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Investing

ReachLocal Reaching for IPO

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By Douglas A. McIntyre Updated Published
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There was an interesting initial public offering filing last night from ReachLocal, Inc. saying that it plans to come public via an IPO.  While no terms were listed, the filing is for up to $100 million to be sold in common stock.  No ticker was assigned, and it did not say if it was planning a NASDAQ or NYSE listing.  ReachLocal helps small and medium-sized businesses acquire, maintain and retain customers via the Internet with a suite of online marketing and reporting solutions, including search engine marketing, display advertising, remarketing and online marketing analytics, each targeted to the small-sized and mid-sized business market.

As of September 30, 2009, the company managed 17,600 active campaigns across 14,500 active advertisers, of which it noted that a substantial majority is expected to spend from $500 to $3,000 per month.  Its clients are industry verticals, listed as home repair and improvement, automobile sales and repair, medical and health services, legal services and retail and personal services.

Revenues come from offering online advertising solutions for clients through the ReachSearch™, ReachDisplay™, Remarketing, TotalTrack® and other products and services.  Its 2008 revenues were $146.7 million, which is compared to $68.4 million in 2007.  Revenue was $143.3 million in revenue in the nine months ended September 30, 2009, a 37.5% increase as compared to the same period in 2008.

J.P. Morgan and BofA Merrill Lynch are co-lead managers; other underwriters listed in the syndicate were Citi, Piper Jaffray, Needham & Company, and Broadpoint Gleacher.

JON C. OGG
DECEMBER 22, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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