to create data not just from MongoDB, but from other sources. Prior to MongoDB, Ittycheria was the Co-founder & CEO of BladeLogic and the President of BMC Software. So access to the world from New York is very easy and I like the heterogeneity of the culture. MongoDB has e-commerce company Snapdeal and mobile . Mr. Ittycheria owns 190,264 shares of Datadog stock worth more than $16,880,222 as of February 16th. Prior to this, he was chief financial officer of Amgen based in California. I was ecstatic to see MongoDB featured in this recent CRN Cloud News article. Dev Ittycheria -- President and Chief Executive Officer Thanks, Brian, and thank you to everyone for joining us today. I will start by reviewing our first-quarter results before giving you a. Dev C Ittycheria (age 56) is listed at 4 Firethorn Ct Warren, Nj 07059 and is affiliated with the Democratic Party. , why are you trying to be very clear on what our strategy is, at least $ million... $ 86,077,186.26 talk to teams and hiring and what not to do before IPO and after to create not. Developers need to build a community of people sometimes confuse us, are the ones who just adapt. 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