ZoomInfo, the subscription-based B2B platform that sells access to company data such as contact details, employment history, and other background information, was acquired earlier this week by Boston-based private equity firm Great Hill Partners. But the company didn’t reveal how much it was acquired for — until now.
A ZoomInfo spokesperson has confirmed to VentureBeat that it was acquired for $240 million, and it said that it will continue to operate as is, except under the wing of its new owners.
“I am very excited about this new chapter in ZoomInfo’s growth story,” said Yonatan Stern, CEO and chief scientist of ZoomInfo, in a press release issued earlier this week. “The company will continue to focus on delivering value to our rapidly expanding base of thousands of satisfied and loyal customers. We invest heavily in growing and improving our data assets, and in product innovation to deliver a wealth of information where and when our customers need it. We look forward to working with Great Hill Partners to accelerate our growth and maintain competitive advantage.”
Founded in 2000, Waltham, Massachusetts-based Zoominfo specializes in helping sales personnel identify and target qualified contacts through organizing and validating data. The platform also features user-contributed updates, while it crawls the web to extract mentions and details of companies and individuals in the news.
The company is also reportedly very profitable, and “there were many suitors” according to a statement issued to VentureBeat. But why sell if things are going so well? Well, because CEO and founder Yonatan Sterm wanted to “transition his life back, full-time, to Israel” where he is from, the company added.
“The company is growing very fast while maintaining a high level of profitability, a rare combination that attests to the quality of its products, data, and employees,” added Great Hill Partners managing partner, Christopher Gaffney. “In the evolving market of data driven solutions for sales and marketing, we see a significant growth opportunity for ZoomInfo, and trust that with its current track record, strong product innovation and efficient operations they will continue to dominate the market.”
*This article was updated with comment from Zoominfo on why founder Yonatan Sterm decided to sell, and a quote from Christopher Gaffney.