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. : Sanjay, what is the way that you guys make money with this? 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. Today, we have someone that has done something remarkable, which is bootstrapping from nothing to 250 million. Sanjay Shah: I hired people that had the technical skills to help me write the software. Your email address is 100% safe from spam! So I hired three or four resources in the year 2000. 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. Theyre very skilled these days in terms of how they decide what to buy. Sanjay Shah, founder and CEO of Vistex, is photographed Dec. 8, 2014 in the penthouse atop the Trump International Hotel and Tower he owns. RECOMMENDED FOR YOU The party's over for tech startups A fiber-optic network now links Argonne. And overnight, they literally go belly-up. : Very cool. . Alejandro: In this case, you guys were bootstrapping. Then slowly over the years expanded to other regions of the globe. In 2012, Donald Trump opened a twin tower structure in Turkey under the brand name Trump Towers Istanbul. : 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. Thats quite a significant amount of employees. Sanjay Shah: Its a massive organization. Sanjay Shah: Again, finding the cheerleaders for you is a huge challenge. London's High Court had previously dismissed a claim by Skat, Denmark's tax authority, to hear the case in the UK on the grounds it was . Alejandro: Who were these people that you hired? Q&A: Beam Suntory CEO rides whiskey boom at home and abroad , Q&A: FCB Chicago ad agency CEO says big ideas still work on little screens , Q&A: Shinola looks to bring manufacturing back to the U.S., and stakes a claim in Chicago . 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? Sanjay Shah is a tech entrepreneur, Founder, CEO & Chief Architect of Vistex, making sure it all adds up for our customers. : What were some of the key ingredients that you were looking for in a partner? The average being 2 1/2. Punjab National Bank. Fast-forward to today. Alejandro: There are a lot of people that are on the line that are thinking about venture capital, and angels, and private equity. : Very cool. : Yes. 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 : What have I learned about growth? 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. 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. View Sanjay Shah's profile on LinkedIn, the world's largest professional community. They would help us build and scale our cloud business and yet be comfortable being a minority investor. : What was your biggest learning or lesson from working with them? 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. I wanted to get some operational experience and work on the operational side of things, operation supply chain, different terms. As of January 2023, Shakti Kapoor's net worth is estimated to be roughly $30 Million. 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. That was a very marketable resource. How are you even going to sell it? Alejandro: Got it. And if you got any value either from this episode or from the show itself, share it with a friend. Its also massively matrixed. Then slowly over the years expanded to other regions of the globe. And if you got any value either from this episode or from the show itself, share it with a friend. : So, she was a little consumed. Alejandro: Then, all of a sudden, the idea of perhaps starting your own business starts to become more tangible and have more color. It's just some people came in a lot earlier than others. I come from a family of traders and accountants. Its long. What was going on through your mind? Perhaps they will also appreciate it. Vistex.com specialises in information technology and services, computer software. In many instances, its like a 24-month sales cycle. They want to outsource everything and just consume a service. : Again, finding the cheerleaders for you is a huge challenge. Why did you decide to come to the U.S. because I believe it was business school? You have these ideas and visions of growth, and then there is reality unless youre exceptionally fortunate. Fast-forward to today. 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. The interview has been edited for length and clarity. 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. : 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. Exactly, especially if you intend to bootstrap, I think you have to have a good accounting streak in you. You and your wife are aligned. Q: Why would you spend so much money on a penthouse? 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. : Okay. 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. Then to ensure that they continue to receive value as they expand their portfolio of products. Antonie Robertson / The National The National Jun 03, 2022 Listen In English 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]. To this day, continue not to be addressed adequately in the ERP System. Sanjay Shah: Correct. Is that right? Alejandro: What have you learned about growth, Sanjay? Thats what explains our existence and our success. 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: What was essentially the idea so that people listening get it? xxxx@xxx.com + Full Profile Information + Social Network Profiles . What were the immediate steps to bring this to life? Perhaps it should be neither, and I should do what Sanjay said would work better. Alejandro: Wow! How was the growth of revenue overtime during those years? Sanjay Shah MD is a pain management physician at SEPA Pain Spine in Horsham Langhorne and Chalfont Pennsylvania. A free inside look at Vistex salary trends based on 203 salaries wages for 130 jobs at Vistex. : Its a massive organization. I think private equity can offer a lot of operational expertise and a lot of go-to-market expertise. Thats our vision. 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? So something struck me and I said, Well, I cant do it here. 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? : 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? Sanjay Shah is a tech entrepreneur, Founder, CEO & Chief Architect of enterprise software company Vistex. The idea was to write the software to address some functions that were not adequately addressed in ERP Systems. 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 I decided to sever my ties with SAP, my wife was six-months pregnant with our second child. If you can leave a review as well, that would be fantastic. 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. Supply chain is a more recent term, but back then, it was operations. Everybodys journey is unique, and everybodys circumstances are unique. 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. What kind of teams do you need? You spend time in classrooms learning about things, but spending time on the shop floor learning how actually products are put together, how they are transported, how the logistics work in terms of the distribution networks of large companies. Plus it has very high ceilings, anywhere from 16 to 21 feet. Growth is hard, [laughter] to say the least. How do you build and scale a cloud business? Then that gave me the funding I needed to do what I wanted to do. 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. sanjay shah vistex net worth. 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. (Kejriwal's basic salary is Rs 32500. Employees at Vistex, Inc. rate Sanjay Shah higher than employees at Innovative Interfaces rate James Tallman What kind of marketing do you need to be able to sell effectively? We want more growth, more customers, a larger solution footprint. Home / Companies / News / Salaries increase for top mutual fund CEOs. Brazil, South Africa, all countries in Western Europe, Asia, etc. My world was within a one-mile radius. They used to call it Platinum Consulting, where we go and help troubled SAP projects across the globe. Theyve been around for many years, a very notable firm in the Valley, and a lot of successes to their name. Alejandro: Very cool. A: Lee Iacocca. Brazil, South Africa, all countries in Western Europe, Asia, etc. Sanjay Shah: Yes. : The future is theres more of everything. When you continue to deliver value for your customers, then they see it. Sanjay Shah: Of course, at General Motors, we were one of the first companies to use whats called MRP, material requirements planning. Alejandro: Now, you have them as a strategic partner, so obviously, the relationship is there. It has 360-degree views of the city. Then thats how we came to learn of SAP. Just navigating the politics and creating and developing the value, etc. So, life was great. What kind of marketing do you need to be able to sell effectively? : The venture guys will probably come on in the very early stages, maybe in years 0 to 5, I would say. Those are the revenue streams for us. 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? We were able to land a couple of accounts in the year 2001. Sanjay Shah: So, she was a little consumed. These are not quick sales. : Wow! 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. I was an SAP loyalist. There are many paths to progress and success. I think Im a good listener over the years. Yes, he owns a business software company, Vistex Inc ., which is estimated to be approaching $200 million in annual revenue. Then PricewaterhouseCoopers. The idea was to write the software to address some functions that were not adequately addressed in ERP Systems. Photo by Christa Neu. There are so many different stakeholders. What type of product features and functions do you need in order to be successful in the Cloud? I would like to describe it as a bit chaotic, but a very functional democracy. 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. And you need professional sales help. We dont have venture funding or angel funding to go launch ourselves in a big fashion to let the world know that were out there. As I said, I was living in a bit of a bubble. Listen to what everybody has to say. Do you believe that Im working on something that has a great potential? Private equity, which is more how do you help accelerate growth, which was more our case. Obviously, one step in the wrong direction can be fatal. So, life was great. Other allowances: Rs 30,000 per month. The number of players has increased, and the customers buying skills have increased tremendously. : 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 . Im not a big social media citizen if you will, but from time to time, I will check LinkedIn. So General Motors in Canada was willing to wager a bet on me. Hello everyone and welcome to the, show. Software maker Vistex announced it has raised $65 million in funding from Accel-KKR, a private equity firm based in Silicon Valley. Sanjay Shah: Okay. In addition, he makes $6,222,220 as Chief Operating Officer at Beyond Meat Inc. The first type of software in supply chain that was the first of its kind back then. Dubai: Dubai Police arrested Sanjay Shah, the main suspect in the biggest tax fraud and money laundering case in Denmark. So then what happens after you make the decision. As we would bootstrap, I think it was important I realized that having because we are not spending as much on sales and marketing. : Yeah, exactly. Vistex also sells its applications to customers who aren't SAP customers. Sanjay Shah is an avid licensed pilot, is multi-lingual and holds multiple professional certifications and degrees. Shah bought the 14,000-square-foot penthouse for $17 million and in 2017 is working to build out the space. : Yeah. Sanjay Shah's email address: xxxx@xxx.com | Find Sanjay's Email, Social Profiles, and Mutual Contacts both you and Sanjay know . The first type of software in supply chain that was the first of its kind back then. You need a lot of focus and dedication and a lot of persistence. We license our software. I think thats when I felt that we were onto something. Hello everyone and welcome to the DealMakers show. I did not know there are a few folks that work at Vistex (who) are affected by this directly. To this day, continue not to be addressed adequately in the ERP System. Right after Pricewaterhouse, you went to General Motors. Sanjay Shah: What have I learned about growth? His new book is titled Fares, Do Not Sell/Share My Personal Information. 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. The average being 2 1/2. What have you learned about yourself as a leader? 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. The Vistex Foundation is a private foundation launched in 2012 through the support of Sanjay Shah, the founder of Vistex, Inc. We are committed to addressing the root causes of poverty by partnering with organizations whose programs provide education and health services to communities in need. With all this, the list was small, and we found a great partner who we signed up with. We have people all over the globe, Vistex employs all over the globe and selling in virtually every geography. What does the future look like for Vistex? Get Contact Info for All Departments Vistex Org Chart Sanjay Shah Founder, Chief Executive Officer, and Chief Architect 6 6 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. I believe that if anything, you should know that you should always learn to learn. We've always had a few ideas about what we want to do with the space, but we never really started anything in earnest. 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 We were looking for a partner that has the chops, that has the history and the stripes to help us with our cloud journey. The whole business paradigm has changed as I described. There are so many different stakeholders. 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 (CEO, Vistex) talks about recasting their pitch after having grown to over 1,600 employees and 20+ years in the business. 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. 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. I think you have to be your own advisor and your own decisionmaker. Exactly, especially if you intend to bootstrap, I think you have to have a good accounting streak in you. Maybe I should trust A more than B, so I should do what A said. No. : Yeah. That really has helped us grow because we started out with SAP North America first. Founder and President at Vistex, Inc. Hoffman Estates, Illinois . 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. One is I think I have learned to be a better listener. 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. I look forward to seeing the final product. Especially, the larger the organization that you sell to, the more durable and the more persistent you need to be. 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. I got an MBA in finance. : Why did you go about bootstrapping rather than perhaps taking a look at financing the operation? 1. That was a very marketable resource. We have a relatively flat organization. I was changing my disciplines significantly. Enterprise sales require a lot of persistence and a lot of fortitude to stay in the race for the longer term. Thats how I was able to bootstrap. How was life there? But you should seek input and feedback from everybody. 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. : I think the next thing Ive learned is always to learn to learn. : We have three distinct revenue streams. Would you mind expanding a bit more on that, Sanjay? What is private equity? He held positions at high-profile companies including PricewaterhouseCoopers and General Motors before moving to Germany to work for software giant SAP. : It wasnt the money or the capital. Our youngest just went off to college last month, we are empty-nesters now so there's motivation to finish it out. It was the appetite for companies to spend on enterprise software, which took a nosedive in 2001, 2002 was the first challenge. My advice is, dont follow any advice. 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. They were engineers. 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. Sanjay Shah: I think in 2001, I was able to land our first customers. Photo: Antonie Robertson/The National. I got an MBA in finance. 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. We are trying to develop what I call a hybrid model. VISTEX CEO AND FOUNDER SANJAY SHAH. I was able to sell my services and sell my time. 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 . 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. What did you experience? The company was bootstrapped to $250 million in revenue without outside investment. 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. Obviously, one step in the wrong direction can be fatal. What was going on through your mind? Alejandro: Really interesting here. 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. Sanjay Shah: Thats right. Sanjay Shah is a former Kenyan national. 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.. They were engineers. 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. "Our relationship with . A: Yes, but Chicago is my favorite city in the world and it will always be. I was enamored with him and was like, I wonder where he went to school? Not funding for everything, but it was an atypical path. 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. Is that right? Just navigating the politics and creating and developing the value, etc. We kicked things off about a month ago. Everything was very hunky-dory. I think private equity can offer a lot of operational expertise and a lot of go-to-market expertise. : Wonderful. 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. Posted on December 3, 2020 by Sanjay Shah: Correct. Thats right. There are so many constituencies both from a product standpoint, from a technology standpoint, and from a go-to-market standpoint. Sanjay Shah: It got me a chance to be on the shop floor and to see how things are built and put together. 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 . Contact: Mr. Alex Dehnert Communications Manager Vistex, Inc. 2300 Barrington Road, Suite 550 Hoffman Estates, IL 60169 Phone: 847-490-0420 alex.dehnert@vistex.com SOURCE Vistex, Inc. Sanjay brings a high level of passion, energy and skills to address complex business processes for global organizations. 2458 Likes 111 Comments - University of South Carolina uofsc on. An entrepreneur cant say, Yeah, Im also on a double-duty and be able to sell into the enterprise. Customers are getting smarter, especially in enterprise software, which is where we play. 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: Our first challenge was when the dotcom crash came up. Sanjay Shah: The venture guys will probably come on in the very early stages, maybe in years 0 to 5, I would say. Chicago entrepreneur Sanjay Shah owns a business software company, Vistex Inc, which is estimated to be approaching $200 million in annual revenue. But there was fun in that challenge as well. Sanjay Shah: 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. My Name is sanjay shah. : Its interesting. Sanjay Shah: Since my consulting business was doing well in Shift 1, I was able to secure some dollars to self-fund my first hires. You shouldnt necessarily follow somebodys footsteps, but just take inspiration and then chart your own path. Everybodys journey is unique, and everybodys circumstances are unique. Do you believe that Im working on something that has a great potential? Private equity, which is more how do you help accelerate growth, which was more our case. : Our first challenge was when the dotcom crash came up. Fortunately, I had a view from the inside as well, having been one of the earliest employees of SAP. Oh, he went to Lehigh.. : Absolutely, and well talk about your bootstrapping experience in just a bit. Shah discusses the American Dream, entrepreneurship, bootstrapping, adapting to . Sanjay Shah is the founder and CEO of Vistex which is an enterprise software company, providing solutions to drive customer growth and partner relations. 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.. I wanted to give up a very small portion of it while drawing on their expertise. Lets just say that. All of my family and extended family lived in a one-mile radius. So then what happens after you make the decision. : All right, Sanjay. What were the immediate steps to bring this to life? 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:. Walk us through some of those days. A dark tale about the nature of stories themselves. So our focus is, how can we help our customers succeed even more with our products and offerings? I am a fervent believer in skills-based immigration. 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. Why did you decide to come to the U.S. because I believe it was business school? Interesting. Then the logical progression was to work in accounting. Thank you, Alejandro. I was one of the spearheads of that. The movie won six Filmfare Awards and was critically acclaimed at the Austin . Im not a big social media citizen if you will, but from time to time, I will check LinkedIn. : 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. Recently the company raised $65 million from Accel-KKR. How do you guys monetize? Alejandro: How big was the business when you joined them? : Got it. We dont have venture funding or angel funding to go launch ourselves in a big fashion to let the world know that were out there. 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. This is pretty cool. Thats how I ended up working for them. A lot of our revenue also comes from upselling. Shah continues to lead the organization that helps global titans such as Apple, Walmart, 3M, Viacom, Intel, and Bayer improve revenue and margins.
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