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ReachLocal files for $100 million IPO
Woodland Hills, Calif.-based ReachLocal Inc just filed for an initial public offering of up to $100 million. The Internet marketing company, whose services focus on increasing online advertising effectiveness for SMBs, said the proceeds would be used for working capital and general corporate purposes, in addition to paying down a $6.1 million obligation for an Australia acquisition.
ReachLocal reported revenue of $143.3 million in the nine months ended Sept 30, up 37.5 percent year over year. Its reported net income of $11.7 million that same period compares favorably with its Sept. 2008 $4.6 million net loss.
ReachLocal accumulated a deficit of roughly $3.3 million with its Australian acquisition, and expects to report net operating losses in the foreseeable future.
The company’s shareholders include funds affiliated with VantagePoint Venture Partners, Rho Ventures and Galleon Group LLC.
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