Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern
business, today announced the appointment of John D. Harkey, Jr. to
the Zuora Board of Directors, effective April 30, 2024. With the
addition of Mr. Harkey, the Zuora Board of Directors will consist
of ten Board members, nine of whom are independent. The appointment
is in connection with a cooperation agreement (the “Agreement”)
Zuora has entered into with Scalar Gauge Fund, LP and certain of
its affiliates (collectively, “Scalar Gauge”). Scalar Gauge is an
investment firm that owns approximately 3.7% of Zuora’s outstanding
class A common shares.
Jason Pressman, Lead Independent Director at Zuora, said, “John
brings over 25 years of experience as a chief executive, director
and private investor in companies across a wide range of
industries, and we welcome him to the Zuora Board.”
Tien Tzuo, Founder, CEO and Chairman of the Board at Zuora,
added, “Zuora is executing on our enhanced go-to-market strategy,
modularizing our product offerings and expanding our portfolio of
product offerings, and we look forward to benefiting from John’s
financial expertise, experience in customer-centric industries, and
track record of helping companies execute on strategic
transformations.”
Mr. Harkey added, “With one of the most powerful, flexible and
customer-friendly platforms for businesses looking to monetize
their offerings, Zuora is incredibly well positioned to continue
building on its momentum. I look forward to working closely and
collaboratively with my fellow directors and the Zuora management
team to build on the company’s strong foundation and drive
shareholder value.”
The Agreement contains customary standstill, voting,
non-disparagement, and other provisions. A complete copy of the
Agreement will be filed on a Form 8-K with the U.S. Securities and
Exchange Commission.
Sumit Gautam, Founder and Portfolio Manager of Scalar Gauge,
said, “We have appreciated our constructive engagement with Zuora,
and believe that adding John Harkey to the Board of Directors will
contribute to unlocking tremendous value at Zuora.”
Mr. Harkey will serve as a Class I Director for a one-year term
that is expected to expire at the 2025 Annual Meeting.
John D. Harkey, Jr. has over 25 years of experience as a chief
executive, director and private investor in companies across a wide
range of industries. Mr. Harkey is currently the Founder and
Principal of JDH Investment Management, LLC – which is focused on
investments in leading innovative technologies and emerging company
opportunities in healthcare – and Chairman and Chief Executive
Officer of Consolidated Restaurant Companies, Inc. – an operating
and franchising company for seven restaurant brands. Prior to his
current focuses, Mr. Harkey was the Co-Founder of AveXis, Inc., a
biotechnology company, and Executive Chairman from 2010 to 2015.
AveXis was sold to Novartis AG in November 2018.
Over the course of his career, Mr. Harkey has previously served
on the board of directors of nine public companies. Mr. Harkey
currently serves on the Board of Directors and Audit Committee of
Lionsgate Entertainment Corp., is the Chairman of the Board of
Directors of Dialectic Therapeutics, Inc., and Chairman of the
Board of Veterinary Service, Inc. Mr. Harkey received his B.B.A. in
Business Honors and a J.D. from the University of Texas at Austin
and an M.B.A. from Stanford University School of Business.
About Scalar Gauge
Scalar Gauge is a special situations investment firm utilizing a
private equity approach in public markets. The fund invests with a
long-term view, and often works with management teams, boards and
other strategic investors to help create shareholder value. For
more information, please visit www.scalargauge.com.
About Zuora, Inc.
Zuora provides a leading monetization suite to build, run and
grow a modern business through a dynamic mix of consumption models,
subscription bundles and everything in between. From pricing and
packaging, to billing, payments and revenue accounting, Zuora’s
flexible, modular software platform is designed to help companies
evolve monetization strategies with customer demand. More than
1,000 customers around the world, including BMC Software, Box,
Caterpillar, General Motors, Penske Media Corporation, Schneider
Electric and Zoom use Zuora’s leading combination of technology and
expertise to turn recurring relationships and recurring revenue
into recurring growth. Zuora is headquartered in Silicon Valley
with offices in the Americas, EMEA and APAC. To learn more, please
visit zuora.com.
Forward-Looking Statements
This press release contains express and implied forward-looking
statements including but not limited to expectations regarding our
strategy, product offerings and portfolio, investments and ability
to achieve success. Forward-looking statements are subject to a
number of risks, uncertainties and assumptions, other than
statements of historical fact, that refer to future plans and
expectations are forward-looking statements that involve a number
of risks and uncertainties, many of which involve factors or
circumstances that are beyond our control. Actual results could
differ materially from those stated or implied in forward-looking
statements due to a number of factors, including but not limited to
our ability to achieve, sustain and manage our growth, our ability
to execute on our go-to-market strategy and our ability to compete
effectively with our products, as well as other risks detailed in
the “Risk Factors” section of Zuora's Annual Report on Form 10-K
filed with the Securities and Exchange Commission (SEC) on March
26, 2024, as well as other documents that Zuora may file from time
to time with the SEC. The forward-looking statements included in
this press release represent our views as of the date of this press
release. We anticipate that subsequent events and developments will
cause our views to change. We undertake no intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. These
forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
© 2024 Zuora, Inc. All Rights Reserved. Zuora is a registered
trademark of Zuora, Inc. Third party trademarks mentioned above are
owned by their respective companies. Nothing in this press release
should be construed to the contrary, or as an approval, endorsement
or sponsorship by any third parties of Zuora, Inc. or any aspect of
this press release.
Source: Zuora, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20240501165426/en/
Investor Relations Contact: Luana Wolk
investorrelations@zuora.com 650-419-1377
Media Relations Contact: Margaret Juhnke press@zuora.com
619-609-3919
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