If you’re looking for fresh exposure to artificial intelligence and machine learning, this B2B database wants your capital.
The IPO
ZoomInfo Technologies Inc. ZI will issue 44.5 million shares on the Nasdaq under ticker "ZI," according to the firm’s S-1 filing. Priced between $16 and $18, the offering represents 98.1% of outstanding shares and is expected to bring in about $921.2 million.
On Thursday morning, the IPO was priced at $21 per share.
The lead underwriters include JPMorgan and Morgan Stanley.
The company qualifies as an emerging growth company under the U.S. JOBS Act, which exempts management from certain SEC disclosure requirements.
The Company
ZoomInfo guides business-to-business sales and marketing teams with a cloud-based business-insights platform meant to “shorten sales cycles and increase win rates.” The product uses predictive lead and scoring data and automated sales tools to help target customers and improve sales efficiency.
It currently hosts about 202,000 paid users from 15,000 companies and delivers analytics on about 14 million targeted businesses. Management claims a total addressable market of about $24 billion with current penetration around 2%.
ZoomInfo has been active since 2007. The company operated under the name DiscoverOrg until February 2019, when it acquired Zoom Information and subsequently rebranded.
The Finances
In 2019, the combined entities of DiscoverOrg and ZoomInfo recorded revenue of $293.3 million for a net loss of $78 million. The previous year saw revenue of $144.3 million for a loss of $28.6 million.
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