Yext Spins Off Its Successful Pay-Per-Call Business Into New Division Called Felix
NEW YORK, April 9, 2012 /PRNewswire/ -- Today, Yext, the New York-based technology startup that syncs local information across a network of premium sites and mobile apps, announced that it is spinning off its highly-successful pay-per-call business into a new division, which will be branded Felix. This separation completes Yext's transition to a location information platform and will allow the company to focus on its PowerListings offering, which has garnered more than 40,000 paid subscriptions in under a year.
"As a startup, its unusual problem is to have two highly-successful business units under one umbrella that are growing quickly – one growing 20 percent annually and another that is tracking to grow 10 times in the next 18 months," said Howard Lerman, CEO of Yext. "By spinning off Felix into a new division, Yext will be able fully realize its mission as the premier platform for large and small businesses to sync their local information almost everywhere. We're really excited to move forward separately to realize the huge potential value of both businesses."
This spin-off will complete the operational separation of both companies and both divisions will be run independently. Yext co-founder, Brent Metz, will serve as CEO of Felix and Lerman will continue in his role as CEO of Yext."The pay-per-call offering is tracking to earn almost $30 million in revenue in 2012, as phone calls are still the primary method by which consumers get in touch a business and remain crucial in contributing to the growth local commerce," said Metz. "Separating Felix allows us to laser focus on this substantial opportunity to create value for local advertisers," Yext's PowerListings uses fast, reliable two-way connections with publishers in place of the slow and unreliable "fire-and-forget" feeds seen elsewhere in the industry. Through this direct sync connection, businesses of all sizes update a rich set of information across over 40 premium local search sites. PowerListings syncs local information on our proprietary network of local search partners, including HopStop and MerchantCircle.
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