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. : Of course. 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. How do you guys monetize? So General Motors in Canada was willing to wager a bet on me. So in your case and in your journey because in entrepreneurship, theres no such thing as a straight line. The program is a global series of events that celebrate visionary, dynamic founders and entrepreneurs that . What were some of the early days like? Chicago entrepreneur Sanjay Shah owns a business software company, Vistex Inc, which is estimated to be approaching $200 million in annual revenue. How do you build and scale a cloud business? Alejandro: What was your biggest learning or lesson from working with them? Why did you decide to come to the U.S. because I believe it was business school? 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. We have a relatively flat organization. Sanjay Shah: We have three distinct revenue streams. I guess I'm a small example of that. Thats our vision. Sanjay Shah: Thank you. Punjab National Bank. I got an MBA in finance. 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. As an R&D leader in the ERP world, Sanjay also knew that this type of solution wasn't on anyone else's roadmap. Sanjay Shah: Our first challenge was when the dotcom crash came up. 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? 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. Alejandro: Why did you go about bootstrapping rather than perhaps taking a look at financing the operation? : Its interesting. As we would bootstrap, I think it was important I realized that having because we are not spending as much on sales and marketing. But even despite that, there are enough challenges when youre working with an organization the size of SAP. Alejandro: Really interesting here. We found a great partner in Excel KPR. sanjay shah vistex net worth. 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.. As I said, I was living in a bit of a bubble. They're Americans, for all practical purposes, short of a piece of paper that says they are. 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. : I hired people that had the technical skills to help me write the software. Today, we have someone that has done something remarkable, which is bootstrapping from nothing to 250 million. 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. Im not a big social media citizen if you will, but from time to time, I will check LinkedIn. You cant just shove things down their throat and hope that they use it. : Yeah. You have your supply chain and your factories and you make stuff, and after you've made that stuff, how do you take it to market? You need a lot of focus and dedication and a lot of persistence. Sanjay Shah On Going From Zero To $250 Million In Revenue Without Taking Any Outside Investment. All of my family and extended family lived in a one-mile radius. They would help us build and scale our cloud business and yet be comfortable being a minority investor. What does the future look like for Vistex? What attracted you to it? I did not know there are a few folks that work at Vistex (who) are affected by this directly. Photo by Christa Neu. Have you completed it? : Yeah. Thats what helped us make the call with the partner we chose. 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. We were able to land a couple of accounts in the year 2001. We want more growth, more customers, a larger solution footprint. How are you going to price it? Then the logical progression was to work in accounting. 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. They try to go after high-potential, high-growth, the mature organizations, and we fit the bill on that front. Are you on Twitter or any other platforms? When you continue to deliver value for your customers, then they see it. 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. 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. : Really interesting here. : How many employees do you guys have today, Sanjay? : 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. Different propositions, private equity being a different proposition as innovated. So lets continue. What is private equity? Sanjay Shah in 2020. . As a self-made man, Sanjay Shah appreciates the importance of giving back. Then slowly over the years expanded to other regions of the globe. The company was bootstrapped to $250 million in revenue without outside investment. Dallas-Fort Worth Metroplex. "Our relationship with . Is that right? As of January 2023, Shakti Kapoor's net worth is estimated to be roughly $30 Million. These are not quick sales. Why? I got an MBA in finance. Your email address is 100% safe from spam! That has been the biggest bump. Hello everyone and welcome to the DealMakers show. Never one to accept the status quo. He bought a 36-foot yacht for $500,000 in . Spotlight Directory Sanjay Shah '89 MBA, Founder, CEO & Chief Architect, Vistex, Inc. Sanjay Shah is a tech entrepreneur, Founder, and CEO of enterprise software company Vistex. What worked for one person may not necessarily work for you. Alejandro: Very nice. Different propositions, private equity being a different proposition as innovated. Thats the degree I had. : All right, Sanjay. Thats right. Must Read: Roman Rittweger On Starting His Business At 52 And Raising $100 Million To Disrupt The Health Insurance Industry. Thats quite a significant amount of employees. SAP was then making a foray into the U.S., into North America. We were looking for a partner that has the chops, that has the history and the stripes to help us with our cloud journey. 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. Alejandro: Absolutely, and well talk about your bootstrapping experience in just a bit. A: This country is a country of immigrants. So I ended up taking a job at Pricewaterhouse as a staff auditor right after I graduated from grad school. We have people all over the globe, Vistex employs all over the globe and selling in virtually every geography. 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. 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 is a tech entrepreneur, Founder, CEO & Chief Architect of Vistex, making sure it all adds up for our customers. Alejandro: 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. I didnt want to give up much equity. Sanjay Shah: I hired people that had the technical skills to help me write the software. : 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. Alejandro: Wow! 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. 2458 Likes 111 Comments - University of South Carolina uofsc on. So quite an accomplishment. Supply chain is a more recent term, but back then, it was operations. Alejandro: Very cool. An Indian immigrant, Sanjay Shah bootstrap story began when he left Mumbai, India to attend Lehigh Universitys business school, earning his MBA in 1989 at the age of 21. Alejandro: There are a lot of people that are on the line that are thinking about venture capital, and angels, and private equity. 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. : So, she was a little consumed. Sanjay Shah: I was living in a form of a bubble. I decided to come 10,000 miles away to go to business school. Sanjay Shah is the founder and CEO of Vistex which is an enterprise software company, providing solutions to drive customer growth and partner relations. 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. Enterprise sales require a lot of persistence and a lot of fortitude to stay in the race for the longer term. Exactly, especially if you intend to bootstrap, I think you have to have a good accounting streak in you. Get Contact Info for All Departments Vistex Org Chart Sanjay Shah Founder, Chief Executive Officer, and Chief Architect 6 6 Get a custom action plan and all the help that you need to start raising more capital. I think thats when I felt that we were onto something. As I have grown both personally and professionally, there are a couple of important lessons. Brazil, South Africa, all countries in Western Europe, Asia, etc. So quite an accomplishment. Vistex Hoffman Estates IL 60010, United States Get Sanjay's Email (it's Free) Takes 5 seconds to join, no credit card required. Then the logical progression was to work in accounting. Sanjay Shah: The venture guys will probably come on in the very early stages, maybe in years 0 to 5, I would say. You have these ideas and visions of growth, and then there is reality unless youre exceptionally fortunate. Hello everyone and welcome to the, show. I was one of the spearheads of that. His new book is titled Fares, Do Not Sell/Share My Personal Information. So in having a degree in finance and having work experience in accounting is not exactly something that would draw potential employers for an operations position. Ellen Milligan , Donal Griffin and Karin Matussek 7 October, 2020 08:42 am IST Employees at Vistex, Inc. rate Sanjay Shah higher than employees at Innovative Interfaces rate James Tallman : Initially, for the first year, and a little over a year, it was just me by myself. 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. Sanjay Shah is an avid licensed pilot, is multi-lingual and holds multiple professional certifications and degrees. Vistex founder Sanjay Shah talks about his love of flying, how work got in the way, and how he hopes to dust off his wings. 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. I believe that if anything, you should know that you should always learn to learn. 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 Im a good listener over the years. Alejandro: Of course. Enterprise sales require a lot of persistence and a lot of fortitude to stay in the race for the longer term. We license our software. So without further ado, Id like to welcome our guest today to the show. 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. So I grew up in a very close family both literally and figuratively. We license our software. Its also massively matrixed. Sanjay Shah's Gift Combines Vision and Execution. With all this, the list was small, and we found a great partner who we signed up with. Alejandro: You guys were bootstrapping this. I would like to describe it as a bit chaotic, but a very functional democracy. As I said, I was living in a bit of a bubble. Who are you going to accept (as customers)? WLS CHICAGO (WLS) -- Chicago-based entrepreneur Sanjay Shah, founder and CEO of Vistex, Inc., which is based in Hoffman Estates, Ill., purchased the penthouse of Trump International Hotel and. 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. Then there is annual maintenance tied with it. : And in terms of enterprise sales, Sanjay, that you were eluding to, what are your biggest takeaways from enterprise sales because its a beast. What were some of the early days like? Q: Why would you spend so much money on a penthouse? 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) . 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:. : 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? Growth is hard, [laughter] to say the least. Sanjay Shah Founder, CEO, & Chief Architect at Vistex, Inc. Barrington Hills, Illinois, United States 500 followers 500+ connections Join to connect Vistex, Inc. Company Website Activity In. Alejandro: What were some of the key ingredients that you were looking for in a partner? The number of players has increased, and the customers buying skills have increased tremendously. It happens to be associated with the president now it wasnt planned that way, but that doesnt change my mind about finishing the place or eventually spending more time there. It was a German software company that had been around for 20 years already by the time they came to North America. So I was introduced to software quite early on. 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. And I joined in an analyst position, which meant I was able to get close to the shop floor. Perhaps they will also appreciate it. Lets just say that. Please subscribe to unlock this content. The company was bootstrapped to $250 million in revenue without outside investment. And I lasted a full six months and decided that I didnt want to be a professional accountant. How are you even going to sell it? Would you mind expanding a bit more on that, Sanjay? 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