A Hungry Public?
Local Matters is an interesting IPO data point in the local search and online advertising space.
In looking through their s-1 (http://www.sec.gov) the company only shows $8mm in 2005 revenue with a loss of over $18mm in their core business of licensing software that helps phone directories move their listing online and monetize through local advertising. They made a couple acquisitions, which brings pro-forma revenue to just above $20mm, but still seems like a pretty low IPO bar.
While I continue to hear about how hard it is to get liquid in the U.S. public markets, several companies like Local Matters have had successful IPOs, including on-demand software vendor Vocus, who went out with just over $20mm in annual revenue.
For VCs, this is great news, and offers some hope that the public appetite for software companies in the right markets may be growing.
In looking through their s-1 (http://www.sec.gov) the company only shows $8mm in 2005 revenue with a loss of over $18mm in their core business of licensing software that helps phone directories move their listing online and monetize through local advertising. They made a couple acquisitions, which brings pro-forma revenue to just above $20mm, but still seems like a pretty low IPO bar.
While I continue to hear about how hard it is to get liquid in the U.S. public markets, several companies like Local Matters have had successful IPOs, including on-demand software vendor Vocus, who went out with just over $20mm in annual revenue.
For VCs, this is great news, and offers some hope that the public appetite for software companies in the right markets may be growing.
posted by Jesse Lawrence at 9:31 AM
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