ZoomInfo to lay off 3% of staff

San Francisco: US-based marketing technology company ZoomInfo has said that it plans to lay off about 3 per cent of its workforce globally, joining several other technology companies that have cut jobs recently.

In a filing with the US Securities and Exchange Commission (SEC), ZoomInfo said it "notified employees of a plan to flatten the organisational structure, speed decision making, and enable investment in key opportunities for long-term growth while driving continued profitability".

"The Company estimates that it will incur restructuring charges of approximately $6 million in connection with this plan, which will primarily be recognised in the second quarter," it added. 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. Moreover, the company said that it will provide all impacted employees with an average of 10 weeks of severance pay, equity award vesting and a health care and education fund. "As the Company indicated on its most recent financial results conference call, we plan to continue to hire within sales, engineering, and customer success and make investments to further leverage the Company's generative AI capabilities," ZoomInfo said.