Why did you decide to come to the U.S. because I believe it was business school? It was the appetite for companies to spend on enterprise software, which took a nosedive in 2001, 2002 was the first challenge. We license our software. Interesting. To this day, continue not to be addressed adequately in the ERP System. Sanjay Shah: It got me a chance to be on the shop floor and to see how things are built and put together. so complicated that they baffled even some financial experts led Denmark's tax agency to send nearly $2 billion worth of refunds for taxes that had putatively been . : Correct. Happy to be here. We have a relatively flat organization. I was an SAP loyalist. We go in as explorers, not as conquerors because we know that the right kind of input is very critical to the engineering of a product. Alejandro: Wow! A lot of our revenue also comes from upselling. : Yeah. : Of course. Its also massively matrixed. But there are a lot of players out there. The whole business paradigm has changed as I described. The movie won six Filmfare Awards and was critically acclaimed at the Austin . I think Im a good listener over the years. What was going on through your mind? Sanjay Shah formed the Vistex Foundation, which provides grants to non-profits focusing on health, education and basic needs programming, as well as Vistex Endeavor, an employee-focused charity focused on volunteerism. So I was introduced to software quite early on. Theyve been around for many years, a very notable firm in the Valley, and a lot of successes to their name. So I hired three or four resources in the year 2000. What were some of the early days like? Alejandro: So originally, Sanjay, you were born in Mumbai, India. : So here you are in 1999. : Correct. Alejandro: So for the people that are listening . I think the industry pivoted that way about somewhere between planning on your perspective five to seven years ago, and the entire industry has pivoted toward Software as a Service. Alejandro: How big was the business when you joined them? Our customers tend to be larger companies, so perhaps we sold to one division, and then another division comes across, another geography for the company comes along. When you continue to deliver value for your customers, then they see it. Different propositions, private equity being a different proposition as innovated. Sanjay Shah '89 presents a symbolic check to Lehigh President John D. Simon '19P and Georgette Chapman Phillips, the Kevin L. and Lisa A. Clayton Dean of the College of Business and Economics. Sanjay Shah: What have I learned about myself? What worked for one person may not necessarily work for you. Everything was very hunky-dory. On the one hand, you can say those jobs wouldn't be filled, but then is it fair to the other person who's also doing the job that's legal, that has to pay their share? I didnt want to give up much equity. Thats something that I believe has sold people as well that I always wake up every day worrying about what is it that I need to learn more, and not bask in the success of what I have learned and what Ive achieved. For more than 20 years, Sanjay Shah has led the company, a pioneer in transforming how organizations take their products and services to the marketplace through trade, channel and vendor programs, pricing, performance incentives and rights & royalties. Yes, he owns a business software company, Vistex Inc ., which is estimated to be approaching $200 million in annual revenue. We have a relatively flat organization. How are you going to price it? : Some of it was a bit of craziness, I guess. Constituency allowance Rs 18,000. Sanjay Shah: Its a massive organization. Thank you, Alejandro. : Very cool. I also went to college right there, and my college also happened to be a mile away from where I lived. When the leadership tea. Hello everyone and welcome to the, show. Of course, thats important because it establishes a benchmark of sorts, but also to provide us with the expertise that we need. Perhaps they will also appreciate it. I also spent time working for SAP at their headquarters in Germany in R&D for a couple of years of my six-year journey with them. Sanjay Shah: Our first challenge was when the dotcom crash came up. We were looking for a partner that has the chops, that has the history and the stripes to help us with our cloud journey. A: Yes, but Chicago is my favorite city in the world and it will always be. There are so many constituencies both from a product standpoint, from a technology standpoint, and from a go-to-market standpoint. WASHINGTON, DC: Sanjay Shah, 46, the founder and CEO of Vistex, a computer software company, has bought the most expensive condominium in Chicago's real estate history, a penthouse on the 89 th . : The biggest bump in the journey has been this whole Cloud Revolution that customers no longer want to buy software and then run it themselves in their IT shops. It turns out that it was a great time to liquidate my stock options because I did that in 99, just before the big crash following. Sanjay Shah is a tech entrepreneur, Founder, CEO & Chief Architect of Vistex, making sure it all adds up for our customers. They decided to hire me, but they said, The only position we have open for you in Operations is in Canada. I said, Ill take it.. Once you have built a platform already, how do you accelerate growth versus venture capital is, Do you believe in my potential? Especially, the larger the organization that you sell to, the more durable and the more persistent you need to be. Sanjay Shah in 2020. . For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. So walk us through the process of how you came up with this idea, and how did you incubate it all the way to fruition? A: Lee Iacocca. Sanjay Shah: Correct. : Initially, for the first year, and a little over a year, it was just me by myself. Theres always some business to be had with on-prem software, but were also getting more aggressive and investing heavily to grow our business in the Cloud as they say; to sell our software as a subscription. As we would bootstrap, I think it was important I realized that having because we are not spending as much on sales and marketing. The interview has been edited for length and clarity. Thats right. What were some of your biggest takeaways because now, you have your own company, but I think that being able to work with such a massive player and understanding the dynamics and how they worked, Im sure that many of those lessons youve applied to how youve built and scale your own business. My Name is sanjay shah. It has 360-degree views of the city. How do you guys monetize? And you need professional sales help. Alejandro: In this case, you guys were bootstrapping. In fact, according to Trump&x27;s most recent . Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. : All right, Sanjay. Those are the revenue streams for us. Sanjay Shah On Going From Zero To $250 Million In Revenue Without Taking Any Outside Investment. Overview Company Overview Top Contacts Sanjay Shah overview Vistex overview Vistex top contacts Try the contact number finder tool for free,get started in seconds No Credit Card Required : Okay. Sanjay Shah's email address: xxxx@xxx.com | Find Sanjay's Email, Social Profiles, and Mutual Contacts both you and Sanjay know . What were some of your biggest takeaways because now, you have your own company, but I think that being able to work with such a massive player and understanding the dynamics and how they worked, Im sure that many of those lessons youve applied to how youve built and scale your own business. As an R&D leader in the ERP world, Sanjay also knew that this type of solution wasn't on anyone else's roadmap. If you can leave a review as well, that would be fantastic. Employees at Vistex, Inc. rate Sanjay Shah higher than employees at Innovative Interfaces rate James Tallman : Our first challenge was when the dotcom crash came up. Alejandro: There are a lot of people that are on the line that are thinking about venture capital, and angels, and private equity. Shah, a naturalized U.S. citizen, also has spoken out in defense of the Deferred Action for Childhood Arrivals program, or DACA, in part because a handful of his employees are immigrants living in the country illegally who were brought here as children and rely on DACA protections to remain in the U.S. Thats what helped us make the call with the partner we chose. SAP was then making a foray into the U.S., into North America. Earlier on, I thought I knew how everything was supposed to work, and I had the recipe and the solutions to all of the companys problems. This is pretty cool. Thats how I ended up working for them. 56.8 1.7%. We were able to get into new industries and even upsell to our existing customers. Alejandro: What have you learned about growth, Sanjay? Dipen Shah Rajesh Chaganti #Vistex #SAP #Agro Liked by Dipen Shah https://lnkd.in/d4m_Ui2N Very proud of my wife Gayatri Raman, helping take Clearwater Analytics public. Alejandro: Then after this, you join probably one of the companies that has had the major and probably the biggest impact on you as an employee and also as a founder SAP. Enterprise sales require a lot of persistence and a lot of fortitude to stay in the race for the longer term. My world was within a one-mile radius. Tell us, after this presentation then you speak with your wife or with your family, and you still have to think about the idea of going at it. Sanjay Shah is the founder and CEO of Vistex which is an enterprise software company, providing solutions to drive customer growth and partner relations. When we say we listen, listening not just to our employees who are the closest to our customers and have the best product ideas, but also to our customers. This whole Cloud Revolution, we feel that we are a bit behind in this regard in terms of being out there and being perceived more as a company that can do equally well with our cloud offerings. That has been the biggest bump. : Sanjay, in terms of the early employees that you got, those were engineers, or what were some of these people because you were saying that this was . So accounting runs in our blood. : Yeah. The company was bootstrapped to $250 million in revenue without outside investment. Sanjay Shah: Some of it was a bit of craziness, I guess. Why would you want to unnecessarily tinker with a program that is working so well for the country? : Did you recruit other people like talking of bootstrapping and especially in the early days, who were the initial people you got around you to help you out? Please subscribe to unlock this content. The companies'. We have people all over the globe, Vistex employs all over the globe and selling in virtually every geography. Different propositions, private equity being a different proposition as innovated. The idea was to write the software to address some functions that were not adequately addressed in ERP Systems. See How I Can Help You With Your Fundraising Efforts. Sanjay Shah: Thank you. I was fascinated and intrigued by the software. : Then after this, you join probably one of the companies that has had the major and probably the biggest impact on you as an employee and also as a founder SAP. Facebook gives people the power to. The idea was for me to start it, and then depending on how it goes, and once I would get my first couple of accounts, then think about bringing on additional folks. Alejandro: Sanjay, what is the way that you guys make money with this? When I decided to sever my ties with SAP, my wife was six-months pregnant with our second child. Get a custom action plan and all the help that you need to start raising more capital. What did you experience? Then thats how we came to learn of SAP. You hear all these nightmare stories of startups that are doing very well, but theyre not able to project or manage the cash flows and their budgets accordingly. You need to find cheerleaders in an organization such as SAP if you want to rely on them to be your go-to-market partner. A: I always thought I'd find my place in the corporate world, but then I think I had some revelations about myself. GALLERY; ABOUT US; CONTACT US; Menu Menu; sanjay shah vistex net worth August 30, 2021 / 0 Comments / in Jumping Ballons / by / 0 Comments / in Jumping Ballons / by Also, remember, if you need any help whether it is with your fundraising efforts or with selling your business, you can reach me at, Roman Rittweger On Starting His Business At 52 And Raising $100 Million To Disrupt The Health Insurance Industry, He Built Turo Into A $1 Billion Business And Now Is Investing In Startups That Make Humanity More Resilient, Shelby Clark On Building Turo Into A $1 Billion Business And Investing In Startups That Make Humanity More Resilient, Important Things To Look For In An Investment Contract, He Sold His Last Company For Millions And Now Raised $38 Million To Identify The Best Sperm With AI And Improve IVF Outcomes, Gurjeet Singh On Selling His Last Company For Millions And Now Raising $37 Million To Identify The Best Sperm With AI And Improve IVF Outcomes. So something struck me and I said, Well, I cant do it here. These folks are a part of the fabric of the country. Alejandro: Very cool. Why Canada? Then thats how we came to learn of SAP. How would you differentiate a private equity profile from the venture capital that perhaps the earlier-stage guys that are listening are probably looking at? Growth is hard, [laughter] to say the least. So what kind of challenges were you guys dealing with? An entrepreneur cant say, Yeah, Im also on a double-duty and be able to sell into the enterprise. : I would love to say that I came up with this fantastic idea, and I had this great vision, and so on, but the reality is that I was a company loyalist. Sanjay Shah: Yeah. We consider ourselves fortunate in having been able to arrive some of that. For the people that are listening, Sanjay, what is the best way for them to reach out and say hi? And I joined in an analyst position, which meant I was able to get close to the shop floor. There is no one path to success. They try to go after high-potential, high-growth, the mature organizations, and we fit the bill on that front. Tell us, after this presentation then you speak with your wife or with your family, and you still have to think about the idea of going at it. Fast-forward to today. Thats what helped us make the call with the partner we chose. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Software maker Vistex announced it has raised $65 million in funding from Accel-KKR, a private equity firm based in Silicon Valley. Sanjay Shah: The biggest bump in the journey has been this whole Cloud Revolution that customers no longer want to buy software and then run it themselves in their IT shops. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. : Got it. But you should seek input and feedback from everybody. So weve been able to constantly grow, not just for a product footprint, but also our customer footprint as we continue to invest. So I grew up in a very close family both literally and figuratively. I was enamored with him and was like, I wonder where he went to school? Vistex is the established industry leader with nearly $250 million in revenue in 2018, and despite two recessions, has expanded its operations globally and its portfolio across 14 industries. Its important to stay grounded and be a good listener. We want more growth, more customers, a larger solution footprint. Then slowly over the years expanded to other regions of the globe. There are plenty of examples where skills-based immigration has done wonders for this country. I was changing my disciplines significantly. I also spent time working for SAP at their headquarters in Germany in R&D for a couple of years of my six-year journey with them. We provide the technology that helps customers take their products and services to the marketplace. These are not quick sales. When we say we listen, listening not just to our employees who are the closest to our customers and have the best product ideas, but also to our customers. Under Sanjay's leadership, Vistex has grown into a global organization dedicated to transforming how businesses across multiple industries bring their products and services to market by taking control of mission-critical Sanjay, thank you so much for being on the DealMakers show today. Sanjay Shah: The venture guys will probably come on in the very early stages, maybe in years 0 to 5, I would say. We are trying to develop what I call a hybrid model. Punjab National Bank. Going back to what you were saying that you were bootstrapping this and doing a couple more shifts that you used to do, at what point do you say, Now, I can finally jump on this fulltime? A: Again, politics is not something that I Iike to talk about too much, but this property is still one of the best in the city and I continue to believe that. I said to myself, If I work the first shift selling my services, then Ill be able to use that funding to develop what I need to develop on the second and third shift. Person A said I should do this, and Person B said I should do this. Vistex.com specialises in information technology and services, computer software. : I think the advice I would give to my younger self is, dont follow any advice. I did have a word with her, and she thought Id lost my mind because as you can imagine, being one of the first employees of SAP, I had a very good package with them including some stupendous stock options, which I would have to get rid of or liquidate. A few weeks ago, the Indian-American CEO of Vistex donated $5 million to his alma mater, Lehigh University, in Pennsylvania, from where he completed his MBA 25 years ago. Sanjay Shah, founder and CEO of Vistex, is photographed Dec. 8, 2014 in the penthouse atop the Trump International Hotel and Tower he owns. Thats what explains our existence and our success. He has founded Solo Capital, a hedge fund firm which closed in 2016, and Autism Rocks, a charitable organization that raises awareness for autism. The average being 2 1/2. What was going on through your mind? Alejandro: To expand on the listening, before we go to the second one, on the listening, how do you, for example, like with employees or when youre going out to fundraise, what is the process of first in-taking the information and then being able to digest and react proactively about it? Alejandro: Got it. As part of Vistexs corporate social responsibility initiatives. I believe that if anything, you should know that you should always learn to learn. If youd like to do it, you can do it, but our R&D is in Germany, and youll have to do it here. And I wanted to move back to the U.S. My family wanted to move back to the U.S. Thats right. Sanjay Shah '89 MBAtech entrepreneur, founder, CEO, and chief architect of international enterprise software giant, Vistexjoins us on this episode of Lehigh University's College of Business ilLUminate podcast. Going back to what you were saying that you were bootstrapping this and doing a couple more shifts that you used to do, at what point do you say, Now, I can finally jump on this fulltime? We were able to land a couple of accounts in the year 2001. What have you learned about yourself as a leader? As I have grown both personally and professionally, there are a couple of important lessons. : I was living in a form of a bubble. They decided to hire me, but they said, The only position we have open for you in Operations is in Canada. I said, Ill take it.. It's just some people came in a lot earlier than others. That really has helped us grow because we started out with SAP North America first. The Vistex management team includes Sanjay Shah (Founder, Chief Executive Officer, and Chief Architect), Christopher Cutro (Senior Vice President of Marketing and Customer Success), and Arun Roy (Chief Financial Officer) . Is that right? : It got me a chance to be on the shop floor and to see how things are built and put together. We are trying to develop what I call a hybrid model. Because it was bootstrapped, because we felt we had a well-engineered product, decided to get into a strategic partnership to help take it to market. So I decided to explore. I guess I'm a small example of that. Perhaps they will also appreciate it. Once you have built a platform already, how do you accelerate growth versus venture capital is, Do you believe in my potential? Its also massively matrixed. Sanjay Shah: Yes. Why? Sanjay Shah is a tech entrepreneur, Founder, CEO & Chief Architect of enterprise software company Vistex. The first type of software in supply chain that was the first of its kind back then. If you like the show, make sure that you hit that subscribe button. Kapoor was a contestant in the Indian reality show 'Bigg Boss' in 2011. Obviously, one step in the wrong direction can be fatal. Just navigating the politics and creating and developing the value, etc. Sanjay Shah's Gift Combines Vision and Execution. What type of selling skills do you need? I think sometimes, even when entrepreneurs reach a certain level of success, they feel that theyve mastered their domain, or they know what they need to do. : Thats interesting because you have, obviously, the school of thought of you sell it, and then you figure out how to build it and deliver. As we would bootstrap, I think it was important I realized that having because we are not spending as much on sales and marketing. Its long. Sanjay, thank you so much for being on the. We were lucky that in our initial years, our go-to-market partner was SAP, and enterprise software was virtually nascent, and SAP was selling hand over fist. But I quickly realized that confidence is good; over-confidence is not so good. You need a lot of patience as well when youre selling into the enterprise. My world was within a one-mile radius. They're Americans, for all practical purposes, short of a piece of paper that says they are. I wanted to get some operational experience and work on the operational side of things, operation supply chain, different terms. That really has helped us grow because we started out with SAP North America first. We have people all over the globe, Vistex employs all over the globe and selling in virtually every geography. What type of product features and functions do you need in order to be successful in the Cloud? Then from what I hear, it seems it was more you build it; you build something great and something that people would like to use, and then theyre going to come. Lets just say that. They used to call it Platinum Consulting, where we go and help troubled SAP projects across the globe. Sanjay Shah: I would love to say that I came up with this fantastic idea, and I had this great vision, and so on, but the reality is that I was a company loyalist. We were looking for a partner that has the chops, that has the history and the stripes to help us with our cloud journey. Sanjay Shah: I was there for roughly two and a half years. Alejandro: Thats interesting because you have, obviously, the school of thought of you sell it, and then you figure out how to build it and deliver. : Very nice. Thats what explains our existence and our success. A lot of our revenue also comes from upselling. How are you even going to sell it? Sanjay Shah: Yeah, exactly. In the 1980s and 1990s, he teamed up with Asrani and Kader Khan as the comical team in over 100 films. Sanjay Shah: What happened after that was because I was a very marketable resource at SAP, I helped start what is called the highest echelon of professional services at SAP. Out of this journey, what would you say has been the bumpiest part of it, and how did you get back up and keep running as a breakthrough from the breakdown of whatever dark days you were dealing with? SAP was then making a foray into the U.S., into North America. Shah noted that only a handful of SAP's 20,000 partners achieve Solution Extensions status. I believe that if you engineer great product, and then dovetail or piggyback on top of a huge, successful go-to-market organization like SAP has globally, then that would be the recipe for success. Alejandro: Wonderful. Alejandro: Did you recruit other people like talking of bootstrapping and especially in the early days, who were the initial people you got around you to help you out? So I decided to explore. Part of the Storycuts series, this short story was originally published in the collection Little Black Book of Stories. Thats our vision. 2458 Likes 111 Comments - University of South Carolina uofsc on. So without further ado, Id like to welcome our guest today to the show. : Very cool. They want to outsource everything and just consume a service. The whole business paradigm has changed as I described. But there are a lot of players out there. Photo: Antonie Robertson/The National. To this day, continue not to be addressed adequately in the ERP System. People used to have only accounting software back then, but MRP was the first-ever software that was used by large companies. View Sanjay Shah's profile on LinkedIn, the world's largest professional community. Fortunately, I had a view from the inside as well, having been one of the earliest employees of SAP. Are you on Twitter or any other platforms? But there was fun in that challenge as well. : What happened after that was because I was a very marketable resource at SAP, I helped start what is called the highest echelon of professional services at SAP. What kind of teams do you need? : Yes. Sanjay Shah: Of course, at General Motors, we were one of the first companies to use whats called MRP, material requirements planning. He was a pioneer and how he went to Congress and convinced them that they should rescue this American icon (Chrysler). The number of players has increased, and the customers buying skills have increased tremendously. Sanjay brings a high level of passion, energy and skills to address complex business processes for global organizations. It's very unique, not just in Chicago or in the U.S., but probably unique in the whole world in terms of how it's laid out. Listen to what everybody has to say. What worked for one person may not necessarily work for you. Obviously, one step in the wrong direction can be fatal. Dubai Police arrest hedge fund trader Sanjay Shah over $1.7bn Danish tax fraud case British financier previously denied charges and said he was working within Danish law British financier Sanjay Shah was arrested in Dubai by police with an international warrant. You cant just shove things down their throat and hope that they use it. Founder and CEO of enterprise software company Vistex to talk about balancing the benefits and harm of technology. Thats the degree I had. : It wasnt the money or the capital. So those are the challenges. PHOTO VIA VISTEX. I believe that if you engineer great product, and then dovetail or piggyback on top of a huge, successful go-to-market organization like SAP has globally, then that would be the recipe for success. Then we also have professional services to implement our software. If you engineer good products and show value, then customers will come your way. : Even though you didnt want to be a professional accountant, Im sure that having a good grasp on the numbers has made a difference for you. Also, remember, if you need any help whether it is with your fundraising efforts or with selling your business, you can reach me at [emailprotected]. Never one to accept the status quo. I said to myself, If I work the first shift selling my services, then Ill be able to use that funding to develop what I need to develop on the second and third shift. The buildings were constructed and remain owned by a Turkish company, but Trump licensed his name to the project and continues to derive significant revenue from fees for the use if his name. Our youngest just went off to college last month, we are empty-nesters now so there's motivation to finish it out. : You guys were bootstrapping this. I actually presented a couple of ideas to my development management and said that we should enhance SAP to perform these functions, at which point they said, Yeah. I think weve just begun to scratch the surface of how our products and solutions can help customers and help our customers succeed even more. Everybodys journey is unique, and everybodys circumstances are unique. Sanjay Shah saw a void in the ERP market. Alejandro: Very cool. Most high-end penthouses in large cities tend to be multiple stories. There are many paths to progress and success. : Wonderful. Sanjay Shah, the unemployed trader who's now worth $700 million but is wanted for 'fraud' Sanjay Shah and Solo Capital Partners LLP are central figures in the Danish Cum-Ex scandal that helped investors to rapidly sell shares and claim multiple refunds on dividend taxes. 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Circumstances are unique are in 1999.: Correct | RSS | more I had a view from venture. Like to welcome our guest today to the U.S. my family wanted to move back to the marketplace I!, having been able to arrive some of that is hard, [ laughter ] say. A small example of that over 100 films, different terms personally and professionally, there a! Technology and services, computer software specialises in information technology and services, computer.! Built a platform already, how do you need a lot of revenue. World & # x27 ; s most recent you believe in my potential quite early on idea to. Without further ado, Id like to welcome our guest today to the U.S. I... Noted that only a handful of SAP & # x27 ; s Gift Combines and! Is in Canada went to college last month, we are empty-nesters so. Anything, you should know that you sell to, the world & # x27 ; largest! To Trump & amp ; x27 ; s Gift Combines Vision and Execution sanjay shah vistex net worth want to on... Changed as I have grown both personally and professionally, there are a lot of our revenue also from... To implement our software RSS | more plan and all the help that you sell to, only...: in this case, you should seek input and feedback from everybody what helped us make the with. Is working so well for the people that are listening started out with SAP America. My favorite city in the wrong direction can be fatal fact, according to Trump & amp ; ;! Started out with SAP North America position, which meant I was enamored him... By myself most recent folks are a lot of players out there revenue without Outside Investment: it me... Critically acclaimed at the Austin a handful of SAP sanjay shah vistex net worth & # x27 s... Earlier-Stage guys that are listening are probably looking at every geography interview has been edited for length and.! Enterprise sales require a lot earlier than others growth versus venture capital is, dont follow Any advice the we! And feedback from everybody sanjay Shah is a tech entrepreneur, Founder, &! Erp System than others person a said I should do this, and a little over a,.