David A. Steinberg

Last updated
David A. Steinberg
David A. Steinberg, CEO of Zeta Interactive.jpg
Born1970 (age 53–54)
Occupation(s)Founder and CEO of Zeta Global, former CEO InPhonic
Known forSerial entrepreneur
Spouses
​
(m. 2017)​

David A. Steinberg (born 1970) is the founder and chief executive officer of Zeta Global. [1]

Contents

Steinberg is a serial entrepreneur, one of few who have built multiple companies that are worth $1 Billion dollars, and do more than $100 Million in annual sales. His net worth has been estimated at $900 Million Dollars. [2] [3]

Steinberg also serves as chairman and co-founder of On Demand Pharma and Caivis Investment corporation. [4] [5]

Career

In 1993, David Steinberg founded Sterling Cellular, Inc. in the basement of his house in Bethesda, Maryland with the use of credit cards and a parental loan. [6] Sterling Cellular grossed $1.3 million in sales in its first year in business. It was a business that sold cellular phones. Sterling offered free, timed delivery and a warranty/repair program and a free loaner phone program from its third month. By 1997 Sterling Cellular grew to 12 retail locations and $22 million in sales. [7]

In 1999, Steinberg broke up Sterling Cellular by selling off the retail chain and telemarketing operations of Sterling Cellular and founding Inphonic. Over a seven-year period, Inphonic grew into the largest seller of new cell phones on the internet with over $300 million in revenue. [8] [9] As the public face for Inphonic, he was praised for creating and growing the online business that dominates online sales for cell phones. [8] [10] When the financial crisis of 2007–2010 began in 2007 with the credit squeeze on all companies, Inphonic suffered. [11] In November 2007, after Steinberg resigned as CEO and chairman of the board, [12] InPhonic filed a Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware. [13] In December, InPhonic was acquired by Versa Capital Management and relaunched as Simplexity. [14] [15]

After Inphonic, Steinberg secured support to start a new corporation, CAIVIS Acquisition Corp. According to their website, CAIVIS Acquisition Corp is an investment firm that invests in start up technology and marketing companies.[12] The goal is to invest in small companies that typically command a price–earnings ratio (PE) of 5 while selling to larger companies that command a PE of 10.[13]

In 2011, Steinberg started XL Marketing Corp with John Sculley, the company is [10] today known as Zeta Global. On January 30, 2014, Steinberg moderated a marketing panel hosted by Zeta on the changes in advertising and marketing over the years,[14] using Apple's 1984 commercial as a benchmark.[15] John Sculley was a panelist with advertising executive David Sable, Global CEO of Young & Rubicam; Jessica Gelman, Vice President of Customer Marketing & Strategy; The Kraft Group—the owners of the New England Patriots; and Hooman Radfar, chairman and co-founder of marketing firm AddThis.[16]

Zeta Global

Zeta Global, (formerly Zeta Interactive) was originally built through several small companies specializing in different facets of online marketing and CRM that were acquired and combined to create the firm which has now grown into a full-service big data, customer acquisition, and customer relationship management services. Originally called, XL Marketing in June 2012 it raised capital of $70 million. [16] It acquired rival Intela [17] and the Adchemy Actions division [18] with that $70 million. In July 2015, the company raised $125 million from Blackstone's GSO Capital Partners to grow its business through acquisitions [19] of large data and AI companies. [20] The company has been listed by Forbes Magazine as one of America's 50 Most Promising Private Companies and referred to as a 'Unicorn,' a "billion-dollar startup". [21]

Zeta calls its approach to data-driven marketing "precision marketing". [22] Again in 2015, Steinberg helmed Zeta Global as it acquired the customer relationship management division of eBay's Enterprise operation, in a deal that sources near the company said was worth US$80–90 million. Steinberg said Zeta is finally on its way to becoming “the largest customer lifecycle management platform." [22] In April 2017, Steinberg continued building Zeta Global with a $140 million fundraise with funds coming from GPI Capital and Franklin Square Capital Partners. Forbes reported that sources are valuing the company at close to $1.3 billion. [23] Steinberg said the company is considering an IPO. Zeta doesn't sell its data to marketers or other outside companies but uses it to develop its consumer insights. Data is effectively the electricity that powers their technology platform. [1] Zeta Global has the industry's third largest data set (2.4B+ identities), next to Google and Facebook, powered by demographic, locational, behavioral, transactional, and predictive signals. Zeta Global announced on March 1, 2021, that the company had raised $222.5 Million in their most recent debt financing funding round. Investors in this latest funding round included lead investor BofA Securities with Credit Suisse, Morgan Stanley, and Barclays. [24] [25] [26]

Zeta Global went public on the New York Stock exchange on June 10, 2021. [27]

Personal

Steinberg is married and has four children. Steinberg has served on the Washington & Jefferson College Board of Trustees. [28]

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References

  1. 1 2 Patel, Sahil (4 March 2020). "Marketing Software Firm Zeta Global Eyes IPO—Once Again". Wall Street Journal.
  2. ↑ "How to Grow a Business to $100 Million in Sales, from Someone Who's Done It Twice". Business Insider .
  3. ↑ "The Chances of Building a Billion Dollar Business Are .00006% and He Has Done It Twice". Forbes .
  4. ↑ "David Steinberg".
  5. ↑ "Unknown".[ permanent dead link ]
  6. ↑ "When 2 Heads are Better than 1". 2001. Retrieved 2010-01-20.
  7. ↑ Martin, Heather (1997-03-31). "Sales Force" . Retrieved 2009-12-29.
  8. 1 2 Mount, Ian (1 March 2005). "The Great Persuader". Archived from the original on 2005-02-25. Retrieved 2009-12-29.
  9. ↑ "Wireless gambles paying off". 2005. Retrieved 2010-01-20.
  10. ↑ Fass, Allison (2003-11-18). "Wireless Frenzy". Forbes. Retrieved 2010-01-20.
  11. ↑ Clabaugh, Jeff (2007-11-08). "Inphonic Files Bankruptcy" . Retrieved 2010-01-18.
  12. ↑ Del Ray, Jason (2008-01-02). "InPhonic's Missed Connections" . Retrieved 2017-04-28.
  13. ↑ "Inphonic LinkedIn". 2007. Retrieved 2009-12-29.
  14. ↑ Leigh, Buchanan (August 22, 2012). "The Rise & Fall & Rise (Again) of David Steinberg". Inc Magazine. Retrieved 14 January 2014.
  15. ↑ Killian, Erin (18 December 2007). "Private equity firm buys troubled InPhonic". Washington Business Journal. Archived from the original on 2007-12-27.
  16. ↑ "XL Marketing Announces $70 Million Funding for Growth Capital" (Press release).
  17. ↑ "XL Marketing Corporation (XLM Corp.), a Leading Big Data-Driven Marketing & CRM Company, is Acquiring the Assets of London-Based Intela, an International Data and Email Services Business" (Press release).
  18. ↑ "XL Marketing Buys Adchemy's Customer Acquisition Division, Adchemy Actions". 4 November 2013.
  19. ↑ "Zeta Interactive, a marketing startup that traces path to sales, raises $125 million".
  20. ↑ "Zeta Interactive". Forbes .
  21. ↑ "David Steinberg Has His Second Unicorn with Zeta Global". Forbes .
  22. 1 2 "Zeta Interactive Acquires eBay Enterprise's CRM Business". 2 November 2015.
  23. ↑ "Marketing start-up co-founded by ex-Apple CEO raises $140 million, hints at potential IPO". CNBC . 27 April 2017.
  24. ↑ "Unlike Other Marketing Clouds, Zeta Global is Betting on Its DSP. Can It Pay Off?". 16 March 2020.
  25. ↑ "Martech company Zeta Global raises $222.5M in debt". March 2021.
  26. ↑ "Interview with Co-Founder, Chairman and CEO, Zeta Global – David Steinberg | MarTech Cube". 7 April 2020.
  27. ↑ "Zeta Global Holdings Corp - Class A (ZETA) gains 6.12% for July 22".
  28. ↑ "Marketing Technology news and Martech Interviews | MarTech Cube". 7 April 2020.
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