|Post IPO Valuation|
|Description||Local Business directory and ratings|
|Partial Close, 7/2010 ||$1.5M|
|Venture Round, 8/2011 |
Square 1 Bank
|Debt, 2/2007 |
|Debt, 6/2009 ||$10M|
|Debt, 4/2013 ||$5M|
Local.comÂ® was founded in 1999 â€“ The companyâ€™s first product was a downloadable software application that consumers could use to search for product information online. Its second-generation product was a web-based search engine that allowed the company to reach additional consumers and advertisers through partnerships with other search companies.
In 2003, the company developed its patent-pending Keyword DNAâ„¢ technology, which was designed to greatly improve the relevance of local search results. The company incorporated Keyword DNA into its LocalDirect search and advertising platform, which was released in early 2004. LocalDirect was marketed to regional media sites such as newspapers and telephone directory websites. LocalDirect enhanced their search results, as well as enabling regional media to sell pay-per-click advertising using Local.comâ€™s advanced technology platform.
The company completed its IPO in October 2004 and raised $25 million. The Local.com IPO was one of the largest IPOs in North America in 2004.
The company decided to develop its own local search site and in early 2005 acquired the Local.com domain name. Shortly after, the company acquired a specialized patent-pending local search technology, which was integrated with Keyword DNA â€“ and Local.com was officially launched in beta in August 2005.
Local.com experienced explosive growth to the site. Within six months Local.com was drawing over eight million unique visitors and generating nearly 40 million page views per month. As of July 2006, Local.com ranked fifth in pure-play local search engines and was the 79th most-visited site in the United States (comScore, July 2006). The company expanded into the European marketplace via acquisition in 2005 and launched a UK beta version of Local.com in early 2006.
In July 2007, the company was granted U.S. patent numbers 7,200,413 and 7,231,405 by the U.S. Patent and Trademark Office, which are both related to local search technologies and processes. In late 2007, the company acquired PremierGuide, one of the largest providers of online business directories to regional media publishers. With over 700 regional media sites, Local.com now owns and operates the largest private-label, local search network in the United States.
By the end of 2007, Local.com was ranked as the leader in online advertising revenue growth, with a 138% year over year increase by Borrell Associates.
In 2008, Local.com has made significant progress in growing organic traffic, expanding the companyâ€™s sales force and private-label, local search network and building its direct advertiser base.
Local.com (NASDAQ: LOCM) owns and operates a leading local search site and the largest private label, local search network in the United States. The company uses patented technologies to provide over 20 million consumers each month with the most relevant search results for local businesses, products and services on Local.com and over 700 regional media sites. Businesses can target ready-to-purchase consumers using a variety of advertising products.