In a move that could raise as much as $100 million, Yext has filed for an Initial Public Offering (IPO) that would make its stock available for purchase as soon as April 2017. Yext, founded in 2006, provides the location results appearing on search engines, social media and maps, and counts brands such as AutoZone, Best Buy, Ben & Jerry’s, Marriott, Michael’s, McDonald’s and Rite Aid as customers.
According to its SEC filing, Yext has “experienced rapid growth in recent periods.” However, the filing also warned that Yext has “a history of losses and may not achieve profitability in the future,” and that it remains dependent on strategic relationships with third-party application providers. For the nine months that ended Oct. 31, 2016, Yext generated $88.6 million in revenues and suffered a net loss of $28.6 million.
Yext’s IPO has been rumored for several years, according to TechCrunch. The company has raised more than $117 million in venture funding on a valuation of more than $500 million. Sutter Hill Ventures owns 23.6% of Yext leading into the IPO, with large stakes also held by Institutional Venture Partners, Marker Financial Advisors and Insight Venture Partners.