Company reaches 30,000 customers
Local.com
Corporation (NASDAQ: LOCM), a leading local search site and network,
today announced the acquisition of approximately 14,000 local business
advertisers, bringing the company’s total number of small business
customers to approximately 30,000.
This acquisition moves the company closer to its stated goal of 50,000
small business customers by the end of 2009, and also increases
monetization of the Local.com site and network. The acquired customers
will pay approximately $33 per month for a Local Promote™ listing on
Local.com and select sites.
Local Promote is the company’s entry level advertising product designed
for local businesses that want to participate in local online
advertising. Local Promote provides local businesses with premium
placement at the top of targeted search results in specific categories
and geographic regions. Customers can build their own branded web pages,
including company logos, photos, taglines, and special offer links, in
addition to the standard profile page contact information.
“This acquisition is expected to seamlessly integrate across our search
and syndication platform, thereby yielding a notable margin contribution
for the company,” said Heath Clarke, Local.com chairman and CEO. “We
continue to look at creative ways to grow our customer base in order to
further leverage the Local.com ecosystem.”
The company will acquire approximately 14,000 local business customers
from LiveDeal, Inc. for up to $3.1 million in cash. Excluding one-time
acquisition related charges, the transaction is expected to be
immediately accretive. The company expects to complete the transfer of
the advertiser listings during March.
Merriman Curhan Ford & Co. acted as advisor to Local.com in connection
with the transaction.
About Local.com®
Local.com (NASDAQ: LOCM) is the largest local search network in the
United States. The company uses patented technologies to provide over 19
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. To advertise, visit http://corporate.local.com/advertisewithus
or call 1-888-857-6722.
