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Utah's Domo rumored to be getting IPO-ready

FILE - Domo Technologies in American Fork Wednesday, March 30, 2016.
FILE - Domo Technologies in American Fork Wednesday, March 30, 2016.
Jeffrey D. Allred

AMERICAN FORK — A national tech website reported Thursday that Utah business software company Domo has begun the work to launch a public stock offering.

American Fork-based Domo declined a Deseret News request for comment on the issue on Friday. reported that Domo held an "organizational meeting" last week of the sort that is a typical precursor to a filing with the U.S. Securities and Exchange Commission to formally begin the initial public offering process. The story noted that it isn't clear whether the company has already filed with the SEC or is poised to do so in the next couple of weeks.

If Domo is on the path to making the journey from a private to publicly owned company, it would be the second major Utah tech firm to begin the process in the last week. On Monday, Utah tech education company Pluralsight released a statement confirming it had confidentially filed a form S-1 with the SEC, launching its march to a stock offering, likely in late spring or early summer.

Domo, which specializes in a cloud-based software platform that provides businesses with data intelligence and analysis, was founded in 2010 by Utah serial entrepreneur Josh James. James, the current CEO of Domo, previously co-founded and ran web analytics company Omniture, which was purchased in 2009 by Adobe for nearly $2 billion.

Domo has attracted over $700 million in venture funding over its lifespan and was valued in late 2017 at around $2.3 billion. An SEC filing does not obligate a company to complete the stock offering process and Domo has previously shown indications of heading for an IPO, but ultimately backed off the effort.