By Milana Vinn (Reuters) -Yext, a maker of software that promotes companies’ information in online search directories and websites, is preparing to explore a sale after attracting takeover interest, according to people familiar with the matter. Yext has hired investment bankers to get ready to explore strategic alternatives, the sources said. Yext shares rose as […]
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Exclusive-Search optimization company Yext to explore a sale, sources say
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By Milana Vinn
(Reuters) -Yext, a maker of software that promotes companies’ information in online search directories and websites, is preparing to explore a sale after attracting takeover interest, according to people familiar with the matter.
Yext has hired investment bankers to get ready to explore strategic alternatives, the sources said.
Yext shares rose as much as 21% in morning trading in New York on the news on Friday, giving the company a market value of about $700 million.
The sources cautioned that the New York-based company may not proceed with any deal. They asked not to be identified because the deliberations are confidential.
A Yext spokesperson declined to comment. The company is scheduled to report quarterly earnings on Monday.
Yext works to maximize its corporate clients’ visibility in online platforms and apps such as Amazon Alexa, Google Maps and Apple’s Siri. It specializes in optimizing search results based on consumers asking for service providers in their geographic proximity.
Yext has struggled to differentiate itself in the face of intense competition and advancements in artificial intelligence. Its shares have lost more than half their value in the last 12 months as its revenue declined.
(Reporting by Milana Vinn in New York; Editing by Chizu Nomiyama and Matthew Lewis)