Vivek Ranadivé

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Vivek Ranadivé
Marathi: विवेक रणदिवे
Born (1957-10-07) October 7, 1957 (age 66)
Bombay (now Mumbai), India
Occupation(s)Founder TIBCO Software Owner and Chairman, Sacramento Kings
Children3
WebsiteCorporate Profile

Vivek Ranadivé (/viˈvɛk rɑːnəˈdiːveɪ/; born October 7, 1957) is an Indian-American businessman, engineer, author, speaker and philanthropist.[1] Ranadivé is the founder and former CEO of TIBCO, a multimillion-dollar real-time computing company, and is credited with digitizing Wall Street in the 1980s with his first company, Teknekron Software Systems.[2][3] Ranadivé is the owner and chairman of the National Basketball Association's Sacramento Kings.[4]

Early life and education

Ranadivé grew up in the Juhu area of Bombay (now Mumbai), India and was the youngest of three children.[5][6] As a child, one of Ranadivé's dreams was to attend the Massachusetts Institute of Technology (MIT), which he learned of through a documentary on the institution.[1] At 16, Ranadivé was accepted to MIT, but in the 1970s the Indian government did not release foreign currency for citizens to study abroad.[7] Ranadivé talked his way into the office of the Reserve Bank of India and got the required foreign exchange for one quarter of the tuition and less than $100 in pocket to land in Boston.[7]

After earning both a Bachelor's and master's degree in Electrical Engineering from MIT, he obtained an MBA from Harvard University in 1983, where he was a Baker Scholar.[8][9] While still in college at MIT, Ranadivé started his first company, a UNIX consulting company.[7] He also held management and engineering positions with Ford Motor Company, M/A-Com Linkabit and Fortune Systems soon after college.[10]

Teknekron Software Systems

Teknekron Corp., a technology incubator, provided $250,000 in seed capital to Vivek Ranadivé in 1985; in 1986, Teknekron Software Systems was born.[11] Ranadivé set out to build software based on the premise of a "Software Bus" (which later became known as "The Information Bus," a.k.a. TIB). In technology, a "bus" is the standard data highway by which various elements communicate (in a computer system, this refers to the communication between the CPU, the memory, the I/O devices, etc.).[12] The Software Bus concept would allow for the tight coupling of applications. In 1987, Teknekron Software Systems was spun off into an independent company.[11]

In 1986, Teknekron embarked on a consulting project with Goldman Sachs to redefine the trading floor of the future. In 1992, Price Waterhouse technology partner Keyur Patel led the first design and deployment of TIB architecture to revolutionize the trading floors for real time international transactions, leading the way for Next Computers into Wall Street floors. TIB-K became the first platform for Wall Street trading technology. "[13][14] In 1987, the first TIB — for the integration and delivery of market data such as stock quotes, news and other financial information — went live at Fidelity, followed by First Interstate Bank and Salomon, eventually digitizing all of Wall Street.[8] Teknekron was later acquired by Reuters in 1994 to expand its use of the Information Bus in the financial services markets.[12][15]

TIBCO

In 1997, Ranadivé founded TIBCO Software Inc. with funding from Cisco and Reuters.[16] He began to apply the real-time software that he developed at Teknekron to other industries; in TIBCO's first year, they crossed $50 million in revenue and teamed with CBS Sportsline to enable real-time news of all major sporting events, including the NFL, NBA and PGA.[17][18] In 1999, TIBCO's revenues were $100 million, leading them to file for an IPO on the NASDAQ.[19][20]

By 2011, Ranadivé had grown TIBCO's annual revenues to $920 million and its customer base to 4,000.[21][22][23] On September 29, 2014, Ranadivé agreed to sell TIBCO Software Inc. to Vista Equity Partners for $4.3 billion, pending shareholder approval.[24] On December 5, 2014, the acquisition of TIBCO by Vista Equity Partners was completed,[25] following which Murray Rode was named CEO of TIBCO.

Current ventures

Golden State Warriors

Ranadivé is a longtime basketball fan, which started when he coached his daughter's middle-school basketball team.[26] The team played in the national championship and Ranadivé's coaching success was documented by Malcolm Gladwell in The New Yorker.[2] In 2010, Ranadivé became the co-owner and vice chairman of the Golden State Warriors, making him the first person of Indian descent to own an NBA franchise.[27]

Sacramento Kings

On March 21, 2013, it was announced that Ranadivé had joined Ron Burkle and Mark Mastrov to be a major investor in the attempt to purchase the Sacramento Kings of the National Basketball Association. In order for Ranadivé to purchase the Kings, he had to sell his share of the Golden State Warriors.[28]

On May 16, 2013, it was announced that the Ranadivé-led ownership group came to an agreement with the Maloof family to purchase 65% of the Kings for approximately $348 million and will keep the Sacramento Kings in Sacramento.[29] The NBA approved the sale on May 28, and the deal was expected to close shortly thereafter.[30] On May 31, 2013, escrow was closed on the sale of the Kings to the Ranadivé-led ownership group. The transaction valuation of $534 million set a new NBA record.[31] From the start of his tenure as owner, Ranadivé set about applying gimmicks of big data and social networking to strengthen the Kings' fanbase.[32]

TopCom

At the 2012 World Economic Forum in Davos, Ranadive, along with WEF's founder and chairman Klaus Schwab, launched TopCom, a private social network for world leaders.[1][3][33] Ranadivé's goal is to "unlock the collective wisdom of the world's best and brightest" with TopCom, which is a highly-secure version of TIBCO's social networking platform tibbr.[34] Users of the network, which has been described as a combination Facebook, Twitter, e-mail, texting and Skype, can hold group video conferences, ask questions and discuss ways to solve world issues.[34][35][36]

Creation of New Venture Fund

On December 15, 2015, the University of California (UC) announced that Vivek will create a new venture fund to invest in value-driven startups, many emerging from the UC system. The UC Office of the Chief Investment Office will anchor the fund with a $250 million investment.Cite error: The <ref> tag has too many names (see the help page). In a recent interview with TechCrunch, Vivek noted that the fund will back innovative companies at the growth stage that will shake up the market. Through his deep connections to the technology, media and sports industries, he will seek to grow the fund substantially with additional investors and build a team to provide operational assistance. The fund will have a presence throughout California, with offices in Silicon Valley, Sacramento and Los Angeles. [37]

Works

In 1999, Ranadivé published The Power of Now with a foreword by Sun Microsystems co-founder Scott McNealy which details how winning companies sense and respond to change using real-time technology.[38][39] The book was a New York Times bestseller.[12]

In 2006, Ranadivé published The Power to Predict with a foreword from FedEx founder Frederick W. Smith which explores how companies can break new ground in their quest to anticipate customers' needs, capture new opportunities, and predict and avoid problems.[40] The book was an international bestseller and was profiled in Forbes, Harvard Business School and The Wall Street Journal's SmartMoney.[41][42][43][44][45]

In 2011, Ranadivé published The Two-Second Advantage: How We Succeed by Anticipating the Future–Just Enough, which reveals how our understanding of human mastery is being applied to the way computers "think."[46][47] The book was a New York Times, Wall Street Journal and USA Today bestseller and was reviewed positively by David Stern and Marc Andreessen.[48][49][50][51]

Personal life

Ranadivé has three children: Aneel, Andre, and Anjali.[2] He enjoys playing golf, cycling, tennis, hiking, and has a black belt in Tae Kwon Do.[7] Ranadivé, along with TIBCO's director of business development, former NFL running back Roger Craig, coached his daughter's national runner-up junior basketball team.[52]

Awards

  • 2005 Wharton Infosys Business Transformation Award (WIBTA): North America Technology Change Agent Award[53]
  • InfoWorld's 2002 Top Ten Technology Innovators
  • 2002 Ernst & Young Entrepreneur of the Year Award Recipient in the Software Category.
  • 2008 South Asian CEO of the Year by the South Asian MBA Association (SAMBAA)

References

  1. ^ a b c D'Agostino, Ryan. The Man Who Knows Everything. Esquire. January 19, 2012.
  2. ^ a b c Gladwell, Malcolm. How David Beats Goliath. The New Yorker. May 11, 2009.
  3. ^ a b World Economic Forum Davos 2012: Vivek Ranadivé launches social networking site TopCom for leaders to interact. Economic Times. January 26, 2012.
  4. ^ Vivek Ranadive, CEO of TIBCO Software. San Jose Mercury News. September 19, 2011.
  5. ^ The Most Influential Global Indians. GQ.
  6. ^ Naik, Shivani. Indian is co-owner of US's top NBA side. Indian Express. April 7, 2011.
  7. ^ a b c d Master of his own destiny. Express Computer.
  8. ^ a b Corcoran, Elizabeth. The Big Deal: Tibco. Forbes. June 16, 2009.
  9. ^ Profile: Vivek Ranadivé. Harvard Business School Bulletin.
  10. ^ Vivek Ranadivé. San Francisco Business Times. September 9, 2007.
  11. ^ a b Levermore-Rich, Adam. Tapping into the need for speed TIBCO's software quietly powers the Internet. Palo Alto Weekly. June 27, 2001.
  12. ^ a b c Roush, Wade. The Two-Second Advantage: Talking with TIBCO’s Vivek Ranadivé. Xconomy. October 28, 2010.
  13. ^ The Boys Are Back in Town; Tibco Rides the Finance Trail Again. A-Team Group. July 1, 2004.
  14. ^ Goldman To Roll Out Teknekron's 'Middleware' Transaction Platform. Risk.net. March 25, 1996.
  15. ^ Fisher, Lawrence M. COMPANY NEWS; Reuters Is Buying Teknekron. The New York Times. December 18, 1993.
  16. ^ TIBCO: Through the Years. TIBCO.
  17. ^ Tibco Provides Net's Guts So Others Get Glory. San Francisco Chronicle. September 27, 1999.
  18. ^ Luening, Erich. Tibco to connect companies to online exchanges. CNET. April 17, 2000.
  19. ^ Tibco raises estimated IPO stock price. CNET. July 13, 1999.
  20. ^ McGuire, Craig. TIBCO Full Speed Ahead Following IPO. Wall Street & Technology. August 20, 1999.
  21. ^ TIBCO Software Grows Total Revenue by 20% Over Q4 2010. TIBCO. December 21, 2011.
  22. ^ Ciaccia, Chris. Tibco Tops Wall Street Profit View by Nearly 20%. The Street. December 21, 2011.
  23. ^ Abramson, Ronna. Tibco CEO Sets Big Goals. The Street. March 18, 2004.
  24. ^ Kings Owner Vivek Ranadive Sells Tibco for $4.3 Billion. "CBS Sacramento". September 29, 2014.
  25. ^ Vista Equity Partners Completes Acquisition of TIBCO Software
  26. ^ Simmons, Rusty. Owner Ranadive pushes technology for Warriors. The San Francisco Chronicle. January 30, 2012.
  27. ^ Vivek Ranadivé is the First Desi NBA Team Owner. Desi Hits.
  28. ^ Bizjak, Tony (March 21, 2013). "Third big investor emerges in bid for Sacramento Kings". The Sacramento Bee. Retrieved October 3, 2016.
  29. ^ Windhorst, Brian (May 17, 2016). "Maloofs, Sacramento group agree". ESPN. Retrieved October 3, 2016.
  30. ^ "NBA approves Kings sale to Sacramento group". NBA. AP. May 28, 2013. Retrieved October 3, 2016.
  31. ^ Helin, Kurt (May 31, 2013). "Kings sale closes escrow, final price is record $534 million". NBC Sports. Retrieved October 3, 2016.
  32. ^ Alums Bring Big Data to the NBA Slice of MIT. January 5, 2014.
  33. ^ Payrolls Jump Casts Doubt on Fed's Rate Pledge: Economy. Bloomberg Businessweek. February 3, 2012.
  34. ^ a b Newcomb, Alyssa. A Social Network For The 1 Percent. January 24, 2012.
  35. ^ Frank, Robert. The 70 Billionaires at Davos. The Wall Street Journal. January 25, 2012.
  36. ^ Connolly, Ellen. Only billionaires need apply... 'Facebook' for the world's richest 200 people launched. Daily Mail. January 24, 2012.
  37. ^ Roof, Katie (December 21, 2015). "Vivek Ranadive On How He'll Invest UC's $250 Million". TechCrunch. Retrieved October 3, 2016.
  38. ^ Purewal, Sukhjit. 'Why hire people who agree with you?'. Rediff. June 25, 2001.
  39. ^ About the Author. The Power of Now.
  40. ^ Predictive Business. Chief Executive Officer. August 2, 2006.
  41. ^ Video: Predicting With Precision. Forbes. March 22, 2006.
  42. ^ Silverstone, Sean. The Power to Predict. Harvard Business School. March 6, 2006.
  43. ^ Brown, Paul B. How to Read the Tea Leaves. CIO Insight. February 6, 2006.
  44. ^ The Power to Predict. SmartMoney.
  45. ^ Gallant, John. TIBCO CEO: How Real-Time Computing Will Change the Landscape. Computer World. September 20, 2011.
  46. ^ Timm, Jordan. Anticipation science: how to stay two seconds ahead. Canadian Business. October 6, 2011.
  47. ^ McKendrick, Joe. The 'two-second advantage': real time gets real for many organizations. ZDNet. May 16, 2010.
  48. ^ HARDCOVER ADVICE & MISC. New York Times. September 25, 2011.
  49. ^ The two-second advantage in business. The Economic Times. July 11, 2011.
  50. ^ The Two-Second Advantage: How We Succeed by Anticipating the Future--Just Enough. Amazon.com.
  51. ^ The Two-Second Advantage. USA Today.
  52. ^ Gladwell, Malcolm (11 May 2009). "How David Beats Goliath". Retrieved 2 December 2012.
  53. ^ "Past winners of the award". Infosys Technologies Ltd. Retrieved 16 October 2012.

External links

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