Zoom, which provides video-conferencing software that 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 stage, Zoom is profitable.
In the fiscal year that 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 from the prior year.
Zoom will trade on the Nasdaq under the symbol ZM and is initially looking to raise as much as $100 million, though that number will likely change.
Zoom has gained popularity by creating an easy-to-use service that works smoothly on mobile devices and is affordable for small groups and teams, which has created a wide and diversified customer base. The company said that its top 10 customers account for less than 10 percent of revenue. Its thousands of clients include Conde Nast, Uber and Williams-Sonoma.
Zoom cites Cisco’s Webex, Microsoft’s Skype, Google and LogMeIn as its main competitors, and says that Amazon and Facebook “have in the past and may in the future make investments in video communications tools.”
Zoom relies on its own data center infrastructure and also uses the Amazon Web Services and Microsoft Azure public clouds.
Zoom was founded in 2011 and is based in San Jose, California, with more than 1,700 employees. Emergence Capital is Zoom’s biggest outside stakeholder, with 12.5 percent ownership, followed by Sequoia at 11.4 percent. Founder and CEO Eric Yuan, who was previously a vice president at Cisco, owns 22 percent.
“As one of the founding engineers and vice president of engineering at Webex, Eric was the heart and soul of the Webex product from 1997 to 2011,” Zoom says of Yuan, on its website.”
Zoom’s prospectus comes after Lyft and PagerDuty filed to go public. PInterest is expected to filed its papers soon and Uber’s is likely coming in the near future.