Yext to Create 500 New Jobs Over the Next Five Years, Increasing New York City-Based Workforce to More Than 1,100
Governor Andrew M. Cuomo today announced that Yext, an international digital knowledge management technology company, plans to expand its New York City headquarters, creating 500 new high-paying jobs over the next five years. The company plans to invest tens of millions of dollars into its new 142,500-square-foot headquarters at 61 Ninth Avenue in Manhattan, growing its workforce to more than 1,100 in New York State.
"Tech companies like Yext are thriving and expanding across the state thanks to New York's top-notch talent, educational institutions and cultural resources," Governor Cuomo said. "We are proud to support companies that invest in New York State and grow our innovation hubs, which in turn attract more world-class businesses and further elevate our 21st century economy."
"This expansion of Yext will allow for continued growth of the tech company and create 500 new, good paying jobs in New York City," said Lieutenant Governor Kathy Hochul. "The significant investment will increase the company's workforce to over 1,000 in the state, further advancing the high-tech industry in New York and strengthening the economy."
Founded in 2006 in New York City, Yext is a Software as a Service (SaaS) cloud technology company that gives companies control over their brand experiences across the digital universe of maps, apps, search engines, voice assistants and other intelligent services that drive consumer discovery, decision and action. Yext has been recognized by Deloitte as one of America's "Fastest Growing Companies" and one of Fortune's "Best Places to Work." Yext currently employs approximately 1,000 people globally in Berlin, Chicago, Dallas, Geneva, London, Paris, San Francisco, Shanghai, Tokyo and the Washington, D.C. area, including 600 in New York City.
"Yext is excited to unveil The Yext Building, and our plans to expand Yext with 500 new jobs in our hometown of New York," said Howard Lerman, Founder and CEO of Yext. "In an era of information overload, with so much of it wrong, The Yext Building will stand proudly as we bring brand verified answers to the world. We founded Yext as three guys in a single room in Columbus Circle. More than a decade later, our innovative products, world-class team, and massive opportunities are being felt around the world. It's still Day One at Yext. Each day we wake up to put the truth out into the world."
Yext made the decision to expand in its home state of New York after analyzing the company's financial options and talent needs. To support the company's creation of 500 software development engineering, R&D, sales engineering, business development, marketing and administration jobs, Empire State Development has offered Yext up to $6 million in performance-based Excelsior Tax Credits over 10 years. Yext will only receive the full incentive if they create 500 jobs over the next five years and then retain those new jobs and their existing New York City-based jobs for another five years.
Empire State Development President, CEO & Commissioner Howard Zemsky said: "Yext's expansion will bring hundreds of high-paying, cutting-edge tech jobs to New York City - reflecting our highly-skilled workforce and helping the Empire State stay at the forefront of the tech industry."
Senator Brad Hoylman said, "Thank you, Yext. I greatly appreciate your commitment to creating 500 new jobs in my Senate district as well as the efforts of Empire State Development and Governor Cuomo to solidify New York's tech industry."
Under Governor Cuomo's leadership, New York State has made strategic investments to encourage innovation, entrepreneurship and tech development. New York City's startup ecosystem ranks #2 in the world with nearly 173,000 tech jobs across the five boroughs - up more than 52,000 since 2011. Yext's decision to expand in New York City is a testament to the Big Apple's rapidly growing tech sector and helps solidify New York's role as a global center of the innovation economy.
Yext, Inc. (NYSE: YEXT) is the leading Digital Knowledge Management (DKM) platform. Our mission is to give companies control over their brand experiences across the digital universe of maps, apps, search engines, voice assistants, and other intelligent services that drive consumer discovery, decision, and action. Today, thousands of businesses use the Yext Knowledge Engine to manage their digital knowledge in order to boost brand engagement, drive foot traffic, and increase sales.
About Empire State Development
Empire State Development (ESD) is New York's chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo's Regional Economic Development Councils and the marketing of "I LOVE NEW YORK," the State's iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.