There are so many different stakeholders. People used to have only accounting software back then, but MRP was the first-ever software that was used by large companies. 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. : Yeah, exactly. Alejandro: In this case, you guys were bootstrapping. A:While I'm all for folks working these jobs, where otherwise those jobs would not be done, the question is, are those people then contributing their fair share to the economy in terms of taxes? In many instances, its like a 24-month sales cycle. : Of course. Sanjay Shah resides in Chicago, Illinois with his wife and two daughters. In my early days, I used to be confused. 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. Today, we have someone that has done something remarkable, which is bootstrapping from nothing to 250 million. Alejandro: How many employees do you guys have today, Sanjay? Sanjay Shah's email address: [email protected] | Find Sanjay's Email, Social Profiles, and Mutual Contacts both you and Sanjay know . Alejandro: So originally, Sanjay, you were born in Mumbai, India. How are you going to price it? I think you have to be your own advisor and your own decisionmaker. Then there is annual maintenance tied with it. Alejandro: There are a lot of people that are on the line that are thinking about venture capital, and angels, and private equity. There are different sources to get money in. So I ended up taking a job at Pricewaterhouse as a staff auditor right after I graduated from grad school. Alejandro: So this was a private equity financing. And you need professional sales help. Sanjay Shah saw a void in the ERP market. Theres not always just one decisionmaker in such a large company, especially when we rely on them as our go-to-market partner. Once you have built a platform already, how do you accelerate growth versus venture capital is, Do you believe in my potential? With all this, the list was small, and we found a great partner who we signed up with. A lot of our revenue also comes from upselling. What were the immediate steps to bring this to life? When I decided to sever my ties with SAP, my wife was six-months pregnant with our second child. 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 Software maker Vistex announced it has raised $65 million in funding from Accel-KKR, a private equity firm based in Silicon Valley. I wanted to give up a very small portion of it while drawing on their expertise. 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. 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. As of January 2023, Shakti Kapoor's net worth is estimated to be roughly $30 Million. Lets just say that. But there was fun in that challenge as well. Sanjay Shah, founder and CEO of Vistex, is photographed Dec. 8, 2014 in the penthouse atop the Trump International Hotel and Tower he owns. Enterprise sales require a lot of persistence and a lot of fortitude to stay in the race for the longer term. 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? 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. How do you guys monetize? : Of course, at General Motors, we were one of the first companies to use whats called MRP, material requirements planning. 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. Sanjay Shah: It wasnt the money or the capital. 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. 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. 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. Sanjay Shah: I think the next thing Ive learned is always to learn to learn. We didnt have any salespeople on board, so we were engineers doing all of the selling ourselves. I was able to sell my services and sell my time. : Wonderful. Sanjay. Sanjay Shah: It got me a chance to be on the shop floor and to see how things are built and put together. They would help us build and scale our cloud business and yet be comfortable being a minority investor. We are a software company run by engineers, not marketers. My world was within a one-mile radius. 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 '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. (Vistex Foundation) A South Barrington resident, Sanjay Shah recently. : Initially, for the first year, and a little over a year, it was just me by myself. Happy to be here. Sanjay Shah: Yes. For 20 years, Vistex has achieved unprecedented year-over-year growth without outside funding. Thats when I decided to expand the hiring for the organization. What does the future look like for Vistex? I was an SAP loyalist. There are so many different stakeholders. Our youngest just went off to college last month, we are empty-nesters now so there's motivation to finish it out. 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. Contact: Mr. Alex Dehnert Communications Manager Vistex, Inc. 2300 Barrington Road, Suite 550 Hoffman Estates, IL 60169 Phone: 847-490-0420 [email protected] SOURCE Vistex, Inc. It was the appetite for companies to spend on enterprise software, which took a nosedive in 2001, 2002 was the first challenge. : How many employees do you guys have today, Sanjay? I would like to describe it as a bit chaotic, but a very functional democracy. Antonie Robertson / The National The National Jun 03, 2022 Listen In English Shah was born in 1970 in Marylebone, London. And you need professional sales help. I guess I'm a small example of that. Sanjay Shah: I hired people that had the technical skills to help me write the software. Sanjay Shah, welcome to the DealMakers show today. I wanted to give up a very small portion of it while drawing on their expertise. : Very cool. Alejandro: Very cool. I did not know there are a few folks that work at Vistex (who) are affected by this directly. Sanjay Shah: I think in 2001, I was able to land our first customers. A: It's the pinnacle of all properties in Chicago. I come from a family of traders and accountants. But even despite that, there are enough challenges when youre working with an organization the size of SAP. What type of product features and functions do you need in order to be successful in the Cloud? Sanjay Shah of Vistex Inc at SAPPHIRE 2012 - YouTube For more information about upcoming events, click here: http://www.vistex.com/about-us/events/Vistex, an expanding company, offers. 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 . Sanjay Shah: We have three distinct revenue streams. : 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 . That helped definitely. Then slowly over the years expanded to other regions of the globe. Alejandro: Got it. : 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. So I was introduced to software quite early on. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. We didnt have any salespeople on board, so we were engineers doing all of the selling ourselves. Enterprise sales require a lot of persistence and a lot of fortitude to stay in the race for the longer term. You shouldnt necessarily follow somebodys footsteps, but just take inspiration and then chart your own path. Thank you, Alejandro. Sanjay Shah: Thats a good question. What did you experience? He bought a 36-foot yacht for $500,000 in . 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. : So originally, Sanjay, you were born in Mumbai, India. You need a lot of patience as well when youre selling into the enterprise. Alejandro: Why did you go about bootstrapping rather than perhaps taking a look at financing the operation? I got an MBA in finance. 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. I was fascinated and intrigued by the software. My Name is sanjay shah. I think getting the firsthand experience was critical. As a business owner that helps you, serves you, and it never hurts to be fluent with numbers. : Very nice. I was enamored with him and was like, I wonder where he went to school? As a business owner that helps you, serves you, and it never hurts to be fluent with numbers. Why would you want to unnecessarily tinker with a program that is working so well for the country? What did you experience? When you continue to deliver value for your customers, then they see it. New video: https://vistex.link/2EQs - SAP's Tom Roberts and Vistex Inc CEO & Founder, Sanjay Shah, discuss today's announcement that #SAP has made a strategic investment in Vistex. 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? Posted on December 3, 2020 by Sanjay Shah: Correct. 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. You have these ideas and visions of growth, and then there is reality unless youre exceptionally fortunate. : So this was a private equity financing. Dubai: Dubai Police arrested Sanjay Shah, the main suspect in the biggest tax fraud and money laundering case in Denmark. Alejandro: So for the people that are listening . 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: Yeah. But you should seek input and feedback from everybody. So our focus is, how can we help our customers succeed even more with our products and offerings? : I think in 2001, I was able to land our first customers. Youve been with SAP for six 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. Walk us through some of those days. 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 kind of marketing do you need to be able to sell effectively? So again, working with SAP, such a gigantic organization has its set of challenges, and there have been several lessons learned. 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