Domo's doom - analytics maven falls in the path of Progress as its technology is snapped up in a $400 million 'fire sale'
Progress Software is to acquire Domo's AI and data platform business in a transaction valued at a headline purchase price of $400 million, ending months of speculation about the fate of the one-time data analytics enfant terrible. But despite the ‘fire sale’ nature of the transaction, Domo will live on it seems.
Once the deal closes, subject to regulatory approval, and the products pass to Progress, Domo - qua company - will change its name and ticker and operate as a separate, publicly-listed entity with, according to the firm, “limited operating expenses and a debt-free balance sheet”. This freshly-minted entity will continue to be helmed by Domo founder and CEO Josh James, and will do....well, that's to be confirmed.
So for now, what is Progress getting for its $400 million? The proposed agreement, which is unanimously backed by the Domo board of directors, will see it acquire “substantially...
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