ZoomInfo has seen its share price surge in the three trading days since its IPO, making its founders billionaires. The business intelligence company listed on the NASDAQ at $21 last Thursday, above its expected range. By mid-afternoon Tuesday trading, saw its value more than doubled, standing at $49.40.
Founders Henry Schuck and Kirk Brown created ZoomInfo’s predecessor DiscoverOrg in 2007. The pair put $25,000 on their credit cards to create what is now a business-intelligence data provider with a market capitalisation of $18.7bn.
Shuck said that he got the idea for a subscription cloud-based business-intelligence platform twenty years ago when working as a marketing analyst at a software-as-a-service firm.
Given that tech stocks have fared better than others so far in 2020, it is not altogether surprising that people have rushed to get on the ZoomInfo train.
The company has 202,000 paid users on its proprietary platform, which uses artificial intelligence and machine learning to enhance its services.
Although it had total long-term borrowings of just over $1.2bn at the end of last year, the more than $900m raised through the IPO will ease such burdens.
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