Zoom, which provides video-conferencing software in which can be used across devices, filed its IPO prospectus on Friday, joining a crop of Bay Area start-ups preparing to hit the public markets.
Unlike most tech companies at This particular stage, Zoom is actually profitable.
inside the fiscal year in which ended Jan. 31, Zoom had a net income of $7.6 million on $330.5 million in revenue, according to a regulatory filing. Revenue was up 118 percent by the prior year.
Zoom will trade on the Nasdaq under the symbol ZM along with also is actually initially looking to raise as much as $100 million, though in which number will likely change.
Zoom has gained popularity by creating an easy-to-use service in which works smoothly on mobile devices along with also is actually affordable for tiny groups along with also teams, which has created a wide along with also diversified customer base. The company said in which its top 10 customers account for less than 10 percent of revenue. Its thousands of clients include Conde Nast, Uber along with also Williams-Sonoma.
Zoom cites Cisco’s Webex, Microsoft’s Skype, Google along with also LogMeIn as its competitors, along with also says in which Amazon along with also Facebook “have inside the past along with also may inside the future make investments in video communications tools.”
Zoom relies on its own data center infrastructure along with also also uses the Amazon Web Services along with also Microsoft Azure public clouds.
Zoom was founded in 2011 along with also is actually based in San Jose, California, with more than 1,700 employees. Emergence Capital is actually Zoom’s biggest outside stakeholder, with 12.5 percent ownership, followed by Sequoia at 11.4 percent. Founder along with also CEO Eric Yuan, who was previously a vice president at Cisco, owns 22 percent.
“among the founding engineers along with also vice president of engineering at Webex, Eric was the heart along with also soul of the Webex product by 1997 to 2011,” Zoom says of Yuan, on its website.”
Zoom’s prospectus comes after Lyft along with also PagerDuty filed to go public. Pinterest is actually supposed to file its papers soon along with also Uber’s is actually likely coming inside the near future.
WATCH:A strong public market will drive innovation in tech, says Revolution CEO Steve Case