Vancouver-based tech company ZoomInfo continues to grow during the pandemic, setting records for new customer additions and customer retention. In addition, over the last 12 months, ZoomInfo grew its workforce by nearly 50 percent, said Henry Schuck, ZoomInfo founder and CEO.
The company reported quarterly revenue of $153.3 million, an increase of 50 percent year-over-year, according to a first-quarter report on Monday. During the first quarter, its operating income came in at $28 million and its adjusted operating income was $66.1 million.
“The first quarter was a strong start to the year that built on our momentum from 2020,” said Schuck. “We are executing well across all areas of the business, and we remain well-positioned to capitalize on the growing market opportunity in the go-to-market intelligence space, as B2B companies of all sizes modernize their sales and marketing motions.”
The quarter’s report indicated a slight slowing of the company’s year-over-year revenue growth; Q1 had saw 50 percent growth. Compared to the fourth quarter of last year, the company reported year-over-year revenue growth of 53 percent.
Still, the company, which sells subscriptions to massive searchable databases that help clients connect to other businesses for marketing purposes, is surging in revenue gains. The gains are partly fueled by acquisitions of other tech companies that allow it to improve and expand its products and services. Part of its success is due to artificial intelligence and machine learning capabilities with its data.
The company ended Q1 with 950 customers with $100,000 or greater in annual contract value; in Q4 of 2021, it gained 100 of such clients.
It also closed its largest customer contract this year in a multiyear, eight-figure deal. International customers are also finding ZoomInfo a more appealing service, according to the company.
“March was our strongest month ever in the international segment,” Schuck said.
As of Monday at noon, ZoomInfo’s stock price sat at $50.55 a share. During its last quarterly report, for last year’s Q4, its stock was selling for $53.43 a share, up from its first day value of $21 a share. ZoomInfo trades on Nasdaq under the symbol ZI.
In September, Schuck said he planned on hiring hundreds of employees in the coming months to add to the 1,432 employees. ZoomInfo, which has 681 employees based in Vancouver, will resume partial in-person work in all but one of its offices starting in early July.