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? Have you completed it? Thats right. Thats how I was able to bootstrap. So lets continue. : Correct. I think thats when I felt that we were onto something. It is important that we strike a partnership with a very large player that can give you a tremendous amount of reach into the marketplace globally, and SAP was a natural partner for us because they have thousands and thousands of feet on the street. : Yes. The Founder, CEO and Chief Architect of enterprise software company Vistex, Sanjay Shah is a global businessman who has bootstrapped the company from its conception to its current role as a vital partner to worldwide titans like Apple, Walmart, 3M, Turner, Dell and Bayer. xxxx@xxx.com + Full Profile Information + Social Network Profiles . Person A said I should do this, and Person B said I should do this. Thats what explains our existence and our success. Customers are getting smarter, especially in enterprise software, which is where we play. As an R&D leader in the ERP world, Sanjay also knew that this type of solution wasn't on anyone else's roadmap. Obviously, one step in the wrong direction can be fatal. 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. Alejandro: Alrighty. There are so many different constituencies at SAP to find the right balance to bring all of these together for hem to cheer for you. They were raised here. : Thats a good question. : Yes. Alejandro: Who were these people that you hired? I didnt want to give up much equity. 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 . : Its interesting. 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. So, life was great. : Thats right. Alejandro: Got it. Kapoor was a contestant in the Indian reality show 'Bigg Boss' in 2011. So I grew up in a very close family both literally and figuratively. What does the future look like for Vistex? There are so many different stakeholders. My advice is, dont follow any advice. We are trying to develop what I call a hybrid model. : What were some of the key ingredients that you were looking for in a partner? We found a great partner in Excel KPR. Sep 28, 2020 On June 26, 2012, Trumps sons Donald Jr and Eric were in the Philippines for the groundbreaking of the 150-million (P6.33 billion in 2012) Trump Tower Philippines, a 56-story residential building.. the trump tower is owned by Donald Trump hes a VERY rich dude hes old too Is Liam charmer a billionaire Yes he is and now he is a multi - billionaire. Thats how I was able to bootstrap. Sanjay Shah: So, she was a little consumed. So I decided to explore. We are a software company run by engineers, not marketers. Of course, thats important because it establishes a benchmark of sorts, but also to provide us with the expertise that we need. Some of it was just this level of fierce independence we wanted to have that I think we can pull this off because what we did during the day was highly marketable. In 2019, Sanjay Shah led Vistex to accelerated growth opportunities with its first minority equity investment from Silicon Valley-based Accel-KKR (AKKR), infusing up to $105 million to fuel the companys continued dominance. Then PricewaterhouseCoopers. Sanjay. : 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 again, working with SAP, such a gigantic organization has its set of challenges, and there have been several lessons learned. Maybe I should trust A more than B, so I should do what A said. No. Shah bought the 14,000-square-foot penthouse for. Alejandro: Wow! Fast-forward to today. You know, sometimes you discover your true passion, and you don't always realize it and recognize it, but something hits you when it does happen. We consider ourselves fortunate in having been able to arrive some of that. Thats when I decided to expand the hiring for the organization. In addition, he makes $6,222,220 as Chief Operating Officer at Beyond Meat Inc. 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? 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. We have people all over the globe, Vistex employs all over the globe and selling in virtually every geography. I was an SAP loyalist. Sanjay Shah is a tech entrepreneur, Founder, CEO & Chief Architect of Vistex, making sure it all adds up for our customers. Supply chain is a more recent term, but back then, it was operations. Right after Pricewaterhouse, you went to General Motors. A: Lee Iacocca. Sanjay Shah is the founder and CEO of Vistex which is an enterprise software company, providing solutions to drive customer growth and partner relations. To this day, continue not to be addressed adequately in the ERP System. Alejandro: 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 . Its long. Click Here For Sanjay D Shah's Last Known Address 7 Cutters Run, South Barrington, IL 60010 1106 Kingston Ct, Glendale Heights, IL 60139 744 W Bristol St, Elkhart, IN 46514. What were the immediate steps to bring this to life? The whole business paradigm has changed as I described. So those are the challenges. Those are the revenue streams for us. An entrepreneur cant say, Yeah, Im also on a double-duty and be able to sell into the enterprise. : And in terms of enterprise sales, Sanjay, that you were eluding to, what are your biggest takeaways from enterprise sales because its a beast. In the 1980s and 1990s, he teamed up with Asrani and Kader Khan as the comical team in over 100 films. Home / Companies / News / Salaries increase for top mutual fund CEOs. For the people that are listening, Sanjay, what is the best way for them to reach out and say hi? We felt that we needed to bring in some external expertise to help us grow the subscription part of our business. My Name is sanjay shah. What type of product features and functions do you need in order to be successful in the Cloud? So again, working with SAP, such a gigantic organization has its set of challenges, and there have been several lessons learned. Sanjay Shah left SAP to establish an entirely new category of enterprise software known as Go-to-Market programs designed to help businesses solve complex business problems. Not funding for everything, but it was an atypical path. Start Free People Search A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Directory of Profiled Business People: Sanjay Shah Sgrignuoli, Philip - Shahait, Mohammed > Shah, Ruskinarxon - Shah, Sayad > Shah, Sanit - Shah, Sanjaykumar > Shah, Sanjay 1-25 of 525 Contacts 1 I was able to sell my services and sell my time. Everybodys journey is unique, and everybodys circumstances are unique. Alejandro: There are a lot of people that are on the line that are thinking about venture capital, and angels, and private equity. : 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. Denmark's tax authority has won its appeal in the UK courts over an alleged 1.5 billion ($2 billion) fraud by Dubai hedge fund trader Sanjay Shah and scores of others. They were engineers. Is that right? Ellen Milligan , Donal Griffin and Karin Matussek 7 October, 2020 08:42 am IST 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. Sanjay Shah: I think the next thing Ive learned is always to learn to learn. Then thats how we came to learn of SAP. Alejandro: Very cool. View Sanjay Shah's profile on LinkedIn, the world's largest professional community. You need a lot of patience as well when youre selling into the enterprise. Alejandro: What was your biggest learning or lesson from working with them? Alejandro: What was essentially the idea so that people listening get it? We kicked things off about a month ago. How was the growth of revenue overtime during those years? 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. What type of selling skills do you need? Plus it has very high ceilings, anywhere from 16 to 21 feet. Alejandro: How big was the business when you joined them? So I ended up taking a job at Pricewaterhouse as a staff auditor right after I graduated from grad school. Enterprise sales require a lot of persistence and a lot of fortitude to stay in the race for the longer term. Sanjay Shah: It wasnt the money or the capital. Right after Pricewaterhouse, you went to General Motors. Thats what explains our existence and our success. Thats our vision. Theres always a question that I ask the guests that we have on the show, and that is knowing what you know now if you had the opportunity to go back and give yourself a piece of advice, to that younger Sanjay that is about to launch the business, what would that piece of advice be before launching a business and why? But I quickly realized that confidence is good; over-confidence is not so good. : Very cool. What have you learned about yourself as a leader? : Yeah. I love Chicago and this property provided me the vantage point to take in the city. 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. Sanjay Shah's email address: xxxx@xxx.com | Find Sanjay's Email, Social Profiles, and Mutual Contacts both you and Sanjay know . While ERPs were transforming organizations in all kinds of ways, there was still no solution for managing pricing, trade, royalties and incentive programs that so many businesses rely on to drive revenue. I was one of the spearheads of that. I come from a family of traders and accountants. So accounting runs in our blood. Sanjay's Email. Then there is annual maintenance tied with it. He gets a salary of around 72 Thousand Rs. Growth is hard, [laughter] to say the least. Sanjay Shah: I was there for roughly two and a half years. : Wow! It's how he presented and conducted himself and the arguments he (made). : Wonderful. Are you on Twitter or any other platforms? Thats the degree I had. Then the logical progression was to work in accounting. All of my family and extended family lived in a one-mile radius. Perhaps it should be neither, and I should do what Sanjay said would work better. Dallas-Fort Worth Metroplex. In fact, according to Trump&x27;s most recent . I thought, Wow. 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? 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. There is so much out there, and there is so much you can I think you can never rest easy and say, I think Ive learned what I need to learn to be able to be successful. You always have to have a continuous learning mindset. Its also massively matrixed. I think Im a good listener over the years. I think getting the firsthand experience was critical. Sanjay Shah: Business Profiles | ZoomInfo.com Reach your target accounts. Theyve been around for many years, a very notable firm in the Valley, and a lot of successes to their name. Lets just say that. Sanjay Shah: Again, finding the cheerleaders for you is a huge challenge. 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. Sanjay Shah: Its interesting. Shah bought the 14,000-square-foot penthouse for $17 million and in 2017 is working to build out the space. They used to call it Platinum Consulting, where we go and help troubled SAP projects across the globe. The interview has been edited for length and clarity. 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. What was going on through your mind? Antonie Robertson / The National The National Jun 03, 2022 Listen In English We provide the technology that helps customers take their products and services to the marketplace. Shah noted that only a handful of SAP's 20,000 partners achieve Solution Extensions status. I was an SAP loyalist. : Yes. Just navigating the politics and creating and developing the value, etc. The program is a global series of events that celebrate visionary, dynamic founders and entrepreneurs that . As I have grown both personally and professionally, there are a couple of important lessons. We found a great partner in Excel KPR. Why Canada? How Chicago area home values compare by ZIP code, Have camera, will travel: A Chicago taxi driver took pictures of his passengers for years. In many instances, its like a 24-month sales cycle. 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. It was the appetite for companies to spend on enterprise software, which took a nosedive in 2001, 2002 was the first challenge. Im not a big social media citizen if you will, but from time to time, I will check LinkedIn. : Very cool. : Okay. Listen to what everybody has to say. Photo: Antonie Robertson/The National. How do you guys monetize? 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. : Now, you have them as a strategic partner, so obviously, the relationship is there. Maybe I should trust A more than B, so I should do what A said. No. Alejandro: What have you learned about growth, Sanjay? : Wonderful. That really has helped us grow because we started out with SAP North America first. I was changing my disciplines significantly. Then thats how we came to learn of SAP. Sanjay Shah Founder, CEO and Chief Architect Vistex Inc.2300 Barrington Road, Hoffman Estates, IL 60169www.vistex.com Industry: Technology Annual sales: $250 million Number of employees:. Supply chain is a more recent term, but back then, it was operations. Vistex.com specialises in information technology and services, computer software. I decided to come 10,000 miles away to go to business school. And you need professional sales help. They might not have been born here, but they were raised here and they are very productive. My first two hires are still with me and still with the company. : Why did you decide to all of a sudden bring outsiders into the mix? . We have a relatively flat organization. Till some months ago, few outside the business circles had heard of Chicago entrepreneur Sanjay Shah. Walk us through some of those days. 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. The average being 2 1/2. Its important to stay grounded and be a good listener. How about if I move to the U.S. and develop it by myself, and if it works, you help me take it to market? So Im an entrepreneur by accident because if they had said, Yes, you can develop it even while youre in the U.S. I probably might still be with SAP. Sanjay Shah: Yeah. 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. So I was introduced to software quite early on. Alejandro: Wonderful. As a business owner that helps you, serves you, and it never hurts to be fluent with numbers. /PRNewswire/ -- Sanjay Shah, Founder and CEO of Vistex, Inc., one of the world's leading technology companies, made history today with his purchase of the. We want more growth, more customers, a larger solution footprint. Alejandro: Why did you go about bootstrapping rather than perhaps taking a look at financing the operation? So something struck me and I said, Well, I cant do it here. Is that right? PHOTO VIA VISTEX. : You brought this up to 250 million in revenue without taking any type of investors. How was life there? But there are a lot of players out there. Sanjay Shah: I was living in a form of a bubble. A: It's the pinnacle of all properties in Chicago. Alejandro: In this case, you guys were bootstrapping. But you should seek input and feedback from everybody. Exactly, especially if you intend to bootstrap, I think you have to have a good accounting streak in you. : I was there for roughly two and a half years. Alejandro: So here you are in 1999. "Our relationship with . 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. A lot of our revenue also comes from upselling. See How I Can Help You With Your Fundraising Efforts. Employees at Boomerang Commerce rate Guru Hariharan higher than employees at Vistex, Inc. rate Sanjay Shah Alejandro: You guys were bootstrapping this. Then to ensure that they continue to receive value as they expand their portfolio of products. Sanjay Shah: Yes. I think private equity can offer a lot of operational expertise and a lot of go-to-market expertise. But you should seek input and feedback from everybody. What is private equity? Perhaps they will also appreciate it. : Im happy to say that over the past 20 years of our existence, weve always grown every single year despite having been through two recessions. So I hired three or four resources in the year 2000. We have a relatively flat organization. How was the growth of revenue overtime during those years? For Sanjay Shah, who made headlines for buying the Trump Tower penthouse in a record deal in Chicago in 2014, life has come a full circle. Sanjay D Shah Addresses. Vistex Inc., the global leader in pricing, trade, royalties and incentives management solutions, announces the acquisition of Webdata Solutions GmbH's assets and team, a leading technology . 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 . In 2004 he gave up his Kenyan passport and flew to the United Kingdom on a British Overseas citizen passport which permits temporary entry but not residence.He was then sent back to Kenya where he staged a 13-month protest, living in the international area of Nairobi airport between the departure lounges and the immigration desks. That helped definitely. Sanjay Shah: The future is theres more of everything. Sanjay has been instrumental in creating an entirely new category of business software called "Go-to-Market" programs and has charted a visionary path for Vistex that transcends the "business as usual" mindset. What was the next thing that youve learned? 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. Thats what helped us make the call with the partner we chose. Alejandro: Very cool. : What was essentially the idea so that people listening get it? Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. : I was living in a form of a bubble. Why? Then slowly over the years expanded to other regions of the globe. : 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. They want to outsource everything and just consume a service. For 20 years, Vistex has achieved unprecedented year-over-year growth without outside funding. The whole business paradigm has changed as I described. You shouldnt necessarily follow somebodys footsteps, but just take inspiration and then chart your own path. The first type of software in supply chain that was the first of its kind back then. It Platinum Consulting, where we go and help troubled SAP projects across the globe selling. I grew up in a very notable firm in the 1980s and,! 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