Progress Software will acquire American Fork-based Domo, a business analytics company once valued at $2 billion, for $400 million in cash. The deal announced Wednesday, July 23, marks a steep fall for one of Utah's most prominent tech "unicorns" and its founder Josh James, who also faces a pending DUI charge from a Sandy police arrest last year.

Domo's board unanimously approved the definitive agreement with Progress, a Burlington, Massachusetts, firm valued at $1.5 billion, according to the company's July 23 press release. Progress will take over Domo's customer base of more than 2,400 businesses and acquire substantially all of its employees. The deal is expected to close before November 30.

Financial distress forced the sale

Domo has reported losses every quarter since its 2018 IPO, which valued the company at $511 million. By June 2026, quarterly revenue had slipped 1% to $79.4 million, and the company's annualized recurring revenue no longer met the minimum required for its loan covenants, Business Insider reported. Domo owed $137 million in principal and related fees it lacked the cash to repay.

The board began formally exploring a sale in February 2026. In June, the company entered a forbearance agreement giving it until July 31 to find a buyer.

As of March 2026, Domo employed approximately 808 people worldwide, with about 63% based in the United States, according to Revelio Labs workforce data. Progress said it expects to retain those workers.

James's Sandy arrest

James, who is widely credited with coining the term "Silicon Slopes" for Utah's tech corridor, was arrested by Sandy City police in August 2025 after his BMW crashed into a mailbox in a residential neighborhood shortly after 4 a.m. Officers observed him stumbling at the scene, according to Business Insider's review of bodycam footage.

He was charged with a Class B misdemeanor DUI and an infraction for failing to drive within a single lane. James has pleaded not guilty. His next court hearing is scheduled for Wednesday, August 13, according to court records cited by the Salt Lake Tribune.

At a December 2025 earnings call, James publicly acknowledged his alcohol use, saying he had "periodically used it as a crutch during moments of stress" and had checked himself into a residential treatment center.

What comes next

After the acquisition closes, Domo will change its name and stock ticker but remain a publicly traded company with a debt-free balance sheet. James and the board will lead the remaining entity, which will hold $246 million in net cash and $900 million in net operating loss carryforwards. Those losses could offset future tax bills if the company becomes profitable through a new venture.

James previously founded Omniture, which Adobe acquired in 2009 for $1.8 billion. The board said it will consider "potential transactions where the company can employ its expertise in AI and automation" as well as options to return capital to shareholders.