How ServiceMax Reached $150M ARR and 400 Enterprise Customers with 115% to 121% Net Dollar Retention (Interview with CEO Neil Barua)

Introduction: Neil Barua and his background

Nathan Latka

00:00Hey, folks. My guest today is Neil Barua. He's the chief executive officer at ServiceMax and a member of the board of directors. He's got an extensive background in the tech industry and a proven track record of growing businesses. Previously, he was a CEO of IPC Systems and during his tenure, sold the company and led a SaaS and data transformation of the company. More recently, he served as an operating partner at Silver Lake, the global leader in

00:18technology investing. Earlier in his career, he was part of John Legere's leadership team that helped transform global crossing through consistent growth. Neil, you ready to take us to the top?

Neil Barua

00:27>> Let's do it, Nathan.

Global Crossing and early career

Nathan Latka

00:29Year before my time, what was Global Crossing? I was born in '89. What was Global Crossing?

Neil Barua

00:33>> Oh, you're you're a young one. I'm actually turning 45, so now I've become the old guy in the room. But Global Crossing was a very infamous telecom company that actually the world is benefited by now. They laid undersea cables by which internet was able to go across continents. And it was one of the hottest startups, by the way. I think the fastest to get to $15,000,000,000 of market cap at the time, startup that was formed by

01:00>> a founder called Gary Winnick. And I actually came to Global Crossing the day the company was declared bankrupt. So that was my first day, was the.com boom happened and the bust happened and Global Crossing had its financial issues. And the CEO that I became part of, John Legere, who ultimately also was CEO of T Mobile, who did a great job over the last number of years. Him, as well as the leadership team, which I was

01:28>> part of, we restructured the company and ultimately sold it to Level 3 about eight years later. So it's part of the It was a little ahead of its time, but we got it back on its firm footing and it's doing great things for the world right now.

ServiceMax revenue disclosure and ARR milestone

Nathan Latka

01:42Well, congrats on that. I wanted to obviously now shift back to ServiceMax. I wanna congratulate you. My research is a little confusing. There was a PR piece put out 09/10/2021 that says it was announcing your second quarter fiscal year twenty twenty two results. But I don't know how you have a press release before 2020 hit, but you broke a $100,000,000 run rate effectively in that release. So I wanna congratulate you, but where am I wrong? Why

02:03is my timing messed up?

Neil Barua

02:04>> You know, in the enterprise scale SaaS world that we're in, like Salesforce, when they put out their earnings release, the fiscal year is actually a year ahead because our fiscal end is January, end of January. And so it's a little kludgy, but we didn't get the math wrong. It was within calendar year 'twenty one, 'twenty two. So we are very happy about the progress of the company for sure and way above $100,000,000 right now as I

02:30>> look at the ARR as well as we currently are at the company at ServiceMax.

Nathan Latka

02:35What when was the last thing you guys disclosed publicly in terms of revenue run rate?

Neil Barua

02:39>> You know, we were we were getting very close to going public at the tail end of last year in December. And fortunately, we've got great investors. We're, I said, by Silver Lake, who owns about 80% or a large percentage of the company, as well as GE and then Salesforce Ventures. And we created a process to go public. Thank God we didn't go public because of what we're watching in the marketplace. And as a private company, we're

03:04>> able to still stay focused on customers and our employees versus all the mayhem that's going on with public companies. But I think the last disclosure we made was we were approaching $150,000,000 plus of ARR.

Nathan Latka

03:16Really When was that?

Neil Barua

03:17>> As well as getting operating profit and free cash flow positive as well. It's a big point of differentiation that we've done over the last three and a half years as a standalone company coming out of GE.

Nathan Latka

03:30No. That is that is impressive. When did you announce that you passed a $150,000,000 run rate? Do you know?

Neil Barua

03:34>> I think November of last year.

Nathan Latka

03:37November. Okay. Disclosure. Yeah. Now it's obviously hard to grow. You know, companies, most companies I've on are doing $10, $20, $30,000,000 in ARR. They're venture backed. They they need to growing a 100%, 10% year over year. It's hard to grow a $150,000,000 to 300 year over year. What's a company like you target in terms of year over year growth rate?

Organic growth targets and profitability focus

Neil Barua

03:52>> Know, our Q1 run rate, we're a private company, but I target it as 30% plus on organic

04:00>> organic growth that we've been getting out of the business. So we've been doing a 20% to 35% is kind of the vicinity where at scale it starts to make sense, plus then view around profitability and free cash flow, which we've been really focusing on as well, in addition to the growth, Nathan.

Nathan Latka

04:18Oh, what's going on there, YouTube? Good to see you guys. Now imagine this. You love watching these interviews with SaaS founders, but imagine if we took all of the valuation data out from over 2,807 interviews I've done manually. Saves you a lot of time. Well, we've done this. We've built it into the beautiful interface inside of Founderpath. Check this out. I'll show you how you can access this in a second, but you log in, you connect

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06:41the interview. And that makes sense considering your pedigree coming out of Silver Lake, which we'll get to more in a second. But first, let's like jam out on product here for a minute. Is ServiceMax doing? Who are you selling to and what are they getting?

What ServiceMax does: field service management explained

Neil Barua

06:51>> This is the best part of the conversation, my opinion. So company was formed fifteen years ago by much smarter people than me. Founders, Nathan and Hari, built the company actually, and was one of the hottest startups, which ultimately got sold to GE, I think in 2016, Nathan, for close to $1,000,000,000. So did a phenomenal job with answering your question, which is what we still do. 100% focused within the field service management marketplace, where in essence, a

07:20>> product. So I'll give you a real example. I think this will kind of resonate with all your viewers and yourself. Philips Healthcare, which basically does most of the medical equipment. When you and I or our parents go to the hospital, a lot of the equipment is actually built by Philips Healthcare, right? So Philips Healthcare is a great customer of ours. They procured our SaaS offering by which they have their technicians that fix those products and those

07:44>> medical equipment in those clinics or hospitals. Our software allows the technician to actually get scheduled, route the right technician to the actual appropriate hospital that needs fixing, get to the equipment. And within the equipment, Nathan, we within ServiceMax allow the technician to see what part to fix, what's actually covered by warranty, when do you actually close out the job by which the customer gets notified, When do you actually then come back and maybe do additional maintenance

08:13>> plans beyond the standard maintenance plan? So it gives Philips Healthcare an ability, which is very important to have that service revenue resilience and customer satisfaction to that clinic or hospital, by which if one of us or your parents or family members goes to the hospital, that equipment actually works, right? And that's what our product does on a SaaS platform, as you know, and a very compelling piece that we're the leaders in the marketplace, six times Magic

08:40>> Quadrant leader, for this specific niche, which is an awesome niche to be in, particularly what's going on in the world.

Nathan Latka

08:45Who's who's in second and third place?

Neil Barua

08:48>> I you know, I don't even care about second and third place. I'm focused on

Nathan Latka

08:51Such a good such a politician.

Neil Barua

08:52>> That's No free marketing for your competitors.

08:55>> They're rear view mirror, Nathan. You can find them in some random podcast, not yours. We're so it's it's actually awesome. You got me on my soapbox. Like, Carrier, right? A big company that does all the HVAC for commercial units, plus also cargo ship cooling. So unbeknownst to many people, the cargo ship cooling industry is huge, right, on transporting goods around the world. Our software, Nathan, allows for the uptime of those ships by which, with all the

09:26>> supply chain constraints, you then know that the cooler's actually working. A huge complex piece of equipment used by ServiceMax, by the technicians to figure out what ships actually can actually transport the foods that we all need, particularly in this very trying time that the world is in. So, really great stuff and an honor to be the CEO of the company, given the importance of the software and what it does for our customers.

GE acquisition, Silver Lake buyout, and ownership structure

Nathan Latka

09:49Help help my founders learn here. 2016 GE buys the company, obviously bullish on it, $915,000,000, 1,000,000,000, whatever you wanna call the number. But then it's just two years later, right? They're now selling a majority stake back to Silver Lake. So did GE just decide, know what, this is a sort of a distraction. We wanna sort of get rid of it. It's still valuable. I mean, why buy it and then sell it two years later?

Neil Barua

10:09>> Yeah, they continue to be an investor in our company, right? A minority investor. But GE, as you probably followed, went through a lot of stuff. They continue to go through a lot of stuff, right? Three, four CEOs went through that gamut during that time frame, and they were divesting a significant portion of their company to generate and gather cash, right, and focus back into their niche of what actually created GE, was 100, 150 years ago. So ServiceMax

10:33>> was a very tip of the spear for them to be a digital software company. And as we've seen, they've reverted back to their industrial roots. Having a software company of our scale, of our expertise, made sense to be at another company. And that's why they engage with our current owners to figure out how can they get cash on their balance sheet and also let us do the things that we are currently doing. Quite frankly, we're a

10:59>> big provider of many GE business units, their ultimate utilization of our software for their field techs as well, Nathan. So a real win win at the time and a great deal struck by our investors, quite frankly.

Nathan Latka

11:12Yeah. So how did GE keeps 10%, I think. Silver Lake, is Lake the sole buyer the other 90% or are there other financial backers here?

Neil Barua

11:18>> Salesforce Ventures came into the business as well, I think two and a half years ago.

Nathan Latka

11:25Interesting. Okay, now explain how you, you know, we talk about founder-product fit, right? How do you end up inside of ServiceMax? Now, it sounds like you were at Silver Lake first.

Neil Barua

11:34>> Yeah, so I've spent a small amount of time at Silver Lake as an operating partner. I ran, IPC actually was owned by Silver Lake initially, and I became the CEO of that company when Silver Lake was the majority owner of that company. We then transformed that business, was able to transact and sell the business to another buyer. And I then came back to, you know, the homestead in Silver Lake and ultimately got involved in a number

12:02>> of deals. And I raised my hand and said, Put me in, coach. I see you guys were able to strike this deal with ServiceMax. You need a new executive team. I want in the game. I like running teams, Nathan. I don't like being in anything other than the environment that I'm in. And I said, look, if the opportunity exists, put me in and let me run the company, because it's something very unique that I hadn't seen

12:23>> previously in my career. So I really wanted in to make a difference in the company. And for the last three and a half years, this team's done a remarkable job so far, you know, running ServiceMax. So pretty proud of the progress.

Team size, engineers, and joining ServiceMax

Nathan Latka

12:34How many folks are on the team now today?

Neil Barua

12:36>> Got like five eighty people.

Nathan Latka

12:38Okay. How many engineers?

Neil Barua

12:40>> Engineers are two fifty of that.

Nathan Latka

12:42Okay. Interesting. Now, you're not a pushover on your talent and you have a lot under your belt. So, you're asking for equity coming into this deal. How's a guy like you, you know, trying to negotiate a position in a thing like ServiceMax? How much equity do you come in and ask for?

Neil Barua

12:54>> Yeah. I'm not gonna tell you the equity piece. It's actually something I've forgotten, quite frankly. It's, I like the, I'm 40, as I said, I'm gonna turn 45 in a month or so. And I'm at the position in my life where I've been lucky to have been in very significant positions before ServiceMax. I kind of started a little early. And I'm now really focusing on how could I scale this team? How could I ensure that our

13:18>> team is actually getting all the things that I got for the last twenty years? And the mission of what we do, Nathan, for our customers, it's really the thing that gets me up at night. So this isn't a go make money and figure out how to transact. This is, for me, and this is why I said put me in coach, this is a company that's gonna make a difference for a long time. I don't wanna leave

13:38>> for a long time. This is a company I wanna, quite frankly, if I can retire at. And, you know, there's so much runway for the business that we're doing. So, that's how I looked at it, Nathan, versus the dollars and cents behind it.

Nathan Latka

13:49Fair enough. You're a nice guy. How many customers now today?

Customer count, retention, and net dollar retention

Neil Barua

13:53>> We've got over close to 400 now, enterprise All enterprise B2B and, you know, large enterprise, to give you context.

Nathan Latka

14:01In the press release when Silver Lake came in, it also said 400 customers. That was several years ago. So, you've either, you've sort of maybe churned lower ARPU and added higher sort of AC folks, or you've expanded in the accounts to grow revenue. Sort of which one was it?

Neil Barua

14:14>> Yeah, we've done a great job around our retention rates are in the mid to high nineties, right? We do a phenomenal-

Nathan Latka

14:23Gross or net?

Neil Barua

14:25>> Gross. Okay. We actually put a press release up for our net retention. Our net retention is in the 115% to 121% range, right? So it's a very nice and what we've done as a team extremely well is we went to the Philips Healthcares of the world, Carrier, who predominantly fascinating, by the way, Nathan, is those customers, many times, even those huge logos, still are doing manual processes for the thing that I talked about

14:50>> as the workflow. So we've done a phenomenal job growing the wallet share of the existing customer base. And quite frankly, some of the customer count, right, as you've seen other companies, we look at the quality of the customer count. And of those 400, initially three and a half years ago, we've created a lot of new logo impetus too to make up for the kind of customers that we quite frankly didn't really address in the manner that

15:14>> we think we could grow into. So within that, underneath it is great retention, great upsell into the existing base. But we've done a really nice job on new logos as well to get the right customer set to grow into over the next three, five, ten years.

Nathan Latka

15:27So moving forward, let's say you, let's just for the sake of a demonstration here, you add no new customers, but you wanna keep growing. And so you need to build product to upsell and add more value to your current base. What products would you go build? What are you thinking about?

New product: Engage and remote self-service

Neil Barua

15:39>> So one that we just released that we're, you know, is not seen the material revenue upside yet, but we will, and we're seeing the current bookings occur. We created so that example I gave to you around the technician going to Philips Healthcare's hospital where they install the equipment, right? We provide the software by which the technician sees on their mobile app and knows what to fix, when to fix, and how to fix it, right? We've now

16:04>> created and released a product called Engage, where that same functionality, Nathan, it was born out of the pandemic where technicians couldn't safely go to the end site. We are now given the clinic the same utilization and the same UI to do a self help and self fix the asset versus a technician going out there or route using our collaboration tool to the experts that are remote at Philips to actually do a remote fixing of the actual

16:31>> asset. So one of the things we're doing, and again, Philips is actually deploying this now to their end customer. So Philips is the customer record. They'll procure licenses to give to those clinic or hospital staff that could do some of the self help. We see that as a big impetus for the company and an area that, again, like you said, we're creating larger wallet share of real need for our customers by developing very innovative solutions, which

16:56>> the r and d team's done a great job doing.

Nathan Latka

16:58The Philips technician, though, just to be clear, you're not a marketplace. That technician isn't employed by you and you're matching in them with Philips when they need it, right? No.

Neil Barua

17:05>> It's the Philips badge employee.

Nathan Latka

17:08Okay. So, yeah, that they're they're a full part employee at Philips.

Neil Barua

17:11>> Yep. So the way our model, the reason why you get such resiliency, if you create a great UI, create the right workflow, those technicians, the licenses are procured by Philips Healthcare, the head of service, head of IT as CFO, right? Not the technician, and we're not a marketplace. For the most part, complex assets, Nathan, for what it's worth since you opened that question, we love this space. To serve a complex asset, you need a skilled technician

17:37>> to do that, right? And most of the time, 80% of the time, that's a badge employee. 20% of the time, by the way, they will train third parties and certify them. They'll just procure the same sort of licenses from ServiceMax as they would, they'll manage their workforce. We'll give them the licenses to do that.

Market size: 7.8 million technicians and expansion runway

Nathan Latka

17:55Mhmm. Interesting. How many individual technicians across your, or service providers are managed right now, seats sort of across your 400 customers?

Neil Barua

18:04>> Yeah, there's at least 7,800,000 technicians.

Nathan Latka

18:07Wow.

Neil Barua

18:08>> Call it 8,000,000 technicians around the world. To give context of why that, your question around that 400 customers, how much they could continue to grow, only 300 to 400,000 or thereabouts are technicians that are using ServiceMax. The predominance of so you might say, well, who's using the 8,000,000? It's actually not our competitors, Right? It's a very we have smaller competitors. Most of it is still manual processes. You put these

18:38>> guys and gals out in the field, and they're using their spreadsheets or their clipboards to figure out how to solve an issue.

Nathan Latka

18:43So 7,800,000 is the market. You haven't it. You've about 300

Neil Barua

18:47>> Absolutely.

Nathan Latka

18:48Thousand right Yep.

18:49Oh, I see. I see. Okay. Got it. I was gonna say 7,800,000 across 400 customers is almost 19,000 technicians No. Per

Neil Barua

18:55>> No. No. That's a big step. That's why the runway's so long here is those technicians aren't actually using a competitor tool. They're using pen and paper Excel.

Nathan Latka

19:04Yeah. That's still big though. You've got 300,000 seats across 400 customers, that's still an average of seven fifty service providers per logo you're managing today.

Neil Barua

19:11>> Yeah. It's great.

Rule of 40 and path to profitability

Nathan Latka

19:12That that's I mean, it sounds healthy to me. Interesting. I love how you talk about economics and profitability and free cash flow. Rule of 40 is obviously a popular metric in publicly traded SaaS. I imagine you thought about this back end of last year. Where are you guys at right now? Or last, you disclosed it. Where are you in terms of rule of 40?

Neil Barua

19:26>> Yeah. We balance the since we're a private company and we're growing at the pace that I'm talking about, we've been fortunate enough as we've been scaling into free cash flow positive, that pinpointing for a Wall Street analyst to get at the end of Q2 a rule of 40, a rule of 50, rule of 60, is not the theme that we push on, right? Ultimately, it's the progress of the business. We have very much in our line

19:50>> of sight, how do we get to forty, fifty, 60? And if you look at those types of growth rates, it's just a small inflection of free cash flow margin that we gotta create to get to it. But right now

Nathan Latka

20:00So could hit that this year? You think you hit 40 this year?

Neil Barua

20:03>> I'm not gonna commit to any number at this current time. But what I will say is that a private company, as we look at the long term and the runway, there is a real path for us to feel really good about feeling like, and achieving numbers that are in the rule of 40 plus. Yeah, yeah. That's definitely in our line of sight.

Nathan Latka

20:21Yeah. Yeah. I mean, you already gave away one part of the equation, is 35% growth. The question now is, can you do that be close to profitability, which would sort of rule of 20, rule of 35. And then if can generate free cash flow, obviously, you break rule of 40 pretty quickly. So interesting to watch you guys.

Neil Barua

20:34>> Yeah, Nathan, the good thing is, like, as every boardroom's doing is, how do you balance up a company that's growing this space, at this pace, with still free cash flow positive? Do you do you create more investment opportunity, or do you do some in a piece Wall Street at this current time? We're we're thinking through the the dynamic as everyone is right now, quite frankly. Space is getting awesome. Yeah. We're sanity to

Nathan Latka

20:57Historically speaking, ServiceMax has not been a highly acquisitive company. Liquid Frameworks and Zinc, really only the two ones I know about. Backed by private equity firm, you'd think you guys being the hub, there'd be many more spokes you're bringing under your umbrella, especially right now when you could argue software companies are cheap or cheaper to go acquire. Any M and A on your roadmap? You

M and A strategy and Liquid Frameworks acquisition

Neil Barua

21:15>> know, we bought Liquid Frameworks, our biggest M and A deal since the company was formed. It's in the oil and gas, renewable energy space, industrial services. And my theory, the reason why you're not gonna see the constant drumbeat of just buying companies, them, integrating them, particularly when it's a mission critical application like this, Nathan, the headline of buying a company doesn't do any difference. It's actually creating value for the customer. And as you know, it's easy

21:44>> to do a deal.

21:46>> Within a deal structure, it's much harder to make sure the customer is really happy with now the combined entity, and we're focusing on that. I will say we're watching the market very closely. We have a M and A filter and a target list that we take very seriously. And if things continue to get rational the way that we are starting to see in the private markets, this is going be a great opportunity for the strong to

22:09>> get stronger. But right now, we're focused on organic growth and making sure we run the business efficiently. It's a big part of what I think we're proud of over the last three and a half years of doing, Nathan.

Nathan Latka

22:19That was $148,000,000 deal price back in November. Obviously, you wanna keep talented folks around. Typically, there's cash plus earn out plus stock. Are you able to share what portion of that was cash versus, you know, stock or earn out?

Neil Barua

22:30>> No, I'm not.

Nathan Latka

22:31You guys haven't talked about that publicly?

Neil Barua

22:33>> I don't think so.

Nathan Latka

22:35Okay. Fair enough. Let me see here. Did you do

22:40A lot of the press around what you guys are doing end of last year, mean, you guys were talking about like SPACs and stuff, which I would argue is just like from a discipline perspective. I mean, now you look at SPACs and you go, well, are these things like a big gimmick? What's going on here? I mean, why even waste your energy and time even thinking about that at the end of last year?

SPAC evaluation and public-company readiness

Neil Barua

22:56>> You know, I think it was a great, there's two things that actually was the value of doing it. Number one is we're public company ready, right? And creating all the infrastructure, brought in general counsel, brought a chief accounting officer. And having the hygiene and discipline to be thinking like a public company is actually of real value. In addition to obviously having the private equity backed mentality, public companies go through different types of scrutiny. And that whole

23:24>> foundation laying is, I think, long term a really good thing they die. Who knows when the public markets open up again? What we will have is the ability to actually execute on whenever that opens up in the next year, two years, three years, four years. But that hygiene and foundation laying was really important. And I think accelerated some of the strength of the foundation to do things like M and A over the next number of years

23:48>> to actually continue to think about the trade off of organic growth versus profitability. And I think that discipline was awesome. So I look back at it. We chose not to go down and execute on the SPAC at the end, by the way, to be clear. But all the work that we did was huge. 100 plus investors that never knew about ServiceMax, being able to talk to them like we are with you, Nathan, and going into the

24:09>> guts is always a good thing. And now we're seeing the value of that of people, investors that wanted to invest in the company as a public entity, now looking at it saying, Hey, there's an M and A target that seems really interesting to ServiceMax. I learned about it. Why don't you go talk to these guys? So I think the more people learn about ServiceMax, yourself, your viewers included, really fall in love with the actual business. And

24:32>> then the economic model is very alluring. And so more people know about it, the better. And I think that's the value. Looking back at it, of course, what's happened in the SPAC market, you'd be like, man, but we didn't know that. 2020 in But we gained a lot from the process, Nathan, for sure.

Nathan Latka

24:47Yeah, that makes a lot of sense. I mean, last question here before we wrap up. I mean, I would argue, man, I don't know how you feel about this, but if you guys were listening to List today, I don't know that'd be super strong listing because look, you're seeing massive valuation range on net dollar retention. I mean, I understand one twenty is fine, but like best in class public, you're talking one thirty five, one forty, one

IPO timing and long-term company vision

Nathan Latka

25:03fifty. And so like, you know, and they're sometimes even growing, and they're growing at faster rates than 25 to 30%, you know, year over year, right? So like, how do you think about sort of that balance? And do you, I mean, do you think you would do well today? Would you trade at more than 1,400,000,000 valuation if you IPO today in your opinion?

Neil Barua

25:20>> Yeah, you know, right now, with what's going on in the world, the best thing I'm telling my team, myself, when we wake up, keep running this business. The progress that we've made over three and a half years, we continue that path, we're serving our customers really well. The options exist for the company, whether it's public, whether we continue on the journey privately, whether we team up with another partner, just keep focusing on these customers. And we're

25:43>> doing a bang up job. And if just think about a single moment of valuation metrics, you kind of think in a way that's very short term, and we have the luxury of thinking longer than that. So I believe that that focus is going to reward the shareholders extremely well, and I think will create a great company that will be a very one that we'll all be proud of.

Famous five rapid-fire questions

Nathan Latka

26:04Neil, let's wrap up here with the famous five. Number one, favorite book.

Neil Barua

26:08>> Favorite book? You know, I've got a lot of biographies that I like.

Nathan Latka

26:13Don't really like What's the last one you read?

Neil Barua

26:15>> The last one I read was the Jeffrey Immelt book, actually, which was interesting. And yeah, I don't really have a favorite book. I'm a big reader of non fiction. So all magazines, if you want any magazine description, I probably have subscripted in all of them. That's the print version, by the way, Nathan. So I'm the only one remaining. Like, it's the print version.

Nathan Latka

26:41That's awesome. We'll have to send you I don't have any copies laying around here right now, but we've got a version that is only SaaS. Here we go. Only SaaS focused. We'll have to ship you a copy. Right?

Neil Barua

26:50>> What are doing?

Nathan Latka

26:51Number two, CEO you're following or studying.

Neil Barua

26:53>> CEO I'm following. You know, I got to meet Brad Smith that ran Intuit a couple weeks ago, and I was just blown away. So I've been doing a lot of following of Brad Smith and what he did at Intuit and had the opportunity to spend a number of hours with him. So look him up. Great, great CEO and someone that, you know, is paving the path for people like us.

Nathan Latka

27:15Number three, favorite online tool you use to build ServiceMax?

Neil Barua

27:19>> Favorite online tool. You know, we've got my commercial. We've got an awesome tool called Zinc, the collaboration tool that our engineers use, our salespeople use. Get Zinc and allows you to run a more efficient company, particularly in this world that we live in where it's a hybrid approach.

Nathan Latka

27:35Number four, hours of sleep each night. What's the average?

Neil Barua

27:38>> Six, five and Last a last night, four. Last night, The kid the kids got up. I got a nine and seven year old and a puppy.

Nathan Latka

27:46So Oh, wow.

Neil Barua

27:47>> A CEO job that with everything going on. So it's, it's fun.

27:52>> Married Sleep the is week.

Nathan Latka

27:53Married, two kids. And, Neil, how old are you?

Neil Barua

27:57>> I am gonna turn 45 in July.

Nathan Latka

27:59Take us home. Something something you wish you knew back when you were 20.

Neil Barua

28:04>> It's a long, long road. And the quick wins are good at the moment. And but it's the journey that matters. It's truly in the relation of VMA.

Nathan Latka

28:15Guys, ServiceMax launched back in 2007. GE bought for about $1,000,000,000 in 2016, then spun it out in 2018. That's when Neil came into the picture, now focused on driving consistent, responsible growth here. They're not burning crazy amounts of capital, you know, north of $150,000,000 run rate today, serving 400 customers, focused on providing them more value. He serves and right now believes there's about 7,800,000 technicians in the world. This is the technician Philips might recruit to go

28:40fix a piece of equipment at their physical location. Right now, only 300,000 on ServiceMax. A lot of expansion opportunities there. Right now, net dollar retention, 120, 125. So again, room to expand there as well. Building a disciplined company here with about five eighty employees, two fifty engineers. We'll see what Neil does next. Neil, thanks for taking us to the top.

Neil Barua

28:58>> Thanks, Nathan. Appreciate the time.

Nathan Latka

29:01One more thing before you go. We have a brand new show every Thursday at 1PM Central. It's called Shark Tank for SaaS. We call it deal or bust. One founder comes on, three hungry buyers, they try and do a deal live and the founder shares back end dashboards, their expenses, their revenue, ARPU, CAC, LTV, you name it, they share it and the buyers try and make a deal live. It is fun to watch every Thursday 1PM

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30:10for that at nathanlatka.com/slack. In the meantime, I'm hanging out with you here on YouTube. I'll be in the comments for the next thirty minutes. Feel free to let me know what you thought about this episode. And if you enjoyed it, click the thumbs up. We get a lot of haters that are mad at how aggressive I am on these shows, but I do it so that we can all learn. We have to counter those people. We

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