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David Sacks, Yammer CEO, on his company's success in developing of in-house social networking sites for businesses, plus how the company plans to cash...
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Out of other social networking sites and then next guest says that his company's trying to take advantage of the signs are now -- founder chairman and CEO David Sachs.
Thank you for joining us David that your company and to put Aden and and in a bullet point statement here for our viewers.
A company that helps big corporations develop internal social networks.
You work with 80% of the fortune 500 and you started back in 2011 with one point five million users now.
You expect to grow to eight point five million at -- end of this year tell our viewers how you're able to develop this amazing track record.
Right well good good to be with you against -- So gamers really leading and movement in enterprise software called consumers nation we're making.
Enterprise software as easy to use pass consumer software like FaceBook or Twitter.
As to what we're seeing is tremendous growth pulled in by the employees of a company so.
As you mention we began last year worth about one and a half billion users we ended the year with four million users these are verified corporate users.
This -- we're gonna double or morphed into ten million users.
So this is -- movement being driven by the employees of companies who want better enterprise software.
You Wilson just closed on round of finding 85 million dollars why did you choose to go the credit market -- when.
I don't know if you heard moments ago but the NASDAQ is closing on it almost a decade a year hi -- in the public market look awfully enticing right now.
Right well you know what we're building a company for the long term and I think there's a lot of wisdom and Facebook's decision to wait eight years before they IPOs you can build the company.
With less distraction I think privately.
And I think you know another big consideration is the fact that the -- Silicon Valley engineers other people.
Would rather join a pre IPO company post IPO company so.
You know we want to be able to offer.
Pre IPO stock options for as long as possible to attract the best talent.
You know when we IPO is as a consideration that you know we're we're not overly itself swiftly but don't like -- -- very Hillary's 85 million dollars privately.
From an all star.
You know you may not be obsessed with it David -- and looking at your investor less I'm seeing coastal ventures -- I'm seeing -- EL I'm -- and seeing John Parker I mean these are guys who don't get any here at negative for fun that they're gonna make some money.
They drumbeat about -- -- IPO is getting louder and latter at some why you're gonna have to heed the calls at some point the market conditions are just too good to ignore.
So tell our viewers out there you know existed it 2012 possibility.
Or are you waiting for FaceBook to take the plunge and then and then write off of this off of its coattails.
I think it's unlikely that we're gonna IPO this year maybe it's something we can look at for for for next year but honestly that's not where our thinking is here where we spent all of our -- think about how we can build a great business.
Having just -- 85 million dollars there's know what are urgency on our part -- -- to go through that that process.
You know will like you mentioned Peter tools our first investor -- -- -- on our board.
And these are people are actually very patient investors there -- in buildings -- for the long term like we are.
Again you know they waited eight years for FaceBook IPO but I think the face the fact that FaceBook is I appearing as it is a great thing for us because it's bringing a lot of attention to social networking.
Social networking is the communications revolution of our time and hammers bringing that inside the enterprise so we are creating a new kind of social network for for businesses.
Very quickly before I let you go Ewart PayPal C hello use starting genie dot com near what they call serial entrepreneur -- What drives you and motivates and every day when -- -- seen a lot of.
Success thus far.
Well you know collectible products that the whole world can use.
You know through PayPal I think today it has over a hundred million users genie is -- a site that.
That everyone can use to build a fairly tree.
In -- is -- -- that that every employee in a company can use to make themselves more productive at work and so.
-- really motivates me is the ability to create products -- the entire world can use.
And -- these products are made up entirely a bit so they're businesses of imagination and makes a very creative so honestly just the process creating these products is what motivates me eight.
80% of the fortune 500 here on your way to getting Immersion ending getting people exposed to what you do David Sachs -- chairman and CEO thanks for being with us.
