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Tough love from Haim helped Gil see that his business was at a critical point with a non-scalable product and bleeding cash flow. He needed to steer the company quickly in a different direction.

Haim and Gil tell the story.

Haim Sadger
Sequoia

When I first met Traiana they were not in great shape. I liked their overall vision but it needed to be refined. More than anything, I saw a huge market potential and an amazing entrepreneur who I believed could do anything.

Gil Mandelzis
Co-founder, Traiana

Sequoia invested in our B round in 2002 and our C round in 2004 and in late 2005 we had two product offerings. Our leading product was a very expensive enterprise software solution which we were selling to banks. We were hitting our targets and life looked awesome but at some point we started running out of large banks.

Haim Sadger

When Gil hit a wall, he came to me and to some degree was trying to explain away parts of their decision making.

Gil Mandelzis

I was in denial and still hoping within one or two quarters we could make a comeback. We had raised three rounds of funding and the chances of raising more finance, if we didn’t figure this out, were slim.

Haim Sadger

The business was clearly not scalable and at this point it became our job to be a sounding board and help him see reality. When things go wrong, we tend to enter the picture. I spent a lot of time with Gil helping him get on the right path.

Gil Mandelzis

Our conversations were always respectful and professional but they were very real. Had I gone for another few months, literally another few months, without really addressing the issues, it would have been a disaster.

Haim Sadger

Gil is an extremely focused guy who is able to prioritize. In this case, he was agile enough to see reality with wide open eyes and change course.

Once Traiana shifted its attention away from its enterprise software product to its network software product, the company took off. Within a year and a half, they were acquired by UK company, ICAP, for $252 million.

Traiana
Traiana provides post-trade processing, client servicing and trading partner integration solutions for financial institutions.
Milestones
  • Founded 2000
  • Partnered 2002
Founders
  • Gil Mandelzis
Partner