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Treffler admits excess IPO capital caused bootstrapped Pegasystems to waste money
“And the trouble with that is obviously introducing too much public market money into a firm that's accustomed to boot scrapping entirely and accustomed to a different go-to-market model led us and gave us the opportunity to frankly waste a lot of it.”
Treffler claims traditional CRM systems fail when real back-end execution is required
“I guarantee you all the sexy stuff sooner or later has to get real. And that's where these CRM systems all fall apart.”
Treffler claims no companies are currently making money in distributed edge IoT
“But doing stuff, for example, IOT distributed on the edge across the shop floor, it's a good idea. It's going to happen. A lot of companies are in it. Don't see any of them making any money. I don't see that market Coming together soon.”
Treffler says an outside president stalled Pegasystems under $100M in revenue
“I for five years, brought in a president. And we actually learned a lot. I was able to really step back, but they weren't able to get it up over a hundred million. We were stuck there for several years. When I came back, I learned enough and we made enough cha…”
Treffler says ramping enterprise sales reps for mission-critical software takes 14 months
“In our business, given, given we're selling mission critical capabilities in a lot of cases it can take double that.”
Treffler warns acquiring companies solely for customer bases creates product confusion
“I'm not as much of a fan of buying customer bases because usually when you buy a customer base, you just give yourself a lot of confusion in terms of you know, which software you're going to offer there.”
Treffler funded Pegasystems with family loans and a $500K life insurance policy
“I had to borrow money from family. And one of the first things I did was take out a 500,000 dollar term life and policy on myself.”
Pegasystems took 24 years to reach $100M in revenue before accelerating
“Well, you know, the way I describe the company is we became an overnight success after 24 years. So it took 24 years. To hit a hundred million in revenue, and then obviously the business has really been clipping along since then.”
Pegasystems went public in 1996 with a $32M revenue run rate
“We had a massive run rate the day we went public of thirty-two million.”
Treffler explains Pegasystems' $160M acquisition of predictive analytics technology in 2010
“So when we, for example, made a build versus buy decision in 2010 to bring in what I still think are absolutely top of market predictive and adaptive analytics, we actually, you know, bought a company for a hundred and sixty million bucks, and then we spent tw…”