Corporate venturing-backed advertiser Yext has sold its pay-per-call advertising business, Felix, to CityGrid Media, an online advertising network owned by media conglomerate IAC.
Although Yext did not reveal the terms of the acquisition in its announcement, news provider TechCrunch said the deal was worth about $30m on expected revenues of $30m this year.
Yext managed to raise $27m in June this year in its series E round at a valuation of $270m. The E round was led by Marker, a new fund launched by Crescent Point Capital Group founder Rick Scanlon. Early-stage venture firm CrunchFund, which was set up by media group AOL, participated in the round, as did venture capital firms WGI Group, Institutional Venture Partners (IVP) and Sutter Hill Ventures.
US-based Yext has received $65.8m total venture funding to date. In July 2011, it raised $10m in its D round, led by former Right Media founder Michael Walrath’s investment vehicle WGI Group. IVP, Sutter Hill, and angel investor Ron Conway’s venture fund SV Angel also participated.
Yext picked up a C round worth $25m in October 2009, in a round led by IVP with participation from Sutter Hill and Michael Walrath. Sutter Hill independently financed Yext’s A and B rounds in June and September 2008 for $1.5m and $2m, respectively. The firm’s $250,000 seed fund came from angel investors in November 2006.
Yext said on its blog that the sale of Felix would enable the firm to concentrate on a newer service called PowerListings, which manages local listings on the web.
Howard Lerman, chief executive of Yext, said: “Yext has become the undisputed market leader for software to manage and sync business locations across platforms. We’re now bigger than our original business by all conceivable metrics. Already, Yext syncs millions of updates for over 70,000 customer locations, including tens of thousands of small business, and 10 Fortune 100 companies.”