ZoomInfo founders Henry Schuck and Kirk Brown became billionaires overnight after it listed on Nasdaq
It is every developer, every programmer, and every startup’s dream to make it big. ZoomInfo founders Henry Schuck and Kirk Brown found their dream come true when they became the latest entrants into the billionaires’ list just days after ZoomInfo’s IPO opened on NASDAQ.
ZoomInfo’s stock price doubled in its June 4 trading debut, spiking as high as $42 before closing at $34 on opening day. The ZoomInfo stock is touching $60 in trade today on Nasdaq making its CEO, Henry Schuck, and co-founder, Kirk Brown instant billionaires. Schuck holds a 10% stake in ZoomInfo, while Brown owns 7.3% of the firm, according to a prospectus filed during the IPO.
The ZoomInfo was listed on Nasdaq after its initial public offering raised more than $900 million. The company’s sterling performance was also a signal of the world economy bouncing back after the severe disruption due to the coronavirus pandemic.
ZoomInfo is a subscription-based software as a service (SaaS) company based in Washington that sells access to its database of information about business people and companies to sales, marketing and recruiting professionals. The company was originally established in 2000 as Eliyon Technologies by founder Yonatan Stern. It was merged with ZoomInfo after the company was acquired by DiscoverOrg owned by Schuck and Brown.
ZoomInfo uses a proprietary web crawler called NextGenSearchBot to extract information and sell it to buyers. “We built some really solid relationships going into the roadshow,” Schuck told reporters during the IPO. He added “we felt good” about pitching ZoomInfo to investors with a virtual roadshow instead of a more traditional event.
The two newly minted billionaires join a growing band of businessmen like Jeff Bezos who are quickly growing richer in the depressing coronavirus pandemic.