New York-based Yext, which helps businesses manage their listings for store locations, is announcing $88.8 million in revenue for its fiscal 2016 year. The company says this is a 48 percent increase from last year and in the past month they have passed a $100 million run rate, or annualized revenue.
Yext recently added Google to its PowerListings network, which means that clients can update their Google Search and Maps listings in real time. Yext can now update location data across 100 maps, apps, search engines and directories, including Apple, Facebook, Bing and Yahoo.
Yext says it powers the data for more than 600,000 locations worldwide. Clients include Citibank, FedEx and Sunglass Hut.
“What Salesforce is for customer data, Yext is for location data,” CEO Howard Lerman tells TechCrunch. “Yext is the system of record for location.”
While the company is not yet profitable, Yext says they have been re-investing in growth, ahead of what is likely to be an eventual IPO. “We will go when the time is right,” says Lerman.
Yext has raised at least $115 million in capital, dating back to 2006. Insight Ventures led a $50 million Series F round in June of 2014 at a $525 million valuation. IVP, CrunchFund and SV Angel have also invested.
“The business is performing extremely well,” says Deven Parekh, managing director at Insight Venture Partners. “We’re still early in the evolution of the market we’re in.”
Yext also saw its workforce grow by 38 percent, to 455 employees last year. The company is headquartered at 1 Madison Avenue, by New York’s Madison Square Park.
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