Tuesday, December 22, 2009
ReachLocal Files For IPO
Woodland Hills-based ReachLocal filed for an IPO this morning, saying that it is looking to raise up to $100M. The firm's IPO is being underwritten by J.P. Morgan, BofA Merrill Lynch, citi, Piper Jaffray, Needham & Company, and Broadpoint.Gleacher. Accoriding to ReachLocal, it had net income of $11.6M on revenues of $143M for the nine month ended September 30th. For 2008, the firm had a net loss of almost $7M on revenues of $146.68M. ReachLocal is backed by such firms as VantagePoint Venture Partners, Rho Ventures, and Galleon Group. ReachLocal operates a service which helps small businesses place online advertising.