Yext (NYSE:) shares rose sharply on Friday after Reuters reported the company was considering a sale after attracting interest from potential buyers, citing people familiar with the matter.
Yext, which has a market value of about $600 million, has engaged investment bankers to explore strategic alternatives, the report said. However, they stressed that the New York-based company may not move forward with any deal, noting that discussions are confidential and requesting anonymity.
Shares rose 10% at market open.
Yext, which specializes in software that increases business visibility in online search directories and websites, focuses on improving its customers’ presence on platforms and apps such as Amazon Alexa, Google Maps and Apple Siri.
The company is struggling to differentiate itself from intense competition and advances in artificial intelligence. Over the past 12 months, the company’s shares have lost more than half their value due to declining revenue.