VANCOUVER, Washington – (BUSINESS WIRE) – ZoomInfo, (NASDAQ: ZI), a global leader in software, data, and launch information, announced today that its board of directors has unanimously approved the streamlining of the company’s corporate structure and governance through the abolition of the UP-C. the company’s approved structure. This approval comes after the majority of OpCo entities were converted to Class A common shares along with Class B and C common shares in the week ending September 3, 2021, a reorganization of certain corporations resulting in all shareholders having the same class of common stock hold with the same economic and voting interests.
“This is an exciting next step in our development 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 and consistently offers a combination of growth and profitability. Just as reducing complexity is good for our customers, it is also good for our investors. With this step to simplify our corporate structure, we are reaffirming our commitment to good corporate governance by abolishing several share classes and giving all of our shareholders one vote per share. ”
The company believes these changes will increase shareholder value by increasing potential investor appeal through reduced complexity and more investor-friendly corporate governance. The restructuring is intended to enable the company to be included in relevant stock indices. Operationally, the company expects the simplification to reduce compliance and reporting costs, increase cash flow, and increase flexibility with regard to future transactions and potential acquisitions. The Company expects net assets of over $ 800 million related to the conversion of OpCo shares into Class A common stock consisting of deferred tax assets that are partially offset by the related tax receivable agreement liabilities (“TRA”) included in to be realized in the next 15 years – 20 years.
The company expects to complete its conversion into a single class of common stock in the fourth quarter of 2021.
ZoomInfo has seen rapid growth since it listed in June 2020. In the second quarter of 2021, ZoomInfo reported revenue of $ 174 million, up 57 percent year over year, and closed the quarter with a company record of more than 1,100. ab customers with an annual contract value of USD 100,000 or more.
Cautionary Note 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 about the likely elimination of the Company’s Up-C structure and the associated timing and impact on the Company. In some cases, these forward-looking statements can help you by using words such as “anticipate”, “aim”, “believe”, “may”, “continue”, “may”, “estimate”, “expect”, “forecast”, “Goal”, “intend”, “can”, “could”, “target”, “outlook”, “plan”, “potential”, “forecast”, “prognosis”, “search”, “should”, “goal” “,“ Trend ”,“ will ”,“ would ”or the negative version of these words or other comparable words. Such 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 there will be important factors that could cause actual results or results to differ materially from those expressed in these statements. These factors include, but are not limited to, those set out in the Company’s Annual Report on Form 10-K for the 31st, which can be found 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 warnings contained in such filings. The company assumes no obligation to publicly update or revise any forward-looking statements as a result of new information, future developments or otherwise, unless required by law.
ZoomInfo (NASDAQ: ZI) is a leader in modern go-to-market software, data and intelligence for more than 20,000 companies worldwide. The ZoomInfo platform enables business-to-business sales, marketing and recruiting professionals to beat their number by combining world-class technology with unmatched data coverage, accuracy and depth of company and contact information. With integrations embedded in workflows and technology stacks, including the leading CRM, sales engagement, marketing automation and talent management applications, ZoomInfo enables more predictable, faster and more sustainable growth for its customers. ZoomInfo emphasizes GDPR and CCPA compliance. In addition to developing the industry’s first proactive notification program, the company is a registered data broker with the states of California and Vermont. Read more about ZoomInfo’s commitment to compliance, privacy and security. For more information on our leading go-to-market software, data and intelligence, and how it can help sales, marketing and recruiting professionals, please visit www.zoominfo.com.