CityGrid Media Acquires Felix For Around $30M
Citygrid Media is a subsidiary of IAC. CityGrid has acquired Felix, a pay-per-call ad service owned by Yext. Yext is a company that helps businesses synchronize their listings across the web. The acquisition price is rumored to be at around $30 million.
Yext launched at the TechCrunch50 conference in 2009. Back then the company was just focused on building a pay-per-call ad service, but they recently launched a new product called PowerListings.
The pay-per-call part of the company was spun off as a wholly-owned subsidiary known as Felix. Felix listens to customer phone calls and highlights the ones that are the best. Felix is profitable and will most likely bring in almost $30 million in revenue this year. The company currently has 85 employees.
Yext recently raised $27 with a $270 million valuation led by Marker. Other investors in that round include CrunchFund, Sutter Hill Ventures, Institutional Venture Partners, and WGI Group. Yext’s PowerListings is used by businesses to make sure that their information is up to date on local search and listing websites on the Internet like YellowPages, Yelp, Citysearch, etc.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry