Business data intelligence startup Domo filed for a $100 million IPO on Friday, becoming the latest enterprise software company to test the public markets in 2018.
Founded in 2010 by CEO Josh James, Domo sells cloud-based data analytics software to 1,500 customers like Univision, DHL, Mastercard, eBay, National Geographic, and others.
Its IPO filing reveals that the company brought in revenue of $108.5 million last year, with a net loss of $176.6 million, compared to $74.5 million in revenue and a $183.1 million net loss the year prior. Domo has accumulated a deficit of $803.3 million and has $71.9 million in cash. Domo has raised $730 million in funding.
Domo is a direct competitor of Tableau, the Seattle-based company that went public in 2013. Tableau has a much larger business, posting $877.1 million in revenue and a non-GAAP net income of $20.1 million for 2017.
While Domo and Tableau weren’t always close competitors, that may have changed in recent years. Domo crashed Tableau’s conference in 2016, setting up staffers outside its event space and even hosting a party called “Escape Tableau hell.”
Domo is one of many enterprise software companies going public in recent months. Smartsheet and DocuSign had their IPOs in April and have seen shares rise since then. Fellow Utah tech company Pluralsight raised more than $300 million in its IPO last month, above initial expectations. Enterprise resource planning software company Zuora saw shares soar after its IPO in April.
So what’s going on? As GeekWire reported in April, Wall Street is warming to enterprise software for a variety of reasons. Venture capitalists and industry insiders say that the boom is a result of a tectonic shift in technology, tied to the rise of cloud computing and the ability for software companies to deliver their services more efficiently to businesses.
These companies also boast increasing annual revenue growth driven by subscription software-as-a-service (SaaS) business models. Many sell to large customers in big markets that are equipped with plenty of cash. And they take advantage of the newest technology, offering data-driven tools and services that help employers improve how their employees operate in a constantly-evolving work environment.