SaaS Interviews with CEOs, Startups, Founders
Oil SaaS! They Broke $7m, Can They Hit $10m This Year?
23 Apr 2021
Chapter 1: What is the main topic discussed in this episode?
a large size deal would be anywhere from 300, 450,000 to a largest customer would be around a million.
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And you'll get interviews three weeks earlier from founders, thinkers, and people I find interesting. Like Eric Wan, 18 months before he took Zoom public.
We got to grow faster. Minimum is 100% over the past several years.
Or bootstrap founders like Vivek of QuestionPro. When I started the company, it was not cool to raise. Or Looker CEO Frank Bien before Google acquired his company for $2.6 billion.
We want to see a real pervasive data culture, and then the rest flows behind that.
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My guest today is Soumya Murthy. She is the Chief Customer Officer at Seven Lakes Technologies, but leads the go-to-market teams in bringing to market Join, a SaaS leader in modernizing oil fields. With a fluency in mission-critical systems and galvanizing change-resistant organizations, she served on CEO's top council for 20-plus years. Soumya, are you ready to pick this up?
Absolutely, Nathan.
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Chapter 2: What does it mean to modernize an oil field?
Yes, yes. And that directly connects to reduction in their downtime. Downtime means they're not producing oil and a significant cost reduction in the number of people needed. Once we install our software, our customers claim themselves, not us, each pumper reduces two hours of their day in their workload, two of the eight hours.
And how many of these folks are you working with today? How many customers?
We have about 30 customers. And today we show 25. But here's what's happening in the industry. Of those five, we really actually lost two because three others have merged. And what we consider lost, another big company will buy another company. So we end up gaining in some other areas. Does that make sense? So our overall revenue has remained flat in 2020.
Yep. Interesting. Okay. And so if I take 30 customers, I'm sort of a $300,000, $400,000 average HD. I mean, what you guys are doing, I mean, you might be close to a million a month.
By the way, that's a 304. And then there are a couple of, then there's a 75K mark and a 150 mark. Usually people fall into one of these three buckets. Yeah.
So have you guys broken the million dollar a month mark yet on the recurring SaaS business?
Not yet. Not yet. So we are at 7 million ARR today.
Can you break 10, 12 this year?
This year is going to be, we've budgeted. No, so it won't be this year. And I'll explain a couple of reasons why last year when we remained flat. This year, what we did last year, what we did was sitting down with Shiva. We said, you know what? We're going enterprise. And this is the part of the story I wanted to share.
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Chapter 3: How did Seven Lakes Technologies transition from services to SaaS?
I believe that. And the pipeline has been real, right? So when we did the turn in the marketplace on going with the new product, we ourselves were astounded when we saw that the free option, before we even hit into 2021 or even launched the product, we had two dozen real solid companies saying, Once you launch it fully and you get a couple of folks saying yes, we're in. Put us in the trial.
So now what we have is a backlog of folks wanting to do the trial. So when you see a real pipeline like that backed by VP levels, controller levels, operations supervisors, and it's real, we're able to take that to the marketplace and say, hey, We've got real traction.
We're certainly rooting for you. It's quite a journey.
Thank you.
We're out of time here, but let's not afford the famous five. Number one, favorite business book.
Okay. Favorite, don't have one, but I am in the middle of reading Mastery by Robert Greene. One of my biggest challenges now is just how to take all the mastery that Shiva and I have gathered and pull that into the rest of the team, right?
Number two, they're a CEO you're following or studying.
I've been following Sarah Blakely for a while, fundamentally because of the nature of how she bootstrapped and moved her organization. I'm inspired by her.
Number three, what's your favorite online tool for building seven links and joints?
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