Zoom, the videoconferencing start-up valued at $ 1 billion in early 2017, has asked to be published on the Nasdaq next month.
The company joined a growing list of technology unicorns that made the leap into the public markets in 2019, but it stands out for a very important reason: it's actually a profitable business.
Zoom was founded in 2011 by Eric Yuan, one of the first WebEx engineers, who sold for $ 3.2 billion to Cisco in 2007. Before launching Zoom, he spent four years at Cisco as a Vice President of Engineering. In a conversation with TechCrunch last month, he said he would never sell another company again, implying that his dissatisfaction with WebEx's post-acquisition treatment was his motivation to make Zoom a public company rather than 'to sell it.
Zoom, which has generated a total of 145 million USD so far, has achieved a turnover of 330 million USD for the fiscal year ended January 31, 2019, a remarkable increase of 2x compared to the previous year. 39 previous year, with a gross profit of 269.5 million USD. The company also more than doubled its revenue from 2017 to 2018, closing fiscal 2017 with revenues of $ 60.8 million and 2018 with $ 151.5 million.
The company's losses are down from $ 14 million in 2017 to $ 8.2 million in 2018 and only $ 7.5 million in January 2019.
Zoom is supported by Emergence Capital, which holds a 12.5% stake before the IPO, according to the IPO file. Sequoia Capital is one of the other investors in the company. (11.4% before the IPO); Digital Mobile Venture (9.8%), a fund affiliated with former member of the board of Zoom, Samuel Chen; and Bucantini Enterprises Limited (6.1%), a fund owned by Chinese billionaire Li Ka-shing and among the richest in the world.
Morgan Stanley, JP Morgan and Goldman Sachs were recruited to lead the bid.