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• Zeta Global is like **Salesforce's Marketing Cloud, but with a proprietary AI and data platform at its core for deeper customer intelligence.**
• Zeta Global is like **Adobe's Experience Cloud, but specialized in AI-driven omnichannel marketing for customer acquisition and retention.**
• Zeta Global is like **HubSpot for enterprises, powered by advanced AI and proprietary data for comprehensive marketing.**

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• Zeta Marketing Platform (ZMP): An AI-powered, cloud-based platform designed to acquire, grow, and retain customers through personalized, cross-channel marketing campaigns.
• Zeta Data Cloud: A vast proprietary data asset that provides rich customer insights, identity resolution, and predictive intelligence to fuel the ZMP.
• AI & Machine Learning Solutions: Integrated capabilities within the ZMP that leverage artificial intelligence for advanced personalization, predictive modeling, and marketing automation.

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Zeta Global (ZETA) primarily sells its AI-powered marketing cloud platform and services to **other companies (B2B)**, not directly to individuals.

According to their most recent public filings (e.g., 2023 10-K), Zeta Global does not have any single customer that accounts for more than 10% of its revenue. Therefore, they do not disclose specific "major customers" by name.

Instead, Zeta Global serves a diversified base of large enterprise businesses across a variety of industries. Their customers are typically found in sectors such as:

• Financial Services
• Automotive
• Retail
• Travel
• Telecommunications
• Consumer Packaged Goods (CPG)

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• Amazon.com, Inc. (Symbol: AMZN)

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David A. Steinberg, Co-Founder, Chairman & CEO

David A. Steinberg is the co-founder, Chairman, and CEO of Zeta Global. He is a serial entrepreneur with over 30 years of experience, having founded multiple companies, including Sterling Cellular in 1993, InPhonic in 1999/2000, and CAIVIS Acquisition Corp.. He successfully grew Sterling Cellular to $22 million in sales before selling its retail and telemarketing operations in 1999. InPhonic became the largest online seller of cell phones, reaching over $300 million in revenue, going public in 2004, and topping the Inc. 500 list before filing for Chapter 11 and being acquired in 2007. Steinberg co-founded Zeta Global with John Sculley in 2007/2011. He has led six companies, with two achieving "unicorn" status and three being acquired in multi-million dollar deals. He has also taken two companies public (InPhonic and Zeta Global). Additionally, he serves as Chairman and co-founder of On Demand Pharma and Caivis Investment Corporation.

Christopher Greiner, Chief Financial Officer

Christopher Greiner has served as the Chief Financial Officer of Zeta Global since 2020, bringing over 20 years of experience in the technology sector. Before joining Zeta, he was the CFO of LivePerson Inc. from 2018 to 2020, where he was a key liaison for the investor community and contributed to a more than doubling of the company's market capital. Prior to LivePerson, Greiner spent five years at Inovalon, a cloud-based healthcare and life sciences analytics company, where he served as Chief Product and Operations Officer before becoming CFO and was part of the leadership team that took the company public. He also held various executive roles at IBM from 1999 to 2012, including CFO and COO of their multibillion-dollar analytics division, and at Computer Sciences Corporation (CSC) from 2012 to 2013. Greiner has experience taking three companies public, including Zeta, and his career over the last decade has focused on Artificial Intelligence and analytics.

Steven Gerber, President & Chief Operating Officer

Steven Gerber has been a leader at Zeta Global since 2009, currently holding the position of President & Chief Operating Officer. He is responsible for overseeing the company's day-to-day management, including product development, business development, customer success, and operations. With over 20 years of experience in data-driven digital technology, Gerber's career includes a blend of consulting and entrepreneurial ventures. Previously, he was President & COO of Active Response Group, where he oversaw its sale and integration to Caivis Acquisition Corp. He also held positions as Senior Vice President at Tranzact LLC and management roles at Bain & Company and Digitas LLC/Classic.

Christian Monberg, Chief Technology Officer

Christian Monberg serves as the Chief Technology Officer and Head of Product at Zeta Global, a role he has held since joining the company in 2017. He is responsible for overseeing the product and technical vision, supporting Zeta's business strategy, and focusing on developing and acquiring key AI, data, and identity assets for the Zeta Marketing Platform. Prior to joining Zeta, Monberg co-founded Boomtrain, an AI-powered marketing platform that was subsequently acquired by Zeta Global.

Jeffry Nimeroff, Chief Information Officer

Jeffry Nimeroff is the Chief Information Officer at Zeta Global, a position he has held since March 2014. In this role, he oversees the company's information technology strategy and operations.

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The key risks to Zeta Global's (ZETA) business include:

1. Data Privacy, Cybersecurity, and Regulatory Risks: Zeta Global's business model heavily relies on collecting and utilizing sensitive consumer data, making it highly vulnerable to data breaches and evolving data privacy regulations. Regulatory changes, such as those related to data protection and artificial intelligence, could impose significant compliance costs and operational challenges. A data breach or failure to comply with privacy laws could severely damage the company's reputation, lead to substantial legal claims, and impact its ability to operate.
2. Legal and Reputational Risks from Allegations and Class Action Lawsuit: Zeta Global is facing a class action lawsuit and allegations of false financial reporting, including the use of "two-way contracts" and "round trip transactions" to artificially inflate results, as well as claims of utilizing "predatory consent farms" to collect user data. These allegations, which surfaced in a short seller report, led to a significant drop in the company's stock price and have damaged investor confidence. While Zeta Global has issued rebuttals and stated that a forensic review found its practices sound, the ongoing legal proceedings and the potential for further reputational harm represent a substantial risk to the business.
3. Intense Competition and Rapid Technological Change: The digital marketing technology industry is highly competitive and characterized by rapid technological advancements, particularly in artificial intelligence. Zeta Global competes with well-established players like Adobe and Salesforce, as well as emerging AI-driven challengers. The company's failure to continually innovate, adapt to new technologies, or effectively compete on features and pricing could lead to a loss of market share, hinder its ability to acquire and retain customers, and negatively impact its financial performance.

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One clear emerging threat for Zeta Global is the accelerating trend of enhanced data privacy restrictions, particularly the deprecation of third-party cookies by major browsers and increasing global regulatory pressure. This shift fundamentally challenges traditional methods of cross-site data collection and user profiling that have historically underpinned much of the ad tech industry's ability to deliver personalized, targeted advertising. While Zeta Global has communicated its strategies for adapting to a "post-cookie world" by focusing on first-party data and alternative identifiers, the widespread implementation of these privacy changes could diminish the overall addressable market for third-party data-driven advertising and potentially increase the complexity or cost of achieving comparable reach and effectiveness. This also implicitly strengthens the market position of "walled garden" platforms (such as Google, Meta, and Amazon) which control vast amounts of first-party user data and can offer advertisers integrated, privacy-compliant solutions within their own ecosystems, potentially diverting ad spend away from independent marketing technology providers.

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Zeta Global's main product is the Zeta Marketing Platform (ZMP), an AI-powered Marketing Cloud that offers a suite of multichannel marketing tools, including customer relationship management (CRM), marketing automation, and customer data platform (CDP) functionalities. The addressable markets for these key product areas are as follows:

• Marketing Cloud Platform Market: The global Marketing Cloud Platform Market is projected to reach approximately $18 billion by 2028, growing at an 8.0% CAGR. Other estimates suggest the market was valued at USD 13.15 billion in 2024 and is expected to grow to USD 22.11 billion by 2029, at a compound annual growth rate (CAGR) of 11.6%. North America held the largest share of the marketing cloud platform market in 2024.

• Customer Data Platform (CDP) Market: The global Customer Data Platform Market size was estimated at USD 5.9 billion in 2022 and is expected to reach around USD 25.4 billion by 2032, with a CAGR of 33.2% from 2023 to 2032. Another report estimates the market at USD 3.71 billion in 2025, projected to reach USD 14.31 billion by 2030, with a 23.47% CAGR. North America dominated the global customer data platform market in 2022, holding a 40% market share, and is expected to maintain its dominance.

• AI Marketing Cloud Market: The AI marketing cloud market is projected to grow to $82.23 billion by 2030 globally.

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Here are 3-5 expected drivers of future revenue growth for Zeta Global (ZETA) over the next 2-3 years:

1. Expansion of Scaled and Super-Scaled Customer Base: Zeta Global is strategically focused on increasing its number of "Scaled" customers (those spending at least $100,000 annually) and "Super-Scaled" customers (spending over $1 million annually). This customer acquisition and growth strategy is a primary driver for future revenue, with a reported 19% year-over-year increase in Scaled Customer count and a 10% increase in Super-Scaled Customer count in Q1 2025. These high-value clients already contribute significantly to total revenue, with Super-Scaled customers representing 70% of total revenue in Q1 2025.
2. Increased Average Revenue Per User (ARPU) through Cross-selling and Product Breadth (OneZeta Initiative): The company aims to boost revenue by encouraging existing customers to adopt more of its products and services. Initiatives like "OneZeta" drive deeper platform adoption, as customers utilizing multiple use cases on the Zeta Marketing Platform generate over three times the annual revenue compared to single-use case customers. In Q1 2025, Scaled Customer ARPU grew by 12% year-over-year, and Super-Scaled Customer ARPU surged by 23% year-over-year, demonstrating strong cross-selling and product breadth.
3. AI-Powered Innovation and New Product Launches: Zeta Global's significant investment in AI is a key differentiator. The launch of new AI-driven products, such as "Athena," an AI conversational agent, is expected to enhance client adoption by simplifying platform operations and driving customer expansion. Additionally, the introduction of the "Publisher Cloud" aims to create a closed-loop ecosystem, enhancing targeting and reach for clients and further increasing ARPU.
4. Strategic Mergers and Acquisitions: Acquisitions play a crucial role in Zeta Global's growth strategy. The October 2024 acquisition of LiveIntent for $250 million enhanced Zeta's identity resolution capabilities and expanded its presence in the publisher monetization business through LiveIntent's network of over 2,000 premium publishers. Furthermore, the anticipated acquisition of Marigold's enterprise software business by year-end 2025 is expected to accelerate growth by bringing over 100 enterprise clients and valuable loyalty data assets, strengthening AI product offerings.
5. Market Share Expansion in Key Verticals: Zeta Global is expanding its reach by displacing legacy marketing clouds and gaining market share in various industry verticals. Management has highlighted broad-based industry gains, particularly in sectors like telecom, and the company's efforts to move a greater percentage of brands onto its platform. This strategic expansion into new markets and verticals is designed to solidify its position in the marketing technology sector.

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Share Repurchases

• Zeta Global announced a new $100 million stock repurchase program on January 3, 2025, effective through December 31, 2026, complementing an existing program that had $14.7 million remaining and was set to expire on December 31, 2024.
• On August 5, 2025, the board of directors approved a new $200 million stock repurchase program over two years.
• As of July 25, 2025, $85 million of the $100 million share repurchase authorization approved in November 2024 had been utilized.

Share Issuance

• Zeta Global completed its Initial Public Offering (IPO) on June 10, 2021, raising $215 million by offering 21,500,000 shares at $10 per share.
• High stock-based compensation (SBC) has led to share dilution of 4-6% in FY25, a reduction from 15% in FY24.
• The company plans further dilution reductions to 3-4% in FY26, partly by reducing FY25 SBC by $5 million.

Inbound Investments

• Zeta Global raised $215 million through its IPO on June 10, 2021.

Outbound Investments

• In October 2024, Zeta Global acquired the marketing company LiveIntent.
• The acquisition of LiveIntent aims to expand Zeta's first-party data foundation and enhance identity resolution capabilities.

Capital Expenditures

• Capital expenditures amounted to $36 million in 2023 and $42 million in 2024.
• In the second quarter of 2025, capital expenditures for website and software development costs were approximately $9.953 million.
• The company invests significantly in its Zeta Hybrid Cloud infrastructure, which combines public and private cloud resources, and in strengthening data privacy, security, and AI governance within its platform.