Latest / The Dutch Investors / #30 | AI, SaaS, and scaling from Poland | A conversation w/ the head of IR at Text S.A.

Transcript

#30 | AI, SaaS, and scaling from Poland | A conversation w/ the head of IR at Text S.A. · The Dutch Investors

• 0:00
  SPEAKER_02: Welcome back to another episode by the Dutch Investors.
• 0:04
  SPEAKER_02: I'm your host Tim, and today I've got something a little different and special for you.
• 0:09
  SPEAKER_02: We sat down with Marcin Droba, head of investor relations at Text SA, a Polish software company some of you might still know as LiveChat.
• 0:21
  SPEAKER_02: They operate in the customer service industry, and it's a very fragmented, fast-evolving industry, especially with AI reshaping how we interact online.
• 0:33
  SPEAKER_02: We talked about what it's like to work at a fast-scaling tech company, how to balance capital efficiency with innovation, why being headquartered in Poland gives them such a unique edge, their competitive advantage, and much more.
• 0:50
  SPEAKER_02: We really enjoy talking to Marcin and gain some new and unique insights, and hope you will too.
• 0:57
  SPEAKER_02: Whether you're into software, SaaS, investing, or just love hearing behind-the-scenes stories from growing companies, this one is for you.
• 1:22
  SPEAKER_02: Is that how I pronounce it?
• 1:24
  SPEAKER_00: Exactly, yes, that's correct.
• 1:34
  SPEAKER_00: Thank you for the invitation.
• 1:35
  SPEAKER_00: I'm really excited to be here.
• 1:38
  SPEAKER_02: Uh, before we dive into text um and all things about software and uh AI, could you briefly introduce yourself to us?
• 1:47
  SPEAKER_00: Sure.
• 1:48
  SPEAKER_00: Currently I'm VP of Investor Relations of the Text.
• 1:52
  SPEAKER_00: For I used to be a journalist for the very long time.
• 1:56
  SPEAKER_00: So I was a journalist, I was covering Polish stock exchange, a companies from technology, communications, gaming sectors.
• 2:09
  SPEAKER_00: So that that's my my feedback, that's my background.
• 2:13
  SPEAKER_00: I decided to move toward PR at some point in my let's say career.
• 2:22
  SPEAKER_00: I joined a PR agency which actually started to specialize in investor relations instead of the PR.
• 2:33
  SPEAKER_00: That was really extremely interesting experience.
• 2:38
  SPEAKER_00: I was working with some great companies, uh, including, for example, CD Project, company known as makers of Witcher Games and Cyberpunk game, and um and some other company as well, and that's how I met uh LiveChat Software, company then called Lifet Software, now known as a text.
• 3:04
  SPEAKER_00: I was responsible for the communication of the IPO, and after some times we've met together and uh I was invited to the company to actually create uh in-house um IR team.
• 3:22
  SPEAKER_02: And for those unfamiliar with text, if you had to explain it to, say, a 12-year-old, uh, how would you explain or describe text?
• 3:32
  SPEAKER_00: Okay, so that's a company which provides tools mostly dedicated to online communication.
• 3:41
  SPEAKER_00: So if you interact with some companies, providers of the services, maybe your school or university using especially live chat, but also email or WhatsApp or some other online channel of the communication, it's very possible that actually our product were somehow used to conduct this communication or to analyze data which came out of that communications.
• 4:24
  SPEAKER_00: So so that's about text, and obviously, our specialty, our focus is on text-based communications.
• 4:35
  SPEAKER_02: Yeah, that that makes sense.
• 4:36
  SPEAKER_02: Uh, although otherwise the name change wouldn't have made a lot of sense, right?
• 4:41
  SPEAKER_02: Right.
• 4:43
  SPEAKER_02: So uh you told us a little bit how you ended up uh at text, your journey there.
• 4:48
  SPEAKER_02: Could you perhaps expand a bit more on your daily responsibilities?
• 4:52
  SPEAKER_02: You're the head of investor relations uh at text.
• 4:55
  SPEAKER_02: So can you walk us through what your role actually looks like on a day-to-day basis?
• 5:00
  SPEAKER_02: What are some of your responsibilities and maybe even some things people might not even realize fall under investor relations?
• 5:10
  SPEAKER_00: Sure.
• 5:11
  SPEAKER_00: Actually, it's uh maybe it's a funny thing.
• 5:14
  SPEAKER_00: Actually, I'm one of the co-founders of a recently created Polish IR Society, so that's that's group of the IR professionals, and it looks like this job can be extremely very, very different in different companies.
• 5:35
  SPEAKER_00: So so that question makes a lot of sense.
• 5:38
  SPEAKER_00: We are as as you know, investor relations are usually uh rated by some some but journalists, by investors, by retail investors, by institutions, and it's sometimes easy to say like this company have great IR or this company is not doing uh great IR and actually it's it's it's of course valid opinions, but it's also so always some perspective in that, and actually it's like with iceberg, uh a lot of our work is invisible to our stakeholders.
• 6:26
  SPEAKER_00: So, yes, one one of part of our job is to to to observe what is happening, what uh what our stakeholders, what medias investors and etc.
• 6:46
  SPEAKER_00: are you know saying about how our company, what is the story around our company, what what is happening in in our environment.
• 6:58
  SPEAKER_00: Um so so we we like starting day looking through all the dailies from brokerage houses to look at media monitoring and and so on and so on.
• 7:13
  SPEAKER_00: This awareness of what is happening in an environment also on stock exchanges in in other companies is is very important.
• 7:23
  SPEAKER_00: Actually, we creating some some some intel for our team.
• 7:31
  SPEAKER_00: We when actually when I spot some some interesting report from brokers or from some media from us, I'm from you absolutely.
• 7:46
  SPEAKER_00: Absolutely.
• 7:47
  SPEAKER_00: I'm sending that over to to to to to to to you know to to to our management board to our CXOs, I'm choosing who should know what.
• 7:57
  SPEAKER_00: And actually uh AI tools are great for that.
• 8:02
  SPEAKER_00: So so so for example, Google, Google have a great thing uh called notebooks.
• 8:09
  SPEAKER_00: Yes.
• 8:10
  SPEAKER_00: And actually, being in podcast is very interesting, they have very interesting feature because actually you can upload some some some data to that notebook.
• 8:24
  SPEAKER_00: So so you can upload, for example, a very long detailed report uh to the notebook and create not only a summary but also a podcast based on that data.
• 8:40
  SPEAKER_00: And I really like to create this podcast, and I know that some of our C CXOs are listening to this podcast like in the morning traveling to the office.
• 8:56
  SPEAKER_00: Uh so so that's also part of our job.
• 9:00
  SPEAKER_00: But we don't actually in the text we also take role or some legal team when it comes to our duties as a listed companies.
• 9:16
  SPEAKER_00: So actually we like the the first team, the people who can decide that we have like information which should be reported, we're creating all the uh stock exchange reports, we are responsible for the quarterly and annually annual results, we are sending them these reports through electronic system of Polish Warsaw Stock Exchange and and regulator of the market.
• 9:52
  SPEAKER_00: Um so that's also some some some part of the job.
• 9:57
  SPEAKER_00: I I have this background as a journalist, so also I'm creating a lot of news release.
• 10:06
  SPEAKER_00: Uh I'm responsible for circulations of of this this press releases.
• 10:13
  SPEAKER_00: Um actually at this point our department is is is uh uh responding for the questions from the media, not only about no only about financial results.
• 10:30
  SPEAKER_00: Um uh obviously we create like materials you you interact with like presentations.
• 10:38
  SPEAKER_00: Um as you know I'm also conduct uh our webinars, uh investors calls for for the um for for the investors but also for the media.
• 10:57
  SPEAKER_00: Um we are creating some some some plans so we're deciding which uh conferences, investor conference we're gonna attend, and so on and so on.
• 11:11
  SPEAKER_00: And we we very very we also have very close uh uh the we also have very close cooperation with the financial teams, which is uh I think also obvious with the data team uh in our companies.
• 11:28
  SPEAKER_00: So sometimes we are asking a data team for some to to create some tables for us, um and and it's absolutely great thing.
• 11:38
  SPEAKER_00: Um we asked data teams for you know particular uh data set, and it's great to see that sometimes this data set, this exah exact data sets we wanted is used by the other departments, by other teams.
• 12:00
  SPEAKER_00: So that that's very nice.
• 12:02
  SPEAKER_00: And obviously, we we're responding to your questions, to questions from from other investors, and we are you know we uh we have available not only through emails but also by live chat on our website.
• 12:17
  SPEAKER_02: That's a lot more diverse than even I would have thought.
• 12:22
  SPEAKER_02: So you're kind of uh a middleman, uh kind of an observer, a writer, an assistant, a journalist, all in one, I guess.
• 12:30
  SPEAKER_02: Do you feel like you know more on the company text than many investors do?
• 12:36
  SPEAKER_02: And can you invest in text yourself or are you not allowed to?
• 12:42
  SPEAKER_00: I'm allowed to.
• 12:43
  SPEAKER_00: I'm very happy to be allowed to.
• 12:46
  SPEAKER_00: Actually, I'm shareholder, and actually I'm always registering to our AGM.
• 12:54
  SPEAKER_00: So so so anyone can, you know, anyone can any shareholder can sign up, can register to participate um uh in our uh general meeting, and if that shareholders will register, can ask us about list of registered shareholders and take they can check how many shares I owned.
• 13:23
  SPEAKER_00: Um but but for me it's very special to to be able to be shareholders in the company I work with.
• 13:32
  SPEAKER_00: So it's very very special.
• 13:34
  SPEAKER_00: So so so don't don't think that investing on the base of what I'm thinking about share price.
• 13:48
  SPEAKER_00: I'm investing because for me it's very important to be shareholder of that company.
• 13:54
  SPEAKER_00: And I obviously I believe in that company, but you know, as a as a person from the financial market, uh is it's like great thing to be shareholder.
• 14:09
  SPEAKER_02: Uh as a fellow shareholder, I agree.
• 14:12
  SPEAKER_02: Yeah, definitely.
• 14:13
  SPEAKER_02: I I have to visit the uh general meeting sometime, but uh Poland is feeling invited.
• 14:18
  SPEAKER_02: Yes, it's but it's a long drive, so uh perhaps I'll have to fly then.
• 14:23
  SPEAKER_00: Uh not so long, but feel invited.
• 14:25
  SPEAKER_00: Anytime if you will be in Wrocław or in Warsaw, let me know if you know if uh I'll keep that in mind sometime.
• 14:36
  SPEAKER_02: Yeah.
• 14:37
  SPEAKER_02: Do you live in Poland?
• 14:39
  SPEAKER_00: Yes, yes.
• 14:41
  SPEAKER_00: I live in Poland actually and live in Warsaw, and and that's a funny thing because I joined text before pandemics, and I was actually the very first person who joined the company to work remotely because the the the our HQ is uh in the located in the city of Wrocław.
• 15:06
  SPEAKER_00: So we knew each other, so there was a trust between between me, between CEO, management board, key key people in the company.
• 15:17
  SPEAKER_00: I knew most of them, and uh and they were okay, that they wanted me, which is a nice thing, uh, and they were okay that that I can stay in Warsaw and work with with with with um uh company based in Vrotswaw.
• 15:34
  SPEAKER_02: Is there a reason text is not located in Warsaw?
• 15:38
  SPEAKER_00: Uh obviously, obviously.
• 15:40
  SPEAKER_00: So so it's founded in in Vrotswaw, uh from people from Vrocław um and that that's an interesting story actually.
• 15:53
  SPEAKER_00: I was planning to to tell that story later, but we can jump in.
• 15:58
  SPEAKER_00: Uh actually, um live chat software was was founded by a group of people, and two of them, uh Matty Jarzembowski and Jakub Shitash, uh were also founders of other company.
• 16:18
  SPEAKER_00: Company called Banker.pl.
• 16:21
  SPEAKER_00: Banker.pl was and still is actually sold that business, but but still is very very popular website.
• 16:30
  SPEAKER_00: They have also on a very popular investor uh forum.
• 16:38
  SPEAKER_00: Uh honestly very toxic one, if I can say that.
• 16:43
  SPEAKER_00: So but but nevertheless, um they had a very popular business.
• 16:50
  SPEAKER_00: They they have very popular website.
• 16:53
  SPEAKER_00: Uh they have a huge traffic.
• 16:56
  SPEAKER_02: In Poland or international.
• 16:58
  SPEAKER_00: No, it was the Poland and and you know in Polish website in Polish Polish language.
• 17:06
  SPEAKER_00: But but it so it was local and but it was very, very popular.
• 17:11
  SPEAKER_00: They had huge traffic on that website.
• 17:15
  SPEAKER_00: And they just they were looking for the idea on how to monetize that traffic.
• 17:26
  SPEAKER_00: And the one idea was that it would be great to have opportunity, to have tool to to contact these people online in the real time.
• 17:40
  SPEAKER_00: Why that you know that's the great moment.
• 17:43
  SPEAKER_00: You can contact people uh which you you have to take attention at this very moment, you know some things about them, you know how they moving through your website, what they're looking for, how they found the website.
• 18:03
  SPEAKER_00: So just they just thought that it would be great to have opportunity to to say hi.
• 18:09
  SPEAKER_00: We can see that let's say you are comparing some offers from the bank.
• 18:15
  SPEAKER_00: So we here and now we have some special offer for you at this moment.
• 18:21
  SPEAKER_00: So that was the idea, and they were looking, it was like 20 plus years ago, and they start looking for solutions which would that make possible.
• 18:34
  SPEAKER_00: But but but guess what?
• 18:37
  SPEAKER_00: They were known they were known something like that, um, none in Poland, outside the Poland there was a company called Life Person who who was doing something like that, not exactly that, it was very expensive, very very expensive, and uh it wasn't possible to to to buy that solution uh to Poland.
• 19:04
  SPEAKER_00: So being in Poland, so they just thought let's do that, and maybe that's not only our problem, maybe we can solve that problem to other people, to other companies in Poland.
• 19:23
  SPEAKER_00: And because banker.pl had had its own core business, they decided to to to to to to you know to create a new company around this idea uh and about the idea how to solve that that problem.
• 19:39
  SPEAKER_00: And that that was the beginning of the story.
• 19:42
  SPEAKER_00: And they were based on Vrotslav's, actually, all of them uh were actually living in Vrotswav, and Vrotslaw is a good place to to do to create business like that.
• 19:57
  SPEAKER_00: Uh, this is a very nice city, and they have a very good you know universities, so there is also talent pool, was was uh I would say very deep.
• 20:11
  SPEAKER_02: So, what is it about Poland that makes it such an intriguing well place for investment?
• 20:19
  SPEAKER_02: Um, we have analyzed different Polish companies already.
• 20:22
  SPEAKER_02: Uh, for some reason, there is an exceptionally high amount of quality companies that are pretty decently valued there from the likes of AutoPartner, uh, text, even Dino Polska, which we own.
• 20:37
  SPEAKER_02: Um, what unique opportunities does Poland kind of offer?
• 20:44
  SPEAKER_02: How would you describe the business culture in Poland and perhaps even more importantly, is it challenging to operate as a company in Poland?
• 20:55
  SPEAKER_02: Are there any factors that make it like uh investor-friendly?
• 21:00
  SPEAKER_00: Oh very interesting uh questions.
• 21:04
  SPEAKER_00: Um Polish I I I think we have very hard working and very industrious people and I I'm you know I remember the times of the end of the communism and and you know pol police economy virtually didn't exist then but but when the first opportunity arise to to you know to to to create your own business uh that there was like huge boom.
• 21:54
  SPEAKER_00: People were trading everywhere.
• 21:59
  SPEAKER_00: Um
• 22:00
  SPEAKER_02: uh people were you know were using any opportunity to to to to to to create business so so people were you know people were very very keen to to start work to create business when actual they knew that they are able to to create something on their own to to to earn real money to to to create value to build something something new and as you saw like small businesses everywhere I remember that that's very interesting story with so-called um Geuda Computerova which is we which can be translated in the computers like births or or computer trade uh place located located in the school which and the school actually in the weekend changed to the to the place where people were selling you know computers computer sparts and software and games sometimes not entirely legal games but but you know we we we didn't have a a really um IP law then so so technically this these people were on the right side of the law at this this point and and this place was place when future big listed companies were created so that was the place when CD project was created CI Games uh Techland so so huge huge global companies were created in in places like that also in also in other industries um so I think that that that there was like huge ambition in that in that no nations country uh a feeling that we were like punished uh by history and and and we had to work and live in the system which really didn't uh award that uh hard work and and when it was possible Polish people just embraced that opportunity and and I think still people in the Poland is are are very hard working where where they can see that it makes sense and also looking just at at the place when we are we we we also big enough as an internal market to to to to to enable the first first phase of the growth for the companies which is a trap which which actually so some people think that is the reasons why we have a lot of big companies strong companies because they they have an internal market big enough to to to grow to scale up at the same time we didn't have a lot of global companies because if you look at even very small countries from our regions like Estonia like Hungary perhaps they they they perhaps they they have outside the game maybe outside gaming they they have bigger global successes because they were starting in so small market that they were just for forced to to to to go outside from the very beginning yeah that makes sense yeah I think I think you're right um in the Netherlands we have many Polish workers actually they are kind of known as humble hardworking people just like you just said they don't complain uh they are very kind uh Dutch people are kind of known for a lot of complaining and um half glass full uh kind of people and I think this just kind of stems from perhaps even the communist side of Poland right where uh they're familiar with having less uh needing to work hard earn your share um and it's now the fastest growing European economy so um they're doing uh very well um purely out of curiosity um and to expand our view on Polish companies are there any other Polish companies you own and we should take a look at perhaps and uh let me write them down that's that's yeah that's that's that that's the great question uh I I think if I know something I should something I should share um we we we we have uh uh interesting businesses I probably I shouldn't share my my maybe you know oh offline I can share some ideas and some views but yeah but it's also interesting thing we we we mentioned Wrocław as a good place to to to have business and it's very interesting thing because like it looks like Vrotswaw is like really Polish capital for SaaS businesses and and we we have a strong a strong uh list of of SaaS companies located in in Poland you just made the perfect bridge uh let let's get back to uh text and uh SaaS companies um you've talked about solving problems uh a few minutes ago um just to give our listeners uh a clearer picture uh let's walk through a real world example uh say a company like IKEA uh is looking to improve its customer service how do they typically discover or arrive at text um what does the onboarding process look like and once they're up and running what kind of problems is text actually solving for IKEA um the the let's say the core value proposition for text so IKEA is is um uh IKEA is very interesting uh story for us because actually we we started with IKEA Iceland so we it's like one shop so so IKEA is like huge brand and and you can think that it's like big customers and it's great to to have this logo in your portfolio but in practice at the very beginning um it was like one shop really one shop in in Iceland so so not like big story.
• 30:05
  SPEAKER_00: Good thing is that IKEA Iceland were also after a few years joined by by IKEA IKEA Poland from from what I know because I I I was actually so one of our investors actually sent me a link to some interview with with with guy from IKEA Iceland actually people from Iceland uh presented to to the Polish colleague opportunity and opportunity or reasons to to try to check live chat in in in um in Poland uh so actually now we have two countries when it comes to to to to IKEA but but I think it's important to point out that there are many many different scenarios here here if you look at our customer base you'll see companies institutions universities sports clubs and basically every industry every industry you can think of across 150 countries worldwide and each of them is looking for value in their own unique unique way so let's start maybe let's start with our acquisition channels how how we acquire customers so we have multiple acquisition channels channels sorry this includes Google our affiliate program integrations with various tools as well as platforms like Shopify BigCommerce and Squarespace also media and and more recently tools like ChatGPT have started to drive traffic for us there is also our free product now OpenWidget which might become a significant acquisition channel it's already and it's already showing some some conversion potential so the whole picture how we attract customers how we bring customers is like constantly evolving the the the the landscape is is changing fast um uh right now the way people and businesses search for content online search for knowledge online is shifting rapidly largely due to AI uh which I'm sure we will talk about more and we need to adapt to that uh so we are becoming more active also offline last year our sales team attended uh to in-person only to one in-person conference this year our team already been to the free conferences like in New York Miami and Barcelona and we're doing that mainly because our product is not now much better suited for larger customers and those are often being reached no being beyond just online channels.
• 34:14
  SPEAKER_00: So we have what is important there's a lot of different scenarios and a lot of channels we're using to to attract customers um and onboarding itself this this value proposition is also different for for you know for different organizations so at the very beginning at the very beginning it was uh monetization so we were helping and we still doing that I think it's still like maybe number one value proposition for us we help you to to to convert your traffic to engage your customers and increase your sales online that that that's uh I think that's like huge huge promise and we're doing that and think not only about you know live chat as not only about uh this widget you can put on your website but inside live chat we are offering uh additional tools like you know integration with Stripe and PayPal which which can enable can help you which can let you to actually process payments within live chat window uh but but also in time with time a new a new use cases arise so the promise that we can help you improve your communication with the customers improve your um customer support is also important um is that that that also something important and now and now which is becoming more and more important is automation so obviously we we we saying about chatbot but also ai agents also about building some processes in your companies so so that's the value we we we try to to to present and offer.
• 36:52
  SPEAKER_00: And onboarding it's uh it's also uh a very interesting topic because there is something very special in software as a service businesses and since since we know we are in the podcast uh uh of the Dutch investors and maybe that's the right place to you know to mention that I'm a huge fan of of Max Verstappen and and and he he was like masterclass last last week in the Suzuka that that was something absolutely great but when I think about SaaS businesses I think that they have one thing common to Formula One so so so actually in the Formula car you build a car and in our case you you're building some product and you're launching that that product but you are improving you are introducing changes to that product and the same applies to the onboarding process all the time all the time so that's the same like with you know with the car of the Formula One you're starting season with the brand new car and actually you gather information every time you can and you you need you are forced to to actually bring some improvement uh almost every every week even small one and sometimes you roll out a package of updates and improvement and on paper everything looks great but then you hit the track and and then suddenly the car is slower not faster which in SaaS business translates in the situation that you can see that your KPIs are not growing but but they're getting worse like conversion rate for example um uh you you need to figure out what's wrong maybe it's back maybe maybe it's some you know in in the maybe it's something outside to your solution maybe that's something in the environment maybe it's like weather in the case of the Formula One and and you know and sometimes you you are not really sure what is not working what change was was the best change that's exactly what we know what happened to to to Mercedes and what is now happening to Red Bull I think and we went through that that situation last year we rolled a major update to to to to the uh to the onboarding we made a huge set of changes in our product product and something just didn't work and and actually we we had to take huge step back and and and see what what what what to to to realize what what really happened so so that's not something easy uh because I I had a lot of voices that no live chat is something easy chatbot is something easy everyone can do that but to build SaaS company to to to put all the processes you know online to refine that processes is is something which is not so easy is complicated and it's evolving all the time.
• 41:06
  SPEAKER_00: I think still the best thing you can do if you if you're interested on how we unboard customers is just launch trial.
• 41:17
  SPEAKER_00: It's not maybe it's not so simple in the case of the help desk our ticketing system but in the case of the live chat and chatbot it's really doable it it should be simple and you can check that you can check that by yourself and and learn how it's going what our products are about I think that's a great way of explaining it like the Formula One car and by the way we are all fans of Max Verstappen I mean I thought so I thought so I mean who isn't if you like uh like uh real drivers he's a real driver right so he's the best at this moment he's the best but also I also really really hope to see Checo Perez on the track again I think now we can see how difficult challenge he faced you know racing along Max and and I really hope that we will see him again next year yeah I never thought of uh the Formula One comparison so it's kind of a never-ending cycle of investing kind of trying new features getting feedback and redoing it over and over again just to you know stay ahead so how does text build and defend its edge kind of um like this is a never-ending technological advancement so what does text do that makes them the go-to player I think being very close to the customers uh being very close to the customers uh so we really rely on the customers feedback we listening to our customers we are doing everything possible to be like in the constant contact to to to understand what customers need how they use our products where some problems arise that's that that's that's the most important that's the key and always in our history very important was a process which I believe is called like dog fooding or eating your own spam we are heavy users of our own product we we experiment sometimes we experiment uh live but on our own license on our website on our license is the first place when we actually try try things so so it's extremely important for us to use our own products and maybe maybe you had we we're not saying a lot about the what to to come in in in as a new products but but we but we're working on the new product which is called team chat and I think for us is um something we we really don't like fact that for internal communication we are using external tools and some tools for internal communication would be also in the future an excellent addition to to to suite we are working on uh so yes using our own tools is extremely important for us yeah I I can imagine and on customer acquisition I kind of came to the conclusion in our analysis that text's biggest problem or perhaps struggle is getting found and not being seen as a single solution uh right am I correct in saying that text uses a kind of land and expand type of strategy similar to Agen uh the Dutch software company or even Palantir where you just land uh with a customer um and then show your exceptional quality and service you can provide and then expand from there or does text use a different kind of strategy I think it's very I think it's very similar so so yes um actually when we well if you look at our history um we know not always been a SAS company actually we completely changed our business model in 2010 and before that we we were no traditional software developer we try a very different uh way of customer acquisition they were very inefficient we were losing money we were not profitable then and actually the most important moment in our history was to change business model uh to go online to build to put our product online to become software as a service company and from that moment like in one day we became a global company from being company uh limited to to to to one Polish market and the the the fact was that we didn't have money to to spend we we we didn't have money to to you know for for some marketing campaigns we we didn't have money to to to go really outside the Poland to to to to organize conferences selling events and so on and so on around us there there was always a competitors who actually rely heavily on the on that kind of customer um acquisition but we didn't have money for that so we just need to to we just needed to to to think about something else uh we we we we had to be clever we we so so word of mouth was and still is extremely important for us opinions from the customers uh having advocates people who who advocate our advocates who who actually spread the word about our solution that that that was something very important of course being on the on the marketplaces in the places like capterra like getup was and still it is important for us but it makes sense to be in places like that if your rates are high because you don't want to be you know listed on on on the capterra or get up with the opinions saying that that you are crap that your product is crap definitely not so uh so yes that that's the strategy but but also we we probably still gonna discuss AI but during the last year AI heavily influenced our environment I'm not saying about product itself we were very concentrated about an I when it comes to product development but what happens what happened is that AI is changing a way people and companies look for for content in the internet um if you're using chat GPT or Grog or some some other assistant you're not uh this this this this you know AI is using uh content from your website to formulate knowledge gathered on your website to to to to prepare answers for the for for um for the people who are actually asking questions but the people these people are not forced no longer forced to visit your website which is game changer when it comes to SEO uh which is really changing how you market online so that's affected us really that's affected us that's affected our business our process of customer acquisition that's affected some of our affiliate partners and what is maybe most important that's affected a lot of online businesses who relied on SEO actually there is a company called Cheg they they they they um are in the educational space and actual they just sued Google for for for introducing that mechanism because the AI assistant is using knowledge and content from the the website but the people are not not not entering that website so that's um that's something we we have to adapt.
• 51:35
  SPEAKER_02: We will adapt as as mentioned ChatGPT is now new uh channel of customer acquisition for us but um but but no the rules of the game is changing yeah yeah I believe check is um not doing great business model wise i belie yeah and it's getting disrupted by AI and I feel like AI is kind of a double-edged sword sometimes where at the same time it gives a lot of opportunities but I mean it affects many businesses as well you just said you were losing money and you weren't even a a SaaS company uh before 2010.
• 52:18
  SPEAKER_02: So text had to change the business model right and became uh and they became global um this shift to an integrated SaaS ecosystem uh a bit like Adobe if I can make that comparison is um very important for text so why do you think text uh the stock is down almost 70% from its peak is it because of the uncertainty from the transition is it because AI is potentially disrupting text business model what is your gut feeling on this but IR can be can be suspect suspect here uh of course I hope not I I still hope that we're doing um a reasonable job but but I think that our story is is not heard really at this this this moment so so yes that there is a obviously if you look at our numbers they're not so great uh as they used to be so if you look at the MRR for the for the last quarter we have like seven percent of the annual growth we used to see higher numbers we like to to to to to see um higher numbers we we we hope that would be possible we work on that so so obviously there is a reason so a lot of even fund managers are saying maybe in dollars you're still growing but when we translate that results in the slot is there is no growth at all which means for us you are no longer growth company you can be value company we can like your dividends we we maybe you can doing good business but that's no longer growth company so the valuation is different so that's that that's the one thing but but I really don't think that's the only thing behind what what market is doing um market is also especially Polish investors very very concentrated on the number of the customers and if you look at the number of the live chat customers on the net level we're losing a lot of them recently and that's the fact and to be clear it's not it's not like our plan we don't like the fact that this number is shrinking but the but on the other hand the business is still growing we actually what is happening we're replacing smaller customers with with bigger customers in the future that should translate into lower churn into better revenue retention rates so that's that's actual that that positive process I'm not saying that losing customers is a good something good no but if you need to to lose customers and you are able replace them with bigger customers who who actually are easier to to to upsell which are more loyal is not so really not so bad for your businesses but we used to for the very long time we used to um uh report only number of the live chat customers in our history so so people here are very used to that number and they for for them it's like number one of the event only KPIs we had this situation in the one of the previous uh webinars that actually we we had like question from fan manager who actually knows company from the IPO who knows us very well and we had like discussion public discussion because that was during webinar uh about the RPU about uh MRR and at the end and said he he was said I'm looking only only at the number of customers so of course he have every right to do that it's fine of course that that that's his choice that has his call that's his decision and by the way he sells uh a lot of shares uh from what I know from from what we we we we we can observe uh they were selling so so they write uh I think they they don't they also think that yes there's a lot of uncertainty for for them um uh and they're not sure what what what what will happen uh with AI with with as a result of AI adoption of of the market that there is a lot of I would say valid things you you you should look for and um ai is game changer so it's gonna change our landscape and not all companies will win the market itself our industry industry we are with will be winner not one company will be winner a few companies will be winner will win that um that situation but but some of them will gonna lose I think you explained that perfectly um and I I I think I'll I'd have to agree there and uh if there's one thing investors don't like it's uncertainty just look at Donald Trump what he's doing right I mean he's basically just saying things and it brings a lot of uncertainty and uh what's going on in the market you never know but um I think uh it's a good time to head on over to uh AI um you just said that um AI could be a huge risk and opportunity um what I look for in in an investment is honest and capable management and uh which I think is something I believe in text I mean they're extremely honest which I can really appreciate I mean they're so honest that they basically said in the annual report that AI will either be a huge opportunity or they're going to get killed by AI.
• 59:35
  SPEAKER_02: It's one of the two and I can really appreciate the honesty.
• 59:39
  SPEAKER_02: I mean they're they're honest about it and it also means they won't get surprised by it and I believe eventually the honest and capable management with employees and a good culture will determine the success of any company.
• 59:54
  SPEAKER_02: You just said there will be multiple winners and there will be multiple losers.
• 59:59
  SPEAKER_02: So let's talk about AI for a minute because it is hard to ignore how fast things are moving.
• 1:00:07
  SPEAKER_02: Over the past year we've seen a huge leap in how AI is used across industries also customer service right is right in the middle of this wave.
• 1:00:17
  SPEAKER_02: In many ways AI seems like the perfect fit for what text does automating repetitive tasks um improving response times scaling support without headcount perhaps but at the same time it's like I said a double-edged sword AI can make your product a lot more powerful but it can also lower the barrier to for others to try and copy what you've built but it's not easy like you said.
• 1:00:44
  SPEAKER_02: So what is your take on AI?
• 1:00:47
  SPEAKER_02: Is it uh more of an opportunity long term or is it more of a risk for text?
• 1:00:53
  SPEAKER_00: Sure sure sure so obviously we we we just discussed the situation when we were hit by something we didn't see coming from completely different you know perspective we we we are concentrated on.
• 1:01:12
  SPEAKER_00: So so obviously that's that's the biggest challenge when it comes to AI how many things we are seeing how many things we can foresee and how fast we can adapt if there will be some turn or a new opportunity or new situation which arised because of the AI but but as a rule in general I I think AI is absolutely huge opportunity for us uh it's a very accessible technology so actually when you think about some some AI solution you you you have uh different technologies on the market this this these technologies are very accessible uh uh and and at the same time very very very very powerful so we can use that that technology um part of them we can be used to develop something on our own to to to some degree we can just connect to let's say chat GPT or any other uh big language model it depends but it's like great technology which we can use to create significant value for our customers and and yes obviously we hope that they'll pay for that value so so that's the opportunity we can build a lot create a lot of value answer better the problems our customers have with and we can do do that quite fast I I would say so so that that's like huge opportunity for us uh and for the whole market for our whole industry but at the same time it's a game changer it's transforming the market so is is there is a risk that at some point we will be out of the loop yes that yes there is that that that uh yes that that that's the risk uh I don't see that now I don't see that now I I I think that of course there's a lot of theories so so so you can meet meet people that will claim that companies like ours will be totally replaced by I would say in one scenario but some giant um corporations like Google or Microsoft who will be able to launch something really powerful virtually for free or in second scenarios by the fact that with some AI agents everyone will be able to create like everything also for free uh the free part is definitely not true not gonna happen um AI is uh maybe not I would say today is expensive tomorrow will be maybe not so expensive but but still there will be always a cost related to to using AI um so I don't believe personally I may be wrong but personally I don't believe that any of these scenarios which which which comes true I believe that companies like text but companies like HubSpot companies like Intercom Freshworks uh Salesforce now of course I'm that that much much bigger company like like ours are very well positioned position To be the leaders of the change and benefit from the change.
• 1:06:07
  SPEAKER_00: But yes, that's a game changer at situation when the market is transforming.
• 1:06:14
  SPEAKER_00: So yes, that there are risks also.
• 1:06:18
  SPEAKER_00: And I think if you look at our valuation, I really I don't like to go to command share price, that that really, but but but I think when you look at the valuation, it's definitely the more risks priced in tan opportunities.
• 1:06:42
  SPEAKER_02: Oh, I absolutely agree.
• 1:06:44
  SPEAKER_02: Yeah.
• 1:06:45
  SPEAKER_02: Nothing to add there.
• 1:06:48
  SPEAKER_02: Perhaps a bit more philosophical, um, but I think it kind of matters.
• 1:06:53
  SPEAKER_02: I mean, we can't look into the future, but text is well about, you know, text, chat messages, uh, written communication.
• 1:07:02
  SPEAKER_02: But looking ahead, say 10 years from now, 15 years from now, are we heading towards a more voice-driven, visual, or even AI-powered, completely new way where text is just not needed anymore?
• 1:07:16
  SPEAKER_02: If you're if you can speculate a bit on this, what do you think?
• 1:07:20
  SPEAKER_00: Uh so I hope not.
• 1:07:22
  SPEAKER_00: I so so so I hope that that text will prevail and will be um very important.
• 1:07:31
  SPEAKER_00: Um not only because I I work for text, uh, also because my no individual preferences.
• 1:07:40
  SPEAKER_00: I really I really hate uh call companies.
• 1:07:49
  SPEAKER_00: I really don't like even call restaurants to book a table.
• 1:07:57
  SPEAKER_00: I I'm very happy when I can just use up some application and just choose um place, time, and and just click on you know book place and and see that is confirmed, and that's all.
• 1:08:19
  SPEAKER_00: So, so so I really hope that text will prevail and will be very important uh in the future, because of my individual preferences.
• 1:08:31
  SPEAKER_00: Um but but but of course I'm aware that you know different peoples preferent um different channels of communications and and have overall different preferences.
• 1:08:47
  SPEAKER_00: Uh when you look at the text now, especially live chat, uh we are telling our customers that they should be in the places in the channels which are uh preferred channels of their customers.
• 1:09:04
  SPEAKER_00: So, yes, so one person would prefer to email, the other person would prefer to visit website and use live chat, and the fat person will be all about WhatsApp.
• 1:09:21
  SPEAKER_00: Uh and and you should have all.
• 1:09:25
  SPEAKER_00: What we can do for you, um what we can do for you is to gather us our customers is to gather all these conversations in the one place, in the one uh one tool.
• 1:09:44
  SPEAKER_00: And in that one place you can gather that data, analyze that data, and and and so on and so on.
• 1:09:53
  SPEAKER_00: And the same applies to the voice or video communication.
• 1:09:58
  SPEAKER_00: So so even today, even as of today, we have some integration, not our own native um uh native solution, but we are integrated with tools which makes possible to to to um to uh make to transfer a written chart into into voice uh communication or video communication.
• 1:10:39
  SPEAKER_00: Uh funny thing, we used to have native video in uh like at the very beginning of our story, we we we just drop off the idea because actually our customers weren't interested in that historically, but in the future, uh I'm convinced that we will also gather voice communication and video communication.
• 1:11:09
  SPEAKER_00: Because if you think about voice communication, uh if you if you want to store the data, if you want to analyze the data from that communication, it also should be transferred into text.
• 1:11:31
  SPEAKER_00: So at some point, if you if you at some point you will need text.
• 1:11:38
  SPEAKER_00: So text communication will be in place even in the in the company who only using voice, voice, voice uh communication.
• 1:11:51
  SPEAKER_00: Uh this calls should be transcript and analyze as a text.
• 1:11:59
  SPEAKER_02: Uh yeah, I think uh I'd have to agree.
• 1:12:01
  SPEAKER_02: I don't see text ever going away.
• 1:12:04
  SPEAKER_02: I think there's always a place for text, uh, not just as the company, but as in texts in general general, like uh written.
• 1:12:11
  SPEAKER_02: I think there's always a place, and um people will prefer text many times.
• 1:12:15
  SPEAKER_02: Uh I didn't think about it that way, but I don't like calling companies or uh you know, I just want my answer.
• 1:12:22
  SPEAKER_02: I want to book something through the app or through the website and and be done.
• 1:12:27
  SPEAKER_02: Even for customer service, I rather not call someone, I just want a live um someone to help me, like uh through live chat, for example.
• 1:12:38
  SPEAKER_00: If you think about it, I mean I really I mean everyone, probably almost everyone, had some bit experiences from calling companies when you had to wait and and and customer support was rather bad.
• 1:12:57
  SPEAKER_00: So so so I think everyone had some not not really not great experiences when it comes to voice.
• 1:13:05
  SPEAKER_00: But also it's not so satisfying to send mails because mail is okay, I like mails, but but especially if the customer support is is reacting quickly.
• 1:13:19
  SPEAKER_00: But sometimes you're sending mail and you have that feeling that you don't know what the answer can be.
• 1:13:29
  SPEAKER_00: Is somebody saw your mails, is responded, maybe it was blocked some somehow.
• 1:13:36
  SPEAKER_00: So that's why I I I like live chat, but also that same applies to communicators like like WhatsApp.
• 1:13:44
  SPEAKER_02: Yeah, true.
• 1:13:45
  SPEAKER_02: Yeah.
• 1:13:46
  SPEAKER_02: And perhaps a bit of a weird question, but let's say text um SA as the company uh would disappear tomorrow.
• 1:13:55
  SPEAKER_02: What would happen to customers using um your services?
• 1:14:01
  SPEAKER_02: Is there like a complete alternative uh if text disappeared, or um what would happen to the companies?
• 1:14:10
  SPEAKER_00: Uh that's a very good question.
• 1:14:14
  SPEAKER_00: Um will manage.
• 1:14:17
  SPEAKER_00: Most of them honestly will manage.
• 1:14:20
  SPEAKER_00: Um of them, some of them, maybe even customers who are responsible for most of our business, at least significant part of the business, will not find one-to-one replacement, or that they can find something similar, or they could be able to build similar solutions, similar setup using you know different solutions from from different customers, but um but not not not exactly the same.
• 1:15:12
  SPEAKER_00: So they will be able to to find replacement, but the setup experience will be at the end of the day will be different.
• 1:15:30
  SPEAKER_00: Of course now I I should say that it's would be that will be negative change for them.
• 1:15:39
  SPEAKER_00: I hope so.
• 1:15:41
  SPEAKER_00: I hope so, but uh but yes, uh the real answer is like usual, unfortunately, it depends.
• 1:15:52
  SPEAKER_00: It's um in some in some situation in it can be easy, especially if that that the customers are using, for example, only live chat.
• 1:16:04
  SPEAKER_00: Um but if you if some other customers is using live chat, the same, only one product, but he puts some work into you know integrate live chat with some tools, with some CRMs, with with different channels of communication, that's gonna hurt.
• 1:16:26
  SPEAKER_00: I I'm sure of that.
• 1:16:28
  SPEAKER_00: In the most simple questions, probably, well, not so huge problem, unfortunately.
• 1:16:37
  SPEAKER_00: In some cases, uh in some good cases, yes, some some some of the pain will be will be there.
• 1:16:45
  SPEAKER_02: Yeah, the more I think what you're trying to say is the more integrated you are using multiple solutions, um the harder it is and the more painful it will be, right?
• 1:16:59
  SPEAKER_02: If you're just using a simple live chat solution, you can just go to another service.
• 1:17:03
  SPEAKER_02: It might not be as well or as good, but you'll be fine, you know.
• 1:17:07
  SPEAKER_00: I hope, I hope that even in that simple situation, customers at the uh after some times will will say that um well I I responded to my needs.
• 1:17:29
  SPEAKER_00: Uh I find I found something similar, but uh but I don't like really I don't like that new solution as much as uh liked live chat and and live chat support, for example.
• 1:17:49
  SPEAKER_00: And and I didn't get as as great support as I have in in the previous from the previous providers.
• 1:18:00
  SPEAKER_00: Is that true?
• 1:18:02
  SPEAKER_00: I kinda hope so.
• 1:18:05
  SPEAKER_00: But but you know that the true is the fact is we're losing customers from different from different reasons.
• 1:18:13
  SPEAKER_00: Uh migrating to to competition is definitely not the number one, it's not a huge, but it's happening, but it's happening.
• 1:18:28
  SPEAKER_00: It's like always hurts, but but it's happening.
• 1:18:31
  SPEAKER_00: Uh for different reasons.
• 1:18:34
  SPEAKER_00: Um uh during the last webinars, actually we were uh we were discussing the one thing which was new, which happened uh during the last quarter was uh new integration with HubSpot.
• 1:18:53
  SPEAKER_00: Uh new integration with HubSpot uh which is now official integration.
• 1:19:00
  SPEAKER_00: We actually we were able to join a uh HubSpot app partner program.
• 1:19:08
  SPEAKER_00: So we have this license, very smooth, I would say great integration with HubSpot.
• 1:19:15
  SPEAKER_00: And why it's so important?
• 1:19:18
  SPEAKER_00: Because we are actually the fact is we are losing some some some customers because we didn't have uh a great HubSpot integrations.
• 1:19:29
  SPEAKER_00: If you you may love LiveChat, for example Live chat, but uh if you look if you're using LiveChat and HubSpot, HubSpot is probably for you more important.
• 1:19:47
  SPEAKER_00: More important in the fact that also is more difficult to switch HubSpot than switch live chat.
• 1:19:57
  SPEAKER_00: So that's why this integration was so important, and that also some some kind of risk, that some kind of pain we we we we had, and sometimes we we we that is for us as well for some other uh providers, that sometimes we are part of the ecosystem as just one of the providers, and if you are not the most important for your customers or uh is not the most difficult to switch, not the most sticky solution in that ecosystem, you definitely uh should care about great integrations.
• 1:20:48
  SPEAKER_02: Yeah, in uh in our analysis, I I basically said that um I think a huge advantage for text is that the fact that you make it so easy and convenient for customers, they don't really want to do it themselves, uh they don't really have a need to switch.
• 1:21:06
  SPEAKER_02: Uh, and besides, it represents such a small part of their operations, right?
• 1:21:11
  SPEAKER_02: It's just um a few things they need, it's very unlikely that they will switch because um I don't know, there's not really profit to be made here.
• 1:21:22
  SPEAKER_02: I mean, you make it so easy and convenient and so cheap that um I think I uh I'll have to agree with you here.
• 1:21:31
  SPEAKER_02: Yeah.
• 1:21:31
  SPEAKER_02: Um I mean we are we're having a good conversation, uh, and and I imagine you have a lot more things to do.
• 1:21:38
  SPEAKER_02: So let me try to uh wrap this up a little bit.
• 1:21:42
  SPEAKER_02: Uh one more well, a few more questions I I I have.
• 1:21:46
  SPEAKER_02: Um during our research, I found that Tex doesn't really have traditional employees, that the entire team kind of operates as an independent contractors or partners, which is pretty unusual for uh publicly listed companies, and yet you've managed to scale globally.
• 1:22:08
  SPEAKER_02: I believe you said over 150 countries, uh, you support thousands of clients, um, and from everybody that I've asked, the surface is exceptional if you look around to the reviews.
• 1:22:21
  SPEAKER_02: So let's start there.
• 1:22:23
  SPEAKER_02: Why is Text using this model?
• 1:22:26
  SPEAKER_02: Why work with partners instead of like full-time traditional employees?
• 1:22:30
  SPEAKER_00: Sure, sure.
• 1:22:32
  SPEAKER_00: But I think this is a very Polish phenomenon.
• 1:22:36
  SPEAKER_00: Um over the years, governments, different governments, have created conditions that make this setup really attractive for both people in the companies, for the people, especially in the tech media or gaming.
• 1:22:56
  SPEAKER_00: So so probably you will not see that in Dino.
• 1:23:01
  SPEAKER_00: But if you look for some tech company, if you analyze some some Polish companies in those industries, probably you will see that big part of the team cost show up as external services.
• 1:23:21
  SPEAKER_00: Uh even just recently, these days, uh a few days ago, Polish parliament reduced health insurance payments for this group of solo entrepreneurs.
• 1:23:35
  SPEAKER_00: So it's again even more attractive for the people.
• 1:23:40
  SPEAKER_00: So a lot of the people, especially younger ones, prefer this model.
• 1:23:46
  SPEAKER_00: Uh I'm not saying that everyone is preferring that model, but uh but but a lot of younger people like that model.
• 1:23:58
  SPEAKER_00: And for us as a company it it means cost savings, and that means that we can the running company is simpler because we we don't have, for example, uh uh so some part.
• 1:24:14
  SPEAKER_00: We have a HR team, but we don't have people uh as huge hard team HR team as we as we need in that situation.
• 1:24:25
  SPEAKER_00: So so so it's interesting, but it's very Polish things.
• 1:24:29
  SPEAKER_00: Maybe we push that that situation to some extreme in text, but it's not something unusual here in Poland.
• 1:24:39
  SPEAKER_00: Um so from people from my perspective, it means that I will get more money to as as a person.
• 1:24:52
  SPEAKER_00: My pension from the from the state will be much lower, but I get more money now, and I can take care of of my my you know pension of my savings on my own.
• 1:25:11
  SPEAKER_00: Um so so that's that's that's very popular situation in Poland.
• 1:25:19
  SPEAKER_00: Maybe we push that to some extreme.
• 1:25:24
  SPEAKER_00: Um it's not a cultural issue at all.
• 1:25:28
  SPEAKER_00: So so so we don't have a cult cultural problem because of that.
• 1:25:33
  SPEAKER_00: It's actually is working very smoothly.
• 1:25:36
  SPEAKER_00: Uh the issue for us was and we realized that's too late, was remote work, was the full remote work.
• 1:25:46
  SPEAKER_00: And that's why we we introduced a hybrid model, we switched to hybrid model.
• 1:25:50
  SPEAKER_00: And now if you work in Vrotswa, you you you need to spend three days in the office at least, and if you're working from outside Vrotsław, you need you have to visit Vrocław at least once a month and spend three days at the office.
• 1:26:11
  SPEAKER_00: That applies for me, uh to me.
• 1:26:14
  SPEAKER_00: Uh so so, yes, very Polish things, and you will see if you if you go deeper into some other Polish tech or gaming companies, uh, you will also see see that that's the popular form here.
• 1:26:32
  SPEAKER_02: You made a a great little bridge.
• 1:26:34
  SPEAKER_02: Uh you already explained it a little bit, but how does management communicate with the team?
• 1:26:39
  SPEAKER_02: Um, since there's kind of a hybrid model where people work in the office and from home.
• 1:26:44
  SPEAKER_02: So, how does that work?
• 1:26:46
  SPEAKER_02: How do you um how does the management make decisions?
• 1:26:49
  SPEAKER_02: Um, how do they communicate with the team?
• 1:26:52
  SPEAKER_00: So so so obviously we we we even during pandemics we uh embrace a lot of tools which are with us uh at the at the at the very moment.
• 1:27:06
  SPEAKER_00: Um if you look at the the inside company, the the CXOs team, CXOs are working as a team.
• 1:27:16
  SPEAKER_00: So CXOs are the one teams.
• 1:27:19
  SPEAKER_00: And and below we have rather small teams.
• 1:27:25
  SPEAKER_00: We have rather small teams, so so so a lot depends from the team's leaders and and the characters, um, but definitely we're using a lot of of on you know online tool to to to communicate, um to be in touch.
• 1:27:46
  SPEAKER_00: Um you know, we are the text, and as I mentioned, I love text communication, it's very natural for me.
• 1:27:54
  SPEAKER_00: Uh the same goes, the same goes for a lot of companies.
• 1:28:00
  SPEAKER_00: in our uh people in the in our companies uh especially including CEO so so so so I have a lot of chatting with my CEO actually through Slack and maybe very soon via team chat I hope so but but we have uh uh chatting a lot not not really seeing uh uh ourselves in the real world uh so so so often so so we like that kind of communication actually I was told by by Mariusz our CEO that every delivery man in his area knows that he's not answering uh calls that they have to send a text message for him because he's never answering uh calls and uh in the company we have a list of every people in the in the company with some data with emails and also phone numbers and there is like small notes when you should when you look for the contact like for for for phone call uh phone number phone number of each person when and why you should call this person in my case is that uh I'm I'm handling questions from investors so maybe if some some investor will reach our support team and the support teams will try to to to to answer some some questions they they should contact me and they can call me and the note for for our CEO is never is never never called me send me a text message I mean that's pretty funny for yeah for a company called text um just uh two more questions um that I uh that I came up with um you just talked about the CEO and uh he doesn't like to get called are the CEOs or CEO in this case approachable are they closely involved with the team or do they maintain more of a formal distant relationship with the employees?
• 1:30:43
  SPEAKER_02: What is that like?
• 1:30:44
  SPEAKER_00: No no I I we are not really a formal company uh um during during no no pre before pandemic actually before pandemic we we um okay so so so maybe you will be someday you will be able to visit our office.
• 1:31:09
  SPEAKER_00: I hope so and you will learn that yes that that we have like two floors in our office and that the lower floor floor is about there is some common space no kitchen and and place when you can eat something but also a room so phone booth and the rooms dedicated to meetings but on the higher floor there's no doors and actually that was some one thing our CEO wanted no doors at all so so so we learn that that it's not like huge one huge room because it's rather long building so so actually it's not like you have feeling that you're sitting on the huge space but it's very open space and there is was no uh like cabinet or room one room closed closed room for for for management board.
• 1:32:31
  SPEAKER_00: No Marius was always in the middle of that place or always approachable so so so that that how it works.
• 1:32:44
  SPEAKER_00: Now 6O Teams works very closely as a team and we rather try to to be more team oriented.
• 1:32:56
  SPEAKER_00: So actually if you have team this team is is working very closely and is supposed to integrate very closely um that that obvious change you know because during KPO the company consists of some 30 plus people now we have 250 so so that that's obviously a game changer but but we try definitely we we don't want a for be formal company I mean great insights I think many of our listeners uh I mean I've never heard that before that no doors uh policy which sounds great to be honest just being able to approach people yeah and to actually actually to be to be very honest one team rebelt and there is one door and that's finances that's finances the girls from that team said that sorry no we really need to be kind of separated and have our own door because we really want to to to to to work that way so actually there is one extra exception but only but the CEO gives room for that so that's uh that's great too all right um let's wrap this up what is something you're working on right now that that excites you uh are there any exciting things happening at text that we uh that you can share or uh want to share yeah yeah absolutely and we are we try to be vocal about it it's sweet it's sweet uh if you look at our history we start as the one product company for the very long time we were one product company were very focused on the live chat and even during IPO uh we claimed that we will be one product company in the in the um in the future and with time we change strategy we build new product but now uh when we think when you look at this product this the the this product are supplement each other but at the same time if you are our customers and you're using let's say live chat and help desk you don't have this single experience you you don't have extra value because these products are coming from the one developer so you have two apps that must change that must change so so so we're working very closely um on unification of this product on giving our customers this single experience better experience when you know having ticketing system a live chat different channels of communications bots AI agents is very very natural so uh so yes that that that's really something something really exciting that that's a game changer that's a huge bet for us um that's a huge challenge we have to build that suite we then we need to to to to market that new value uh we have built strategy for that we we we need to put good right pricing uh strategy for for for for that product but it's um for me it's very excited it's like huge huge bet it's challenge but now I know how it will be looked like in in behind how not really in behind I know how it should look for the customers and you know it's something really really excited.
• 1:37:24
  SPEAKER_00: When will uh when do you think it it's going to get launched and I will be able to tell you more in some three three months after that that quarter we should be able to to tell you more about it.
• 1:37:38
  SPEAKER_00: Perfect.
• 1:37:39
  SPEAKER_00: Don't get me wrong don't get me wrong it's uh we don't want really uh go and you know put some some some pressure on us here we have we have some pressure we have some internal pressure we we don't want to add some some some external pressure at this moment maybe in the in the after the next quarter we'll be able to do that.
• 1:38:12
  SPEAKER_02: Yeah that makes sense um yeah perhaps if you want to come on the show in a few years again or a few months who knows right if you're ever if you're ever not busy which I can't imagine which I can't imagine.
• 1:38:26
  SPEAKER_02: Marcin uh thank you so much for uh for joining and coming on the show it's been uh a real pleasure hearing the story the background what you do what is happening at text uh your perspective it's been uh a lot of fun and I think our listeners will really really get some educational and um sight from this uh from this episode and uh as a shareholder I'll follow you and the journey closely so thank you so much for uh for being here thank you thank you very much that was a huge pleasure and we'll be happy to to to to and to continue at some point so thank you all right thanks and uh who knows if uh if we'll ever uh come to the headquarters and uh see you there that would be great feel invited just let me know ahead and because I I have to also plant this my three days you know I have to spend every month on the in the in the in the office we'll make it happen so that that will help me let's make it happen thank you so much thank you