Zeta Global Holdings Corp. (ZETA) is a marketing technology company that empowers enterprises to optimize their customer acquisition, retention, and growth strategies. The company provides advanced consumer intelligence and marketing automation software through its proprietary Zeta Marketing Platform (ZMP). Leveraging artificial intelligence, data analytics, and omnichannel integration, Zeta enables personalized, data-driven marketing across digital channels such as email, social media, web, mobile, and Connected TV (CTV).
- Direct Platform Revenue - Provides marketing automation and consumer intelligence solutions directly to enterprises, enabling them to execute personalized, data-driven campaigns across multiple digital channels.
- Integrated Platform Revenue - Offers integrated marketing services that combine Zeta's proprietary platform capabilities with third-party systems to deliver comprehensive marketing solutions.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
David Steinberg ExecutiveBoard | Co-Founder, Chairman, CEO | Chairman of CAIVIS Investment Company, Kica Investments, and On Demand Pharmaceuticals. | Co-founded Zeta in 2007; has led the company as CEO since its inception. Previously founded InPhonic and Sterling Cellular. Holds a BA in Economics from Washington & Jefferson College. | View Report → |
Christopher Greiner Executive | Chief Financial Officer | None listed. | Joined Zeta in 2020 as CFO. Previously CFO at LivePerson and Inovalon, with earlier roles at IBM and CSC. Holds a BBA in Finance and Economics from Baylor University. | |
Steven Gerber Executive | President, COO | None listed. | Joined Zeta in 2009. Oversees product development, business development, customer success, and operations. Previously held roles at Tranzact LLC, Bain & Company, and Digitas LLC. Holds a BA from Northwestern and an MBA from Columbia. | |
Jeanine Silberblatt Board | Director | Board Member at Fashion Incubator San Francisco (FiSF), Founding Member of Chief. | Joined Zeta's Board in 2022. Former VP at Pottery Barn Teen and Stockwell AI Inc. Holds a BS from Delaware State University and an MBA from Harvard Business School. | |
Jené Elzie Board | Director | Managing Director at Dunes Point Capital, President of Seven Springs Global Advisors, Board Member at Varsity Brands and Invited. | Joined Zeta's Board in 2021. Former Chief Growth Officer at Athletes First Partners and VP of International Marketing at the NBA. Holds a BA and MA from Stanford University. | |
John Sculley Board | Director | Venture capitalist and co-founder of several companies. | Co-founded Zeta in 2008 and serves as a Director. Former CEO of Apple and PepsiCo. Holds a BA from Brown University and an MBA from the Wharton School at the University of Pennsylvania. | |
Robert Niehaus Board | Director, Chair of Audit Committee | Chairman of GCP Capital Partners, Chairman of Iridium Communications Inc.. | Joined Zeta's Board in 2012. Over 30 years of experience in investment and private equity. Previously served as a Director for Heartland Payment Systems. | |
William Landman Board | Director | Co-founder and Managing Principal of MainLine Investment Partners, Principal at CMS Companies, Senior Advisor at Renovus Capital, Principal at Merion Residential. | Joined Zeta's Board in 2008. Extensive experience in investment and company management. Holds leadership roles in multiple investment and real estate firms. | |
William Royan Board | Director | Managing Partner and Chair of the Investment Committee at GPI Capital. | Joined Zeta's Board in 2017. Previously held leadership roles at BTG Pactual and TMX Group. Holds a Bachelor of Commerce from the University of Calgary and an MBA from the University of Chicago. |
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Given that your 42% year-over-year revenue growth in Q3 2024 included $21 million from political candidate revenue, how do you plan to sustain your growth rate in 2025 when this revenue stream is expected to decline?
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Your guidance for 2025 implies a lower organic growth rate than the over 30% you've achieved excluding political revenue in recent quarters; what factors are contributing to this expected deceleration, and how confident are you in maintaining growth momentum?
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With the shift of agency customers towards direct channels improving gross margins, how sustainable is this trend, and what challenges do you anticipate in further increasing direct mix from the current 70%?
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Regarding your acquisition of LiveIntent, what specific synergies have you realized so far, and how confident are you in achieving the expected integration benefits ahead of schedule?
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Given the strong demand and a 60% increase in your RFP pipeline, could your cautious approach to hiring sales representatives limit your ability to capitalize on market opportunities, especially as you emphasize quality over quantity in sales hiring?
Research analysts who have asked questions during Zeta Global Holdings earnings calls.
Arjun Bhatia
William Blair
5 questions for ZETA
Jason Kreyer
Craig-Hallum Capital Group LLC
5 questions for ZETA
Koji Ikeda
Bank of America
5 questions for ZETA
Matthew Swanson
RBC Capital Markets
5 questions for ZETA
Richard Baldry
ROTH MKM
5 questions for ZETA
Zach Cummins
B. Riley Securities
5 questions for ZETA
Brian Schwartz
Oppenheimer & Co.
4 questions for ZETA
Clark Wright
D.A. Davidson & Co.
4 questions for ZETA
David Hynes
Canaccord Genuity Group Inc.
4 questions for ZETA
Jackson Ader
KeyBanc Capital Markets
4 questions for ZETA
Ryan MacDonald
Needham & Company
4 questions for ZETA
Terrell Tillman
Truist Securities
4 questions for ZETA
Elizabeth Elliott
Morgan Stanley
2 questions for ZETA
Elizabeth Porter
Morgan Stanley
2 questions for ZETA
Gabriela Borges
Goldman Sachs
2 questions for ZETA
Ryan MacWilliams
Barclays
2 questions for ZETA
DJ Hynes
Canaccord Genuity
1 question for ZETA
Eamon Coughlin
Barclays
1 question for ZETA
Jackson Nichols
KeyBanc Capital Markets
1 question for ZETA
Kathleen Alexis Keyser
Morgan Stanley
1 question for ZETA
Kelly Valentini
Goldman Sachs
1 question for ZETA
Scott Berg
Needham & Company, LLC
1 question for ZETA
Terry Tillman
Truist Securities
1 question for ZETA
Recent press releases and 8-K filings for ZETA.
- Zeta Global has demonstrated durable growth and expanding profitability, being one of only eight public technology companies since 2021 to achieve 20%+ annual revenue growth and year-over-year free cash flow margin expansion. The company's compound revenue growth rate since its IPO has been 28%.
- The company is targeting significant margin expansion, with a clear pathway to at least 30% adjusted EBITDA margin by 2030 and at least 70% free cash flow conversion.
- Zeta Global is leveraging AI and its proprietary Supergraph data foundation to drive growth, with new offerings like the Athena intelligent agent and the OneZeta operating model.
- The recent Marigold acquisition is expected to accelerate growth by expanding enterprise reach, loyalty data, and European market penetration through Selligent. The company also highlights a strong competitive position amidst an accelerating market replacement cycle, driven by AI as a catalyst and a 70% increase in RFP volume.
- Zeta Global has signed a definitive agreement to acquire Marigold's Enterprise Software Business, which includes Loyalty, Cheetah Digital, Selligent, Sailthru, Liveclicker, and Grow.
- The total consideration for the acquisition is up to $325 million, with $200 million ($100 million cash / $100 million stock) paid at closing and up to $125 million paid three months post-close.
- The transaction is expected to close by the end of 2025 and is projected to be accretive to Zeta's adjusted EBITDA and free cash flow in 2026.
- The acquired business is anticipated to contribute approximately $190 million in revenue in 2026 with a mid- to high-teens adjusted EBITDA margin. It features >90% subscription revenue and <30% cost of revenue in FY25.
- Zeta Global also reaffirmed its 3Q'25 and FY'25 guidance on September 30, 2025.
- Zeta Global has entered into a definitive agreement to acquire Marigold's enterprise software business for a total consideration of up to $325 million.
- The consideration includes $100 million in cash and $100 million of newly issued Class A common stock at closing, along with a seller note of up to $125 million payable within three months.
- The acquisition is expected to be accretive to adjusted EBITDA and free cash flow in year one and is projected to close by the end of 2025.
- Zeta Global reaffirmed its third quarter and full year 2025 guidance.
- Zeta Global has demonstrated strong financial performance over the last three years, with a compounded growth rate of greater than 30% top line, greater than 50% bottom line, and mid-70% free cash flow.
- The company is focused on expanding its wallet share with its 567 global enterprise clients, aiming to increase it from the current 125 basis points to approximately 200 basis points by 2028, through its "One Zeta" strategy that encourages clients to utilize multiple use cases.
- Zeta's revenue model is consistently split, with approximately 50% from consumption and 50% from recurring sources. Its rapidly growing agency business benefits from Zeta providing data for free, which can increase agency margins from 8% to 34% when working with Zeta.
- The company's proprietary data cloud, comprising 550 million people globally and 5.2 million publishers, along with its AI Agent Studio, enables hyper-targeting that delivers significant client ROI, including 50% cost savings and $5-$7 in revenue for every dollar spent on Zeta.
- While agency payment terms, which are typically north of 100 days, impact free cash flow conversion (reported at 60% last quarter), this is considered a strategic use of the balance sheet, with a normalized conversion rate projected to be north of 80%.
- Zeta Global has achieved strong growth over the last three years, with a compounded growth rate of greater than 30% top line, greater than 50% bottom line, and in the mid-70s from a free cash flow perspective.
- The company's strategy, "One Zeta," focuses on consolidating wallet share by encouraging its 567 global enterprise clients to use multiple use cases, aiming for 200 basis points of wallet share by 2028, up from 125 basis points.
- Zeta Global differentiates itself through its proprietary data cloud of 550 million people globally and an AI-native platform, which includes a recently launched third iteration of its AI Agent Studio for targeting, placement, and real-time attribution.
- The company's revenue model is approximately 50% recurring and 50% consumption-based , and its rapidly growing agency business, while creating a working capital deficit due to longer payment terms, is considered a good use of the balance sheet.
- The August 2025 Zeta Economic Index (ZEI), a real-time read on U.S. consumer behavior, indicates that households are rebalancing rather than retreating, with activity holding in the "Active" range.
- The Economic Index Score decreased 0.9% month-over-month (MoM) to 67.2, marking its fifth consecutive monthly decline, as consumers recalibrate spending and borrowing.
- While Discretionary Spend Propensity dropped 5.7% MoM and Credit Line Expansion Intent fell 22.8% MoM, positive offsets included a 4.7% MoM rise in Time Browsing Online and a 2.0% MoM climb in Out of Home Movement.
- Sector trends showed Retail rising 4.0 points MoM due to back-to-school planning, while Travel fell 5.0 points MoM and Automotive slipped 4.0 points MoM.
- Bragar Eagel & Squire, P.C. is investigating Zeta Global Holdings Corp. on behalf of long-term stockholders following a class action complaint filed on January 21, 2025, covering a Class Period from February 27, 2024, to November 13, 2024.
- The investigation stems from a Culper Research report published on November 13, 2024, which alleged that Zeta's data collection and reported financials were undermined by "two-way" contracts and "round-tripping" of revenue to artificially inflate results.
- The report also claimed Zeta collected customer data from "sham websites" or "consent farms" that were responsible for nearly all of the company's growth.
- Following the report's publication on November 13, 2024, Zeta's stock price fell $10.46, or 37.07%, to close at $17.76 per share.
- Zeta Global, a marketing technology company, differentiates itself by offering a single platform for B2C enterprise marketers to acquire, grow, and retain customers, supported by its proprietary data asset and pioneering AI capabilities.
- The company achieved strong performance in the first half of 2025, exceeding guidance and raising annual targets, attributed to the agency business, the OneZeta cross-sell initiative, and successful LiveIntent integration.
- Zeta monetizes its AI primarily through increased platform utilization, enabling marketers to execute campaigns with greater efficacy and frequency, and employs a combination of internally built and external large language models.
- The LiveIntent acquisition has successfully expanded Zeta's channel capabilities and data assets, fostering significant cross-selling opportunities between customer bases.
- A key growth vector is the OneZeta initiative, which aims to deepen penetration within the existing customer base by encouraging adoption of multiple use cases (acquire, grow, retain), leading to higher customer satisfaction and revenue leverage.
- Zeta Global Holdings Corp. reported strong Q2 results, including 35% growth, 52% EBITDA growth, and 69% free cash flow growth, marking its 16th consecutive quarter of beating and raising guidance.
- The company attributes its market share gains to its AI-built platform, which helps clients lower marketing costs by up to 50%.
- Zeta has been actively returning capital to shareholders, having nearly completed a $100 million share buyback in six months and announcing an additional $200 million buyback, achieving net zero dilution in Q2.
- The company is on track with its 2028 plan, targeting $2.1 billion in revenue with a 25% operating margin and 65% free cash flow conversion, driven by a 20% compounded organic growth rate.
- Strategic initiatives like expanding engagement with agency holdcos, independent agencies, and the "OneZeta" approach (multiple use cases) are expected to drive significant future growth and efficiency, with new use cases potentially multiplying revenue by 6-7 times.
- Zeta Global reported strong Q2 2025 financial results, with revenue reaching $308 million, up 35% year-over-year, and adjusted EBITDA growing 52% to $59 million. The company also generated $33.6 million in free cash flow, a 69% increase year-over-year.
- The company raised its full-year 2025 guidance, now expecting revenue of $1.263 billion at the midpoint (up $21 million) and adjusted EBITDA of $264.6 million (up $6 million). Free cash flow guidance was significantly increased to $142 million, up $10.5 million from previous guidance.
- Key growth drivers include the launch of Zeta Answers, a new prescriptive AI framework, and continued momentum in its agency business, with 567 scaled customers (up 21% year-over-year) and increased ARPU.
- Zeta Global's board approved an additional $200 million two-year share repurchase authorization, following $69 million in share repurchases year-to-date as of July 25.