Search optimization company Yext to explore a sale, sources say
07/06/2024 14:59
By Milana Vinn
June 6 (Reuters) - Yext YEXT.N , 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, which has a market value of about $600 million, has
hired investment bankers to get ready to explore strategic
alternatives, the sources said.
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 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)
((Greg.Roumeliotis@thomsonreuters.com; +1 646 223 6022; Reuters
Messaging: greg.roumeliotis.thomsonreuters.com@reuters.net))