Thursday, July 1, 2010
Local.com Buys OCTANE360, Gets Credit Line
Irvine-based local search firm Local.com said this morning it has acquired the assets of Los Angeles-based OCTANE360, a provider of local domain advertising products. The deal was worth $5M in cash and stock, and earnout of up to $5.9M based on performance. According to Local.com, OCTANE360 will become a wholly owned division of the firm. OCTANE360 CEO Adam Rioux becomes a Vice President at Local.com, and will continue to lead the OCTANE360 division. OCTANE360's advertising products are used by domain owners to monetize their domains. In a related move, Local.com said it has closed on a $30M, revolving credit facility from Silicon Valley Bank, which the firm said will be used for both working capital and to fund strategic growth initiatives.