Don't fear the rooster: James with one of his motivational tools at Domo headquarters in American Fork, Utah.
Photograph by Art Streiber
By Heather Clancy
April 12, 2016

For the record, business analytics startup Domo is cagy about its timeline for an initial public offering—though founder and CEO Josh James hints it could happen at any time.

“We’re ready, but we’re not in a hurry,” James told Fortune several weeks ago.

But the company apparently is working with bankers Morgan Stanley and Credit Suisse Group to prepare its case for the public markets, reports Bloomberg.

A representative for Domo declined to comment.

There were no tech IPOs during the first quarter, largely due to market volatility. That could change soon. On Monday, Dell-owned cybersecurity firm SecureWorks filed IPO documents with the SEC with the hopes to raise up to $181 million.

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Domo disclosed a $131 million Series D infusion last month. The round valued the Utah-based company at $2 billion, which is the same as when it raised $200 million last year. At least $50 million of the new money will go toward helping software developers write apps based on Domo’s analytics technologies.

Domo’s latest service is called Business Cloud, which enables executives to view a diverse array of business performance metrics. That might include anything from efficiency ratings for the sales team to alerts related to specific customers.

James started Domo after selling his first startup, marketing analytics pioneer Omniture, to Adobe (adbe) for $1.8 billion. Technically speaking, Domo’s primary rivals include business intelligence companies, such as Tableau Software (data) and Qlik Technologies (qlik).

Domo has signed up more than 1,000 customers for its analytics services, including logistics giant DHL, marketplace operator eBay, beverage maker SAB Miller, and financial services powerhouse MasterCard.


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