The idea of providing software to customers for a fee without the need for investments in IT infrastructure or staff has been around for decades. In the 1970s it was called Timesharing. Back then, companies utilized Timesharing services as their primary source of IT applications or as an extension of in-house IT applications, thereby avoiding additional infrastructure investments.

Domo, the SaaS business intelligence startup launched by Omniture founder Josh James, raised $125 million in a round led by TPG Growth. The total funding for Domo has now reached $250 million. Primary investors include Salesforce.com, T.Rowe Price and Fidelity Investments.