- Dan Primack
- Mar 13
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%).