Cheers in Ra'anana as Zoominfo raises $935m on Nasdaq
Founded by an Israeli and with a large development center in
Israel, the market intelligence company has a market cap of $13 billion, after
Nasdaq's largest tech IPO this year.
The largest tech IPO on Nasdaq in 2020 so far was completed
yesterday as B2B market intelligence company Zoominfo (Nasdaq: ZI) raised $935
million at a company valuation of $8 billion. Not only did the company raise
slightly more than planned, initially pricing its share in the $19-20 range,
the company's share price rose 62% on its first day of trading from $21 to $34,
giving a market cap of $13 billion.
Headquartered in the US, the company has an Israel
development center in Ra'anana, employing 150 people. One of Zoominfo's
founders is Yonathan Stern, who returned to Israel in 2004 to set up the Israel
development center. Many of the company's senior executives are Israeli.
ZoomInfo cofounder and CEO Henry Schuck paid tribute to the
work done in Israel in the success of the IPO. "The artificial
intelligence and machine learning that helps power our platform sets us apart
from our competitors, and much of that work has been done by our data science
team in Ra’anana. We’re very proud to be a part of the Israeli technology
community and employ some of the best and brightest talent in Ra’anana."
Zoominfo has developed a market intelligence platform for
sales and marketing teams. The company's go-to-market intelligence platform
delivers comprehensive and high-quality intelligence and analytics on 14
million companies, including advanced attributes, technologies used by
companies, intent signals, and decision-maker contact information. Zominfo's
software, insights, and data enable over 15,000 companies to sell and market
more effectively and efficiently. The company operates on a subscription
software as-a-service (SaaS) business model.
Zoominfo CTO Nir Keren heads the Israel development center.
He said, We at the Israeli office are thrilled to be part of the team to bring
us to this day. As Henry Schuck said, much of that work in preparation for the
IPO has been done by our team in Ra’anana and I am very proud of them. About
50% of the R&D, marketing and product management teams are located in
Israel and we are eager to grow locally and continue to develop the technology
that provides the most accurate and comprehensive go-to-market intelligence
platform available."
There has been concern that Zoominfo's name can be easily
confused with video conferencing giant Zoom, which has been the success of the
Covid-19 crisis. Zoominfo likes to point out that it was founded in 2000 while
Zoom was only founded in 2011. In 2017, Zoominfo was acquired by US private
equity firm Great Hill Partners for $240 million and last year the company was
acquired by Discover.org for $500 million. As of last night, the company was
worth $13 billion.
Comments
Post a Comment