Mar 13, 2017

Yext files for an IPO

Yext, a "knowledge engine" that helps local businesses sync their data across services like Apple Maps and Instagram, has filed for a $100 million IPO.

Offering details: The New York-based company plans to trade on the NYSE under ticker symbol YEXT, with Morgan Stanley listed as left lead underwriter.

Leadership: Co-founder and CEO Howard Lerman also co-founded confidential messaging app Confide, where he serves as chairman.

Financials: Yext is unprofitable, reporting a $28.5 million net loss on $89 million in revenue for the nine months ending 10/31/16. This compares to an $18 million net loss on $64 million in revenue for the year-earlier period.

Backers: The company has raised over $100 million in VC funding, at a most recent valuation north of half a billion dollars (per PitchBook). Shareholders include Sutter Hill Ventures (23.6% pre-IPO stake), IVP (16%), Marker Financial (13.6%) and Insight Venture Partners (10.3%).

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