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Zeta Global Holdings (ZETA)

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).

  1. 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.
  2. 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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NamePositionExternal RolesShort 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.

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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.

  1. 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?

  2. 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?

  3. 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%?

  4. 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?

  5. 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

Also covers: AMPL, BAND, BRZE +17 more

Jason Kreyer

Craig-Hallum Capital Group LLC

5 questions for ZETA

Also covers: CDLX, CREX, DSP +14 more

Koji Ikeda

Bank of America

5 questions for ZETA

Also covers: ADSK, AMPL, BL +19 more

Matthew Swanson

RBC Capital Markets

5 questions for ZETA

Also covers: DV, IBM, MGNI +6 more

Richard Baldry

ROTH MKM

5 questions for ZETA

Also covers: AEYE, ASUR, CYRX +9 more

Zach Cummins

B. Riley Securities

5 questions for ZETA

Also covers: AEYE, BLZE, DHX +9 more

Brian Schwartz

Oppenheimer & Co.

4 questions for ZETA

Also covers: AGYS, BRZE, CWAN +9 more

Clark Wright

D.A. Davidson & Co.

4 questions for ZETA

Also covers: AMPL, MSBI, PDFS +2 more

David Hynes

Canaccord Genuity Group Inc.

4 questions for ZETA

Also covers: BIGC, BRZE, EVCM +17 more

Jackson Ader

KeyBanc Capital Markets

4 questions for ZETA

Also covers: AKAM, AMPL, ASAN +12 more

Ryan MacDonald

Needham & Company

4 questions for ZETA

Also covers: ACCD, AMWL, BNED +17 more

Terrell Tillman

Truist Securities

4 questions for ZETA

Also covers: FIVN, INST, INTA +13 more

Elizabeth Elliott

Morgan Stanley

2 questions for ZETA

Also covers: ADSK, AMPL, CXM +8 more

Elizabeth Porter

Morgan Stanley

2 questions for ZETA

Also covers: ADSK, AMPL, CXM +11 more

Gabriela Borges

Goldman Sachs

2 questions for ZETA

Also covers: AVPT, BIGC, BRZE +20 more

Ryan MacWilliams

Barclays

2 questions for ZETA

Also covers: AUDC, BAND, BRZE +12 more

DJ Hynes

Canaccord Genuity

1 question for ZETA

Eamon Coughlin

Barclays

1 question for ZETA

Also covers: BAND, EVCM, FROG

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

Also covers: AMPL, BILL, BRZE +20 more

Terry Tillman

Truist Securities

1 question for ZETA

Also covers: , FIVN, INTA +12 more
Program DetailsProgram 1
Approval DateAugust 3, 2022
End Date/DurationThrough December 31, 2024
Total Additional Amount$50 million
Remaining Authorization$14.7 million as of September 30, 2024
DetailsThe program allows repurchase of Class A common stock and withholding shares for RSA tax obligations. It is discretionary and aims to enhance shareholder value, though results are not guaranteed.

Recent press releases and 8-K filings for ZETA.

Zeta Global to Acquire Marigold's Enterprise Software Business
·$ZETA
M&A
Guidance Update
New Projects/Investments
  • 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 $190 million in revenue in 2026 with a mid- to high-teens adjusted EBITDA margin. It features >90% subscription revenue and <30% cost of revenue in FY25.
  • Zeta Global also reaffirmed its 3Q'25 and FY'25 guidance on September 30, 2025.
5 days ago
Zeta Global to Acquire Marigold's Enterprise Business
·$ZETA
M&A
Guidance Update
New Projects/Investments
  • 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 $125 million payable within three months.
  • The acquisition is expected to be accretive to adjusted EBITDA and free cash flow in year one and is projected to close by the end of 2025.
  • Zeta Global reaffirmed its third quarter and full year 2025 guidance.
5 days ago
Zeta Global Discusses Growth Strategy, AI, and Financial Performance at Goldman Sachs Conference
·$ZETA
Revenue Acceleration/Inflection
New Projects/Investments
  • 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-$7 in revenue for every dollar spent on Zeta.
  • While agency payment terms, which are typically north of 100 days, impact free cash flow conversion (reported at 60% last quarter), this is considered a strategic use of the balance sheet, with a normalized conversion rate projected to be north of 80%.
Sep 10, 2025, 5:10 PM
Zeta Global Holdings Discusses Growth Strategy and AI Capabilities at Goldman Sachs Conference
·$ZETA
Product Launch
Revenue Acceleration/Inflection
New Projects/Investments
  • 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.
Sep 10, 2025, 5:10 PM
Zeta Global Releases August Zeta Economic Index
·$ZETA
Demand Weakening
  • The August 2025 Zeta Economic Index (ZEI), a real-time read on U.S. consumer behavior, indicates that households are rebalancing rather than retreating, with activity holding in the "Active" range.
  • The Economic Index Score decreased 0.9% month-over-month (MoM) to 67.2, marking its fifth consecutive monthly decline, as consumers recalibrate spending and borrowing.
  • While Discretionary Spend Propensity dropped 5.7% MoM and Credit Line Expansion Intent fell 22.8% MoM, positive offsets included a 4.7% MoM rise in Time Browsing Online and a 2.0% MoM climb in Out of Home Movement.
  • Sector trends showed Retail rising 4.0 points MoM due to back-to-school planning, while Travel fell 5.0 points MoM and Automotive slipped 4.0 points MoM.
Sep 2, 2025, 12:30 PM
Zeta Global Holdings Corp. Faces Shareholder Rights Investigation
·$ZETA
Legal Proceedings
Financial Restatement
  • 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 $17.76 per share.
Aug 14, 2025, 11:49 PM
Zeta Global Discusses H1 2025 Performance and Strategic Growth Drivers
·$ZETA
Revenue Acceleration/Inflection
New Projects/Investments
M&A
  • 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.
Aug 13, 2025, 7:05 PM
Zeta Global Holdings Corp. Discusses Strong Q2 Performance and Long-Term Growth Strategy
·$ZETA
Guidance Update
Share Buyback
Revenue Acceleration/Inflection
  • 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 $2.1 billion in revenue with a 25% operating margin and 65% free cash flow conversion, driven by a 20% compounded organic growth rate.
  • Strategic initiatives like expanding engagement with agency holdcos, independent agencies, and the "OneZeta" approach (multiple use cases) are expected to drive significant future growth and efficiency, with new use cases potentially multiplying revenue by 6-7 times.
Aug 12, 2025, 1:50 PM
Zeta Global Reports Strong Q2 2025 Results and Raises Full-Year Guidance
·$ZETA
Earnings
Guidance Update
Share Buyback
  • 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 $69 million in share repurchases year-to-date as of July 25.
Aug 6, 2025, 10:50 AM
Zeta Global Highlights Convergence of Data and Marketing Tech at 2025 Tech Conference
·$ZETA
Product Launch
New Projects/Investments
  • Integrated Data Strategy: Emphasized a converged marketing technology platform that leverages proprietary identity data from its networks (Disqus and LiveIntent) to drive customer acquisition, growth, and retention.
  • AI and Automation Focus: Detailed initiatives including the internal Compass tool and the new Answers Framework to accelerate onboarding and deliver improved ROI, highlighting the role of AI in modernizing marketing workflows.
  • Competitive Data Differentiation: Stressed that the scale and unique streaming capability of its data assets provide a significant, hard-to-replicate competitive edge in the evolving marketing landscape.
  • Expansion and Innovation: Indicated plans to extend its international reach and continuously integrate new data sources while adapting to varied regulatory environments.
Jun 5, 2025, 8:11 PM