Enter your email address to subscribe to this blog and receive notifications of new posts by email. Dev Ittycheria is an American software executive, entrepreneur, venture capitalist, and the president and CEO of MongoDB, a popular next-generation database. Your email address will not be published. Always have the attitude of I have more to learn, and that to me has paid massive dividends. 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. Mr. Ittycheria owns 190,264 shares of Datadog stock worth more than $16,880,222 as of February 16th. 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. As they see success you say okay, lets use MongoDB for the next application or replatform an existing application. Under Dev's leadership, MongoDB has released innovative . 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? 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. Dev graduated from Rutgers University with a B.S. And all of a sudden I saw these companies get funded. Dev C. Ittycheria, a software executive and venture capitalist, is president and CEO of database company MongoDB. The oldest executive at MongoDB Inc is John McMahon, 64, who is the Director. Talk to anyone who wants to do a schema change and theyll roll their eyes because they know how painful that is. Learn More about Dev Ittycheria's net worth. I think its absolutely fascinating and super impressive. Theres a lot of companies who try and do that and they struggle. 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. But at your scale, theres still no sort of temptation to just say, Hey, everybody knows Mongo now. So yes, I mean, its great that developers love us. So it just makes it so much easier to use MongoDB, to build applications, to do it quickly and to do it more powerfully. My philosophy in life has always been, always be the student of the game, not the master of the game. Dev was recognized by Ernst & Young as an Entrepreneur of the Year for his strong leadership at BladeLogic, and he has also been publicly acknowledged as one of the pioneers of the SaaS business model. Image: Joao-Pierre S. Ruth. For Search, what we found was a lot of customers were dual homing data to both MongoDB and say Elastic. How do you work with cloud vendors? During the last ninety days, Dev Ittycheria has sold $7,874,824.72 in shares of MongoDB stock. The estimated net worth of Dev Ittycheria is at least $16.88 million as of January 3rd, 2023. So we think about how quickly we can grow our top line relative to our productivity and how fast we can hire. BY Dev Ittycheria. Previously, she was associate litigation counsel at WorldCom. Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. 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 -. 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. The second thing that we announced was Real. All right, to close maybe just a couple of questions from the group. Whos moving up? Theres this tension between bottoms-up and top-down. MongoDB president and CEO Dev Ittycheria joins "TechCheck" to discuss the company's first quarter earnings and outlook. And we knew that we solved a very important problem. A question from Alan, about was your strategy growing by acquisition and integration versus organically. So its actually encouraged entrepreneurs to keep companies in New York. 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. 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. 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. What does Atlas do, so folks can wrap their minds around it. Information on this page was last updated on 2/13/2023. But look at Oracle. As a high growth company, we think a lot about how quickly we can grow. So youll see us expand into other capabilities that developers need to build applications. In terms of development, I think you bring up a very important point. So you have to think through your licensing around how you plan to license your product and make it simple for customers so that its not confusing to them or to the market about what your intentions are. 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. How do you arbitrage and then how has it evolved over time? 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. The total sale. 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 enabling people to use the power of our query language to create data not just from MongoDB, but from other sources. SAS remains strongly committed to providing the whole employee experience - meaningful work So our community benefits from the continued innovations in the product. Leading database company MongoDB has appointed IT veteran Dev Ittycheria as President and CEO. Learn More about insider trades at MongoDB. And Elastic themselves are growing more towards the security space than application search. Its just that our customer diversity wasnt as good as it should have been. Insiders at Datadog own 15.8% of the company. Think about it like a leaderboard for a gaming application. Is that for a company of the global scale of Mongo, is that still the core motion? We make some decisions about, Are we going to be profitable? In fact the cloud providers help subsidize the R&D effort to deploy Atlas on the comp platform, because remember theyre the beneficiaries of these workloads moved to their platform. We came up with SSPL, it was fairly controversial. You dont want to cut too many corners day one. Over the last ten years, MongoDB has grown from a bold idea into a company serving. And they said, this is crazy. And no matter how successful you are, right? 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. We bought that just to kind of get some mass customer momentum around atlas. It also offers professional services including consulting and training. . You shouldnt just be open source for the sake of being open source. Dev Ittycheria Wiki, Bio, Age, Family & More. MongoDB can also be reached via phone at (646) 727-4092 and via email at [emailprotected] Learn More on Dev Ittycheria's contact information. 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. In 2012, he became a partner at venture capital firm Greylock Partners.[3]. Most recently, Dev Ittycheria sold 37,500 shares of the business's stock in a transaction on Thursday, February 10th. On this Wikipedia the language links are at the top of the page across from the article title. So you can thrive as an infrastructure company without being open source. And then obviously capital was super expensive. And too many times people wait too long to make changes. The most recent insider tranaction occured on January, 3rd when CFO Michael Lawrence Gordon sold 2,060 shares worth more than $410,578.60. 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 . Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. You know, theyve had Oracle RAC, sidecar and other ways to try and replicate. Can I modify the source code? They align the sales compensation to incentivize working that have their sales people work with us. MongoDB is designed from the ground up to be highly scalable. The second big challenge is that relational databases are not designed for scale. And our goal is to be the standard where we can go after 80% of the use cases. 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. They sold a total of 312,343 shares worth more than $86,077,186.26. One was Realm and the other one was WiredTiger, which is a storage engine that we bought in early 2015. And people really wanted to maintain their cash comp, but then also have big equity. And three, are they executing consistently quarter in, quarter out and do they have an operating rhythm? 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 then as you know theres been a lot of friction between AWS and Elastic and other open source companies. You know, or Dremio or other companies like that? Before joining the pharmaceutical industry, Peacock was a partner at McKinsey and Co., where he was co-head of the European Corporate Finance practice. 00:33. Now, obviously thats at the senior level, maybe the ops people may feel a little threatened, but they also realize that they can add more value to the organization without having to day-to-day manage MongoDB. Now, why is that important? The shares were sold at an average price of $170.19, for a transaction totalling $6,382,125.00. Founder of BladeLogic, Inc. and Applica Corp., Dev C. Ittycheria occupies the position of President, Chief Executive Officer & Director at MongoDB, Inc. Mr. Ittycheria is also on the board of Datadog, Inc., The Pingry School and Altimeter Growth Corp. But obviously you also have to recruit outside for a certain set of skills that you may not have in the organization. So, global domination. MongoDB has also had a particularly impressive ride in public markets under your stewardship. 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 so weve automated that for developers and made it really easy. And they said, we really want to embed all our OTP functionality along with application search in one platform, its much easier to maintain. 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. Getting revenue from your customers. Then you find adjacencies to expand into. Before MongoDB, Dev was a Managing Director at OpenView Venture Partners and before that he was a Venture Partner at Greylock Partners. Dev joined MongoDB in 2014 with a strong mix of entrepreneurial, operational and investing experience. With its the ease of use, the self-service functionality and other developer-friendly tools, they're. What are the key drivers behind that? 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. 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. * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). MongoDB, Inc. engages in the development and provision of a general-purpose database platform. So you can scale very, very easily using MongoDB. And in a high growth business, not everyone scales at the same rate, right? @CEDUpdate 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. 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. Very good. 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. They live in Far Hills and have a child attending Pingry. 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. 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. Were talking about a company thats now 44 years old and they still havent solved the scalability problem. Monetization is not the only one. But at the time it was very hard to recruit people. So essentially almost two a year, right? And so one of the things we did was we had a much more restrictive license because one of the things thats changed is that in the cloud era, the existing open source licenses are not really set up to help the originator of the code. So data lakes, search, online archive and Realm, which was an acquisition, I believe. It was a lot of worries. . So you need to make sure you invest in both, right? 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. Dont assume that just because youre successful in the past, you can be successful in the future because your business is changing. So its tricky, but this is part of leadership, right? 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. Companies who try and do that and they struggle certain set of that. To our productivity and how fast we can grow our customer diversity wasnt as as! Venture partner at Greylock Partners. [ 3 ] provision of a general-purpose platform... Goal is to be profitable to recruit people consulting and training January 3rd... Big equity part of leadership, right you know theres been a lot of customers were dual homing data both... Bold idea into a company thats now 44 years old and they havent! Growing by acquisition and integration versus organically quickly we can hire standard where we can grow relative to our and... 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