Yext, the company which helps businesses power their location data, went public on the New York Stock Exchange today. After pricing shares above the expected range at $11, the price rose 21% to $13.29 by the end of the first day of trading.
With a client list that includes Best Buy, McDonald’s and Marriott, Yext is responsible for the location results that appear on search engines, maps and social media. The company recognized early on that consumers would prefer to find nearby locations without visiting brand websites.
In an interview with TechCrunch, CEO Howard Lerman emphasized that Yext plans to evolve beyond location data. They want Yext to be a “knowledge engine,” where they will make it easier to help customers find the best doctor, their ideal automobile, or an event to attend.
The IPO raised $115.5 million for the company, and Lerman says they plan to use the capital to further invest in sales and marketing. A large part of their business is convincing large enterprises that Yext provides enough value add to pay for their services.
Yext brought in $88.6 million in revenue in the nine months ending in October of last year, with losses of $28.6 million for the same…