Yext

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Yext is a New York City technology company that enables businesses to update location-related information on multiple websites from one place, thereby providing a centralized Yellow Pages-like service in a more fragmented online environment.[1] The company was founded in 2006 by Howard Lerman, Brian Distelburger and Brent Metz.[2] Customers for Yext's service, called PowerListings, include both small businesses and Fortune 100 companies.[3] By December 2012, Yext's subscriber based had reached 100,000 paid, active locations, with annual revenues exceeding $30 million.[4][5]

Product[edit]

PowerListings addresses the problem of maintaining location-related information stored in multiple online data sources, such as common search engines like Yahoo!, 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, and photos or videos. In February 2013, Yext expanded that list to include lists of products or services, calendars, menus, and staff bio information. At that time, the company also provided additional ways of adding new data, which are often in long lists: manually, via a spreadsheet, or by Yext automatically retrieving information from a company website, with subsequent review by a person.[6][7][8][9]

After Hurricane Sandy struck in 2012, some 2,300 businesses used Yext to post closures and other storm-related changes to multiple websites.[4]

History[edit]

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 vis a pay-per-call model.[10] 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."[3][4] By that time, Yext had raised $65.8 million in funding and handled 950,000 location updates for 50,000 businesses.[7] 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.[11]

In March 2011, Michael Walrath, founder of the online advertising exchange Right Media, became Yext's chairman.[12] In 2012, Yext's management team of Lerman, Distelburger, and Wendi Sturgis placed tenth in Business Insider's Silicon Alley 100 listing of "the coolest people" in New York's technology sector.[13]

External links[edit]

Official site

References[edit]

  1. ^ Draper, Jesse (April 12, 2012). "What will replace the Yellow Pages? Yext Perhaps?". San Francisco Chronicle: SFGate. Retrieved 30 November 2012. 
  2. ^ a b c "About Yext: The Best Local Search Results". Yext. Retrieved 27 November 2012. 
  3. ^ a b Kim, Ryan (August 20, 2012). "Yext sells pay-per-call biz to CityGrid, focuses on local business listings". GigaOM. Retrieved 27 November 2012. 
  4. ^ a b c Bruder, Jessica (December 19, 2012). "A Wave of Start-Ups Helps Small Companies Outsource Their Tasks". New York Times. Retrieved 20 December 2012. 
  5. ^ Wilhelm, Alex (December 20, 2020). "Yext reaches 100,000 paid, active locations in its pursuit to keep business information fresh across the web". The Next Web. Retrieved 21 December 2012. 
  6. ^ Hesseldahl, Arik. "Yext Cleans Up Mess of Business Listings Info". AllThings D. Retrieved 28 November 2012. 
  7. ^ a b Ha, Anthony (June 12, 2012). "Yext Raises $27M More At A $270M Valuation". TechCrunch. Retrieved 27 November 2012. 
  8. ^ Hardawar, Devindra (January 15, 2013). "Yext evolves local business listings with bios, reviews, and more". VentureBeat. Retrieved 11 February 2013. 
  9. ^ Wilhelm, Alex (February 15, 2013). "Federated local business listing service Yext expands its platform to include calendar, staff information". The Next Web. Retrieved 11 February 2013. 
  10. ^ Schonfeld, Erick (October 1, 2009). "The $25 Million Demo. Yext Scores A Big Round From IVP After TechCrunch50 Debut.". TechCrunch. Retrieved 27 November 2012. 
  11. ^ Gregor, Daniel (July 2012). "Yext Takes 40,000 s/f at One Mad". Commercial Observer. Retrieved 30 November 2012. 
  12. ^ Schonfeld, Erick (March 18, 2011). "Right Media Founder Michael Walrath Becomes Chairman of Yext". TechCrunch. Retrieved 21 December 2012. 
  13. ^ Shontell, Allyson (October 25, 2012). "THE SILICON ALLEY 100: The Coolest People In New York Tech This Year". Business Insider. Retrieved 27 November 2012.