Yext

Yext, Inc.
Type of business Private
Type of site
 Centralized Yellow pages
Founded November 28, 2006 (2006-11-28)
Headquarters 1 Madison Ave 5th Floor, New York, NY 10010
Founder(s) Howard Lerman, Brent Metz, Brian Distelburger
Chairman Michael Walrath
President Brian Distelburger
CEO Howard Lerman
Industry Internet
Revenue Increase US$88.8 million (2015)
Total equity US$115.8 million
Employees 600 (October 2016)
Website yext.com
Registration Required
Current status Active
Written in Java

Yext is a New York City technology company that enables businesses to update location-related information on multiple websites from one place.[1] The company was founded in 2006 by Howard Lerman, Brian Distelburger, and Brent Metz.[2] Customers for Yext's Location Data Management Platform include small businesses, Fortune 100 companies, and local marketing agencies. As of September 2016, Yext's subscriber base reached 800,000 business locations, publishing across a global network of 100+ publisher sites.[3] As of January 2016, Yext's annual revenue is $88.8 million.[4]

Products

Listings addresses the problem of maintaining location-related information stored in multiple online data sources, such as common search engines like Google, location check-in services like Foursquare, and directory websites like SpaFinder.com.[2] These data sources are seldom interconnected, and therefore require that listed companies update each one individually. Yext provides a single point of contact, both for initially listing location information on multiple sites and updating it. Updates include changes of address, phone number, hours of operation, clickable featured messages, photos, and videos. In February 2013, Yext expanded that list to include lists of products or services, calendars, menus, and staff bio information. After Hurricane Sandy struck in 2012, some 2,300 businesses used Yext to post closures and other storm-related changes to multiple websites.[5] In August 2015, Yext expanded their PowerListings publisher network to 100+ global partners, including Apple Maps, Bing, Facebook, and Yelp.[6] In February 2016, Yext added Google to their PowerListings Network.[7] In July 2016, Yext partnered with Snapchat to streamline the process of running geofilter campaigns on Snapchat for their clients.[8]

Pages allows businesses to create and manage webpages for each location on their website and on mobile apps. Pages from Yext are built according to SEO and app SEO best practices and for worldwide content delivery. Updates in the Yext Location Management Platform to content like store hours or mobile wallet coupons appear automatically on Pages and a store locator allows customers to search all local pages by where locations are and by what they offer.[9]

Reviews allows businesses to generate online reviews directly from customers, ensure their ratings across the Yext PowerListings® Network are consistent and compelling, enhance customer relationships, and gain insights.[10]

History

Yext was founded in 2006 as a local advertising business. By 2009, it was generating $20 million in revenues and had moved to a billing model based on generating leads via a pay-per-call model.[11] In August 2012, the company sold that business to IAC's CityGrid Media in order to focus on its listing update service. Lerman later explained the sale as part of his investment strategy: "You should only take big bets in technology."[12][5] By that time, Yext had raised $65.8 million in funding and handled 950,000 location updates for 50,000 businesses.[13] Investors include Sutter Hill Ventures, Institutional Venture Partners, and WGI investments.[2] In July, 2012, the company took out a seven-year lease on 36,823 square feet at One Madison Avenue in New York.[14] In March 2011, Michael Walrath, founder of the online advertising exchange Right Media, became Yext's chairman.[15] In June 2014, Yext raised $50 million in Series F funding, which brought total money raised to $116 million at a $520 million to $525 million valuation.[16]

Yext has received numerous prestigious accolades and awards, including the on the Inc. 5000 List (2015, 2016),[17] Forbes' Most Promising Companies List (2014 and 2015),[18][19] Fortune's Great Places to Work List (2014, 2015, 2016),[20][21] Crain's Fast 50 List (2014 and 2015),[22][23] and CNBC's Top 50 Disruptors List (2014).[24] Yext was also named in Fortune’s 2016 list of best workplaces for millennials.[25]

References

  1. ↑ US Patent Application No. 20130173654 Methods and system for providing enhanced listings to multiple search providers from a single source.
  2. 1 2 3 "About Yext: The Best Local Search Results". Yext. Retrieved 27 November 2012.
  3. ↑ "Yext Posts Record-Breaking Fiscal Year with 48% Revenue Growth, Crosses $100 Million Run Rate | The Yext Blog". Yext. Retrieved 2016-03-15.
  4. ↑ "Yext sees $88.8 million revenue, 48% growth for location data". TechCrunch. Retrieved 2016-03-10.
  5. 1 2 Bruder, Jessica (December 19, 2012). "A Wave of Start-Ups Helps Small Companies Outsource Their Tasks". New York Times. Retrieved 20 December 2012.
  6. ↑ "Yext Network Grows to 100+ Publishers, Reaches Over 500,000 Businesses Worldwide | The Yext Blog". Yext. Retrieved 2015-11-13.
  7. ↑ "Yext Supercharges PowerListings Network with Google | The Yext Blog". Yext. Retrieved 2016-02-22.
  8. ↑ "Snapchat Geofilter Campaigns May Get a Boost From Yext". Bloomberg.com. Retrieved 2016-11-15.
  9. ↑ "Yext Business Location Pages | Unique Pages for Unique Locations - Yext". Yext. Retrieved 2015-11-13.
  10. ↑ https://techcrunch.com/2016/11/02/yext-launches-a-developer-platform-for-its-location-database-technology/
  11. ↑ Schonfeld, Erick (October 1, 2009). "The $25 Million Demo. Yext Scores A Big Round From IVP After TechCrunch50 Debut.". TechCrunch. Retrieved 27 November 2012.
  12. ↑ Kim, Ryan (August 20, 2012). "Yext sells pay-per-call biz to CityGrid, focuses on local business listings". GigaOM.
  13. ↑ Ha, Anthony (June 12, 2012). "Yext Raises $27M More At A $270M Valuation". TechCrunch. Retrieved 27 November 2012.
  14. ↑ Gregor, Daniel (July 2012). "Yext Takes 40,000 s/f at One Mad". Commercial Observer. Retrieved 30 November 2012.
  15. ↑ Schonfeld, Erick (March 18, 2011). "Right Media Founder Michael Walrath Becomes Chairman of Yext". TechCrunch. Retrieved 21 December 2012.
  16. ↑ "Yext raises $50M, reportedly eyeing IPO - New York Business Journal". Bizjournals.com. Retrieved 2014-06-04.
  17. ↑ "Inc. 5000 2015: The Full List | Inc.com". www.inc.com. Retrieved 2015-11-13.
  18. ↑ "America's Most Promising Companies". Forbes. Retrieved 2015-11-13.
  19. ↑ "America's Most Promising Companies". Forbes. Retrieved 2015-11-13.
  20. ↑ "50 Best Small and Medium-Size Companies to Work For". Fortune. Retrieved 2015-11-13.
  21. ↑ "Yext". Fortune. Retrieved 2015-11-13.
  22. ↑ "No. 14 Yext - 2014 Fast 50 | Crain's New York Business". Crain's New York Business. Retrieved 2015-11-13.
  23. ↑ "Crain's New York Business - Fast 50". Crain's New York Business. Retrieved 2015-11-13.
  24. ↑ "The next generation of the Yellow Pages". CNBC. Retrieved 2015-11-13.
  25. ↑ "Yext". Fortune. 2016-06-28. Retrieved 2016-11-15.

Coordinates: 40°44′29″N 73°59′15″W / 40.74139°N 73.98750°W / 40.74139; -73.98750

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