VANCOUVER, Wash.–(BUSINESS WIRE)–Zoom Info, (NASDAQ: ZI), a global leader in software, data and go-to-market intelligence, today announced that its Board of Directors has unanimously approved the streamlining of the business and corporate governance by eliminating the UP-C structure of the corporation. This approval comes after the majority of OpCo’s units, as well as Class B and Class C common stock, were converted into Class A common stock during the week ending September 3, 2021. of this approval, the Company plans to pursue a reorganization of certain legal persons, which will ensure that all shareholders hold the same class of ordinary shares with the same economic interests and with voting rights.
“This is an exciting next step in our evolution as a public company,” said Henry Schuck, Founder and CEO of ZoomInfo. “Since our successful IPO last year, ZoomInfo has established itself as a leading software company, consistently delivering a combination of growth and profitability. Just as removing complexity is good for our clients, it’s also good for our investors. With this decision to simplify our corporate structure, we are further reinforcing our commitment to good corporate governance, eliminating several classes of shares and giving all of our shareholders one vote per share.
The Company believes that these changes will unlock shareholder value by broadening potential investor appeal through reduced complexity and more investor-friendly corporate governance. The restructuring should allow the Company to become eligible for inclusion in the relevant stock indices. Operationally, the Company expects the simplification to reduce compliance and reporting costs, and increase cash flow, as well as increase flexibility with respect to future transactions and potential acquisitions. The Company expects to record net assets in excess of $800 million related to the conversion of OpCo units into Class A common stock, consisting of deferred tax assets partially offset by tax receivable arrangement liabilities ( “TRA”) correspondents that will be made over the next 15 years. -20 years.
The Company aims to complete the conversion into a single class of common stock in the fourth quarter of 2021.
ZoomInfo has grown rapidly since its IPO in June 2020. In the second quarter of 2021, ZoomInfo reported revenue of $174 million, a 57% year-over-year increase, and closed the quarter with a company record of over 1,100 customers with an annual contract value of $100,000 or more.
Caution Regarding Forward-Looking Information
This press release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical facts, including, without limitation, statements regarding the anticipated elimination of the Company’s Up-C corporate structure and the timing and related impacts. on the society. In some cases, you can identify these forward-looking statements by using words such as “anticipate”, “aim”, “believe”, “may”, “continue”, “may”, “estimate”, “expect, “anticipate”, “goal”, “intend”, “may”, “could”, “goal”, “outlook”, “plan”, “potential”, “predict”, “projection”, “seek” , “should”, “target”, “trend”, “will”, “would” or the negative version of these words or other comparable words. These forward-looking statements are subject to various risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements. These factors include, but are not limited to, those described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and other reports filed by the Company from time to time with the Securities and Exchange Commission (“SEC”), which can be accessed on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other caveats included in these documents. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
About Zoom Info
ZoomInfo (NASDAQ: ZI) is a leader in modern go-to-market software, data and intelligence for more than 20,000 businesses worldwide. The ZoomInfo platform enables B2B sales, marketing and recruiting professionals to reach their numbers by combining best-in-class technology with unparalleled data coverage, accuracy and depth of company and contact information. With integrations integrated into workflows and technology stacks, including leading CRM, Sales Commitment, marketing automation and talent management, ZoomInfo generates more predictable, accelerated and sustainable growth for its customers. ZoomInfo emphasizes GDPR and CCPA compliance. In addition to creating the industry’s first proactive notification program, the company is a registered data broker with the states of California and Vermont. Learn more about ZoomInfo’s commitment to compliance, privacy and security. For more information on our leading go-to-market software, data and insights, and how they help sales, marketing and recruiting professionals, please visit www.zoominfo.com.