#Mongodb in full
#Mongodb in software

Between its IPO and July 14, its stock price has increased from $30 a share at a 56% average annual rate to $400.Ĭustomers still have a favorable view of MongoDB’s Atlas product. As of July 2023, it had 4,527 employees, $1.3 billion in revenue, and 43,100 customers. MongoDB has grown considerably since going public in October 2017. As Broe noted, Bond’s “platform approach requires us to have an easily scalable, rapidly deployable, highly available storage solution.

One of them, Sam Broe, Chief Product Officer, at Bond - a maker of “digital products that enable customers to send beautiful, thoughtful, handwritten correspondence from their computer or phone” - told me Bond switched in March 2016 to MongoDB after four years of using MySQL.įour years after adopting Oracle’s product, MySQL could not handle the rapid increase in the amount of data added daily to Bond’s system - but MongoDB’s product did the job. I spoke with two MongoDB customers that month. We are winning market share because we increase developer productivity (at $250,000 a year they are very expensive), we offer high performance at scale, our product is fault-tolerant, it runs anywhere, and it costs less.” Ittycheria told me in May 2017, “We now have over 3,000 customers and are approaching 800 employees. MongoDB grew considerably between 2011 - when Schireson became CEO - and May 2017 - when I last spoke with Ittycheria.īy May 2017, MongoDB’s payroll had more than doubled and its customer count had soared five-fold since 2011.

#Mongodb in software

Our competition charges hundreds of thousands of dollars per server-year plus $50,000 a year in maintenance and their software runs on $10,000 servers.” We typically charge $5,000 per server per year for the software to run on a server that costs about $5,000. Schireson said, “We believe that the cost of the software should equal that of the hardware.

#Mongodb in full

When you take into account the full cost to a company, MongoDB offered an irresistible bargain. And we run on commodity servers,” he said. “We are much more flexible - we make it easier for developers to handle many different kinds of unstructured data such as emails, tweets, videos, and other social media. In October 2013, then-CEO Max Schireson - who left in 2014 to make way for current CEO Dev Ittycheria - told me customers loved MongoDB’s value proposition. That superior customer value proposition has propelled MongoDB’s growth before and after its IPO. MongoDB’s success springs from a simple idea: Years before the company went public its product worked better at a fraction of the price of Oracle’s MySQL. Unlike incumbents, Atlas uses NoSQL - “a document-based data model that creates unstructured, non-relational data documents.” In a recent note to investors, Jason Ader and Sebastien Naji of William Blair wrote MongoDB has significant growth potential since fewer than “40% of the Fortune 500 are MongoDB customers today.” Why MongoDB’s Value Keeps Growing He told IBD, “MongoDB Atlas is the ideal platform to reach that goal.”

Gordon stated MongoDB’s product is poised to gain more market share because it helps companies incorporate generative AI into their business strategies. Michael Gordon, MongoDB's COO and CFO CFO, said the company’s market share is approaching 2%. To be sure, MongoDB aims at a large market - growing at a nearly 14% compound annual rate to $136 billion by 2027, according to IDC. These legacy products are not as appealing to customers because these off-the-shelf products are more difficult to customize, Ivan Feinseth, director of research at Tigress Financial Partners, told IBD. MongoDB’s legacy rivals - Microsoft MSFT SQL Server, Oracle’s ORCL Database, and IBM’s DB2 -use Structured Query Language to build tabular databases. Moreover, MongoDB’s platform works with three cloud services leaders - AWS, Azure, and Google Cloud. Its program helps developers “build and design applications in a fast, flexible and scalable manner and enables them to integrate powerful AI features,” noted IBD. MongoDB’s product is easier for customers to tailor to their multicloud computing environments. MongoDB offers a product that appeals to customers more than competing products.