New York based Yext is finally going public. The company has revealed its IPO filing, and it appears as if the business will join the stock market sometimes in April. The company is planning to raise something to the tune of $100 million through the IPO.
In case you are unaware of it, Yext is a New York City technology company that gives businesses control over the digital knowledge associated with their brand across the digital ecosystem. Look at it this way, businesses use Yext to update the public facts about their brands across Yext’s wide-spread network of 100+ maps, apps, search engines, intelligent GPS systems, digital assistants, vertical directories, and social networks, including Google, Apple, Facebook, Bing, and Yahoo,.
The best part about Yest is the fact that it allows brands to achieve all this and more through a single cloud-based platform called the Yext Knowledge Engine. The company was founded in 2006 and has been operating since over a decade now. Its customers include the likes of Best Buy, McDonald’s and Marriott.
The company was known to have an annual revenue of $88.8 million as of January 2016. The company was surprisingly candid about its future prospects in its filings with the SEC:
We have a history of losses and may not achieve profitability in the future.
Yext was referring to the fact that it has been incurring losses for the past quarters here. The company recorded losses of $28.6 million over $88.6 million in revenue that was brought in during a nine months period that ended in October last year.
The company has managed to raise over $117 million in venture funding at a valuation of over $500 million. Institutional Venture Partners, Marker Financial Advisors and Insight Venture Partners and Sutter Hill Ventures are the institutions that have the largest stakes in the company. It is currently led by Howard Lerman as CEO.
Judging by Snap’s IPO, the time is ripe enough for another tech company to go public. However, Yext should be wary of investors taking the stock to a high one day, only to take it down the other.
