Colorado Springs Homes and Condos
Zillow Shuffles Execs Around as They Prepare for IPO
Zillow, Inc., which offers online real estate information, is in the planning stages of an initial public offering according to the company's newly appointed CEO Spencer Rascoff. It was not announced when the IPO will occur or how much money the company thinks it will raise.
Rascoff, whose appointment was announced Wednesday, took over the position from Zillow co-founder Rich Barton as part of the company's long term plan for going public. The company, whose website draws 12.5 million visitors a month, has reportedly raised $87 million in financing. The four year old company became cash flow positive for the first time this year. Zillow's revenue is acquired through selling advertisement space on the website and through mobile phone apps. The company currently has a workforce of 200 people and is adding staff often.
Rascoff joined Zillow in 2005 and has functioned as chief operating officer since October 2005. His responsibilties under that title included marketing, finance, human resources, and other daily operations. He was a co-founder of the online travel company Hotwire.com in 1999 and became vice president of lodging at Expedia, Inc. in 2003 when Hotwire was sold.
Rich Barton co-founded Zillow in 2005 and has served as CEO until Wednesday. Moving forward he will serve as the company's executive chairman. Another co-founder, Lloyd Frink, who had been serving as Zillow's president, will now be the company's chief strategy officer.