Domo sells its main businesses for $400 million, leaving founder Josh James with a hoard of cash to put to work

Progress Software will acquire Domo’s AI and data business for $400 million, integrating nearly all of Domo’s operations and employees. Following the transaction, Domo will continue as a separate publicly listed company led by its founder and CEO, Josh James, possessing $246 million in cash and over $900 million in net operating loss carryforwards. This strategic move comes as Domo’s growth has decelerated amidst increasing competition from AI tools in the software industry.

• Progress Software is acquiring Domo’s AI and data business for $400 million.
• The deal includes almost all of Domo’s operations and employees.
• Domo founder Josh James will lead the remaining separate, publicly listed company.
• The remaining entity holds $246 million in cash and over $900 million in net operating loss (NOL) carryforwards.
• NOLs allow companies to use past losses to reduce future tax liabilities.
• Domo’s growth has slowed due to increased competition from AI tools.
• Domo shares rose approximately 30% following the announcements.
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