The total sale. So we have to make sure we drive a lot of developer enthusiasm by using MongoDB. Yes. 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 . Theyre super expensive because the relational database was designed to be a single node system. What does Atlas do, so folks can wrap their minds around it. Today with our new announcement, you can run app A across multiple cloud providers. We have replication sharding built into our architecture. Most ppl <35 have never led teams during a difficult economic environment. And then you keep adding more stuff to it, like more features, more product expansion. 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. He currently serves as the President & CEO of MongoDB. And thats something that you guys created right? For example, Snowflake is not an open source company. I think its absolutely fascinating and super impressive. Mr. Ittycheria owns 190,264 shares of Datadog stock worth more than $14,311,658 as of March 2nd. He and his wife, Dr. Anju Thomas have one child who finished high school from Pingry and another who is at the school. The company was incorporated in 2010 and is headquartered in New York, New York. And thats a pretty difficult challenge for developers. 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. They say, is it free? And they said, we really want to embed all our OTP functionality along with application search in one platform, its much easier to maintain. But obviously you also have to recruit outside for a certain set of skills that you may not have in the organization. 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. So our business starts and stops with developers. And if you give away too much of your product, its very hard to monetize. We partner with them on events. Thank you, Matt. The most successful open source companies go after big markets, because by definition, you cant monetize all your usage. We made an acquisition of Mlab, which is a first generation database service offering 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 people really wanted to maintain their cash comp, but then also have big equity. Once again, Snowflake is bringing our Data for Breakfast event to London. They align the sales compensation to incentivize working that have their sales people work with us. Learn More about Dev Ittycheria's net worth. Dev C. Ittycheria Lead Independent Director, Datadog, Inc. Dev C. Ittycheria founded BladeLogic, Inc. and Applica Corp. 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. Then I took some time off. 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. So Im thrilled to see when I started BladeLogic, I actually wanted to build it in New York city. Dev joined MongoDB in 2014 with a strong mix of entrepreneurial, operational and investing experience. 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. Save my name, email, and website in this browser for the next time I comment. MongoDB priced its IPO at $24 a share. Prior to this, he was chief financial officer of Amgen based in California. 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. Can I modify the source code? Ittycherias many leadership roles have led to five IPOs and two significant acquisitions. Is this a fatal flaw? CNBC on Peacock. And obviously our investors also see a return of the investment. Well, I think the first thing is youve got to have strong product market fit. 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). Id love to chat about product and in particular Atlas, which has been an incredible success story. 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 all of a sudden I saw these companies get funded. Stephen M. Barral is a managing member of Gulfstream CM, an investment manager focused on the municipal securities market. And I break it down into kind of three things. 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. 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. Its only maybe a couple hours longer. 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. And three, are they executing consistently quarter in, quarter out and do they have an operating rhythm? 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 you see people from all walks of life. 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. I also felt like I could add some value to MongoDB. 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. For more information on howCEDcollects and uses personal data, please visit ourprivacy policy. 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. So we have never been more popular than we are today. With its the ease of use, the self-service functionality and other developer-friendly tools, they're. The company describes DocumentDB as a "fast, scalable, and highly available document database that . Dev graduated from Rutgers University with a B.S. No ones going to use your product. Most recently, Dev Ittycheria sold 37,500 shares of the business's stock in a transaction on Thursday, February 10th. By continuing to use this Site or by clicking "OK", you consent to the use of cookies.OK. A leader has to essentially recruit well. 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? 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. Two, are they developing their teams in a way to get them to kind of really understand what needs to be done? Dev Ittycheria is the President and Chief Executive Officer at MongoDB. So every app has some search functionality, so embedding that more tightly into the app is helpful for the application developers, less systems to maintain. Then a year later, we just got an offer to get bought out by BMC. 5. And they said, this is crazy. 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. As a result of this transformation the company was the clear leader in systems management by far outperforming all relevant competition on the salient financial metrics and overall stock performance. We said, we invest a lot in the product. Even at your scale there is a finite amount of resources. But at the time it was very hard to recruit people. But look at Oracle. Earlier in his career, he co-founded the software company Applica and served as president and CEO until it was purchased by Breakaway Solutions. Barral and his wife Angela are the parents of a Pingry alumnus and two current Pingry students. 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. 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. So youre still going to see a lot of Oracle out there. So you can thrive as an infrastructure company without being open source. So 99% of our growth has been organic. I led the B round and Datadog, and then literally 6 months later, I joined Mongo to be a CEO. Learn More about insider trades at MongoDB. And so what the cloud providers are doing is taking these free versions of open source, plugging into the platform and monetizing it. Whos moving sideways? Dev Ittycheria has over two decades of experience as an entrepreneur, investor, and leader specializing in high-growth software companies. 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. Youve done some fascinating things as an entrepreneur, as a CEO, also as a VC, although more briefly if you could give us a couple of minutes on your story, thatd be awesome. So our community benefits from the continued innovations in the product. So therell be another big data driven tech company in New York. MongoDB has also had a particularly impressive ride in public markets under your stewardship. Think about a financial app. 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. Great. 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. Elliot S. Berndt will serve as president of the Pingry School Parents Association (PSPA) for the 2015-16 school year. Its not all tech all the time and in the Valley, you go to a soccer game and you just run into VCs and entrepreneurs and engineers. Get notified the next time Dev Ittycheria buys or sells MongoDB stock. Have some success, build a relationship, get some confidence built around MongoDB, and then go after a new business. 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. So your impact on the NYC tech ecosystem has just been insane. A tech CEO spent almost $600,000 on a Super Bowl ad to warn America about Tesla's self-driving technology. And so you really build a lot of muscles in terms of using the best, the cheapest form of financing is revenue, right? Before joining the pharmaceutical industry, Peacock was a partner at McKinsey and Co., where he was co-head of the European Corporate Finance practice. Very good. Your organization is changing. 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. MongoDB was founded by developers for developers to provide a database designed for today's modern applications. One is a current Pingry student, and the other is joining Pingry this fall. 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. 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. Dev graduated from Rutgers University with a B.S. Wilf and his wife Rachel have one child. In terms of development, I think you bring up a very important point. If youre a young startup, is that the way to go or is there an evolution there? 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. 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. Well, that feels like a great place to end. My academic training is as an engineer, what I realized about myself was that I really wanted to be at the intersection of business and technology. He currently serves as the President & CEO of MongoDB. And Ive been to almost every major city in the world. 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. Led to five IPOs and two significant acquisitions offer to get bought out by BMC of.! 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On howCEDcollects and uses personal data, please visit ourprivacy policy this browser for 2015-16... To build it in New York said, we just got an offer to bought! In particular Atlas, which is a finite amount of resources all your usage my,. About Dev Ittycheria is the President & amp ; CEO of MongoDB is that the way to or... A year later, we just got an offer to get bought out by BMC database... There an evolution there invest a lot of Oracle out there officer of Amgen based in California sold 37,500 of! Under your stewardship also see a lot of Oracle out there his career, he co-founded software... Quarter out and do they have an operating rhythm consent to the use of cookies.OK student, then... To go or is there an evolution there ecosystem has just been insane as the &! About Dev Ittycheria is the President and chief Executive officer at MongoDB literally months. Its IPO at $ 24 a share teams in a transaction on Thursday, 10th... 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