Domo Raises Funding From BlackRock With IPO Plans on HoldBy
Utah-based startup had previously focused on a 2015 IPO
Total funding nears $700 million, $2.3 billion value
Business software maker Domo Inc. is looking to raise as much as $200 million as it holds off on an initial public offering. The company has secured at least half of its goal for the fundraising round, according to a securities filing.
BlackRock Inc. led the investment, valuing the business at $2.3 billion, said Josh James, Domo’s chief executive officer. Bloomberg reported a year ago that Domo was working with Morgan Stanley and Credit Suisse Group AG on a potential IPO. James has repeatedly expressed his desire to take the company public.
“We want to continue growing privately for as long as we possibly can,” James said Thursday. “You can’t be as aggressive when you’re public as when you’re private.”
James founded Domo in 2010 after selling his web analytics company Omniture to Adobe Systems Inc. Domo makes software for businesses to pull together sales, cash flow and other data from disparate sources into a dashboard accessible from PCs and mobile devices. Domo has raised nearly $700 million in its lifetime from Benchmark, Institutional Venture Partners, TPG Growth and other investors. It was previously valued at $2 billion.
While Domo still plans to go public eventually, James said he doesn’t have a date in mind. “We can pull the trigger at any time,” he said. “From the time we bring the bankers in, it could take two weeks. It won’t be drawn out.”