Search engine optimization (SEO) company Yext is reportedly considering a sale.
Reuters reported on Friday (June 7), citing anonymous sources, that the company has hired an investment bank after attracting acquisition interest.
The company is reportedly only in the process of exploring a sale and may choose not to move forward with any deal.
When contacted by PYMNTS, Yext declined to comment on the reports.
The company's shares have fallen by more than half in the past 12 months due to declining revenue, fierce competition and advances in artificial intelligence (AI), the report said.
According to a May 29 press release, Yext is scheduled to report its latest quarterly earnings on Monday (June 10).
In May, the company introduced a solution called “Listings Recommendations,” which leverages AI to provide actionable insights to help brands strengthen their search strategies.
The solution offers proactive recommendations, insights supported by data science, and listing monitoring that identifies underperforming business listings and suggests ways to improve them.
“The ability to provide deeper insights to customers and enable them to take action faster ushers in a new era in the listings industry,” Jason LaFollette, Yext's chief technology officer, said in a May 13 press release announcing the new service.
In March, Yext expanded its services and support portfolio to add a new customer success program featuring a team of digital marketing experts who use AI to identify insights and solutions to help customers capitalize on opportunities.
Google's recent announcement of its AI-powered search tool has sent ripples through the business world, causing business leaders to rethink their digital strategies, PYMNTS reported in May.
Businesses are struggling to understand and adapt to the tech giant's new features that are expected to revolutionize how people search for information online.
Constructor, another company in the SEO industry, announced a solution in July designed to optimize product discovery and search relevance on its platform for enterprise ecommerce companies.
The company's attribute enrichment capability combines raw product catalog data with buyer behavior data to modify and automatically enrich product attributes.
One benefit of this solution is that more accurate product descriptions can improve your SEO rankings.