Local.com this morning announced that it has secured a $12 million revolving credit facility from Square 1 Bank to fund future acquisitions and other “strategic growth initiatives”.
In connection with the new Square 1 Bank credit facility, the local online media company terminated its debt facility with Silicon Valley Bank.
Last year, Local.com acquired domain advertising company OCTANE360 for up to $11 million, and this year the Nasdaq-listed company has completed the purchases of location-based shopping data aggegator Krillion for $3.5 million in cash and daily deals site Screamin’ Daily Deals for $12.5 million in cash, stock and debt.
Earlier this year, the company also bought substantially all of the assets of Rovion for a total purchase price of approx. $2.2 million in cash.
Yesterday, Local.com reported its Q2 2011 earnings, posting revenue of $15.6 million, a decrease of 7 percent over Q1 2011 revenue of $16.8 million.
Second quarter 2011 GAAP net loss was $5.4 million or 25 cents per diluted share, compared to the first quarter 2011 GAAP net loss of $1.3 million or 7 cents per diluted share.
Local.com® was founded in 1999 – The company’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 DNA™ technology, which was designed to greatly improve the relevance of local search results. The company incorporated Keyword DNA into its LocalDirect search...
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