When Yext announced its $50 million Series F round of financing in June, it seemed clear an IPO was on the horizon.
The round valued the New York-based company, which helps businesses manage local listings and ad campaigns across the web, at $US525 million. CEO Howard Lerman told Business Insider then that his company has more than 300,000 customers. Its revenue grew 62% last year, from $US34 million in 2013 to more than $US55 million in 2014.
Now, Yext has hired a CFO Steve Cakebread in preparation for an IPO, which is slated for 2015. Cakebread will be in charge of furthering Yext’s international expansion and global financial operations. He was formerly CFO and President of Salesforce, and CFO of Pandora.
“Steve is the ideal person to help Yext achieve our ambitious long-term goals,” Lerman says of his new hire in a press release.
Yext is just one of a few New York City companies to have soared to a $US500 million+ valuation recently. Cancer-fighting startup Flatiron Health, insurance startup Oscar and food recipe startup Blue Apron have all received $US500 million+ valuations in the past year.