Shares in Yext (NYSE:YEXT) rose sharply Friday after Reuters reported that the company is considering a sale after drawing interest from potential buyers, citing sources familiar with the situation.
With a market value of approximately $600 million, Yext has engaged investment bankers to explore strategic alternatives, the report said. They emphasized, however, that the New York-based company may not move forward with any deal, noting that discussions are confidential and requested anonymity.
The stock surged 10% at the market open.
Yext, which specializes in software that enhances the visibility of businesses in online search directories and websites, focuses on improving its clients' presence on platforms and apps like Amazon Alexa, Google Maps, and Apple’s Siri.
The company has been struggling to differentiate itself amid intense competition and advancements in AI. Over the past 12 months, the company's shares have lost more than half their value due to declining revenue.