ZoomInfo, a leading marketing technology company, plans to cut jobs to about 3 percent of its employees.
ZoomInfo aims to flatten the organizational structure, speed decision making, and enable investment in key opportunities for long-term growth while driving profitability, the U-based company said in a filing with the US Securities and Exchange Commission (SEC).
ZoomInfo estimates that it will incur restructuring charges of $6 million in connection with this plan, which will primarily be recognized in the second quarter.
In its most recent annual report filing, the company said that it had 3,540 employees as of December 31, 2022, according to Seeking Alpha.
ZoomInfo will provide all impacted employees with an average of 10 weeks of severance pay, equity award vesting and a health care and education fund.
ZoomInfo aims to hire within sales, engineering, and customer success and make investments to further leverage the company’s generative AI capabilities.
Meanwhile, job search engine ZipRecruiter announced plans to reduce its headcount by approximately 270 employees, representing approximately 20 percent of the company’s employees.