Trulia sees future IPO, bolsters management team
SAN FRANCISCO (Reuters) - With its sights set on a future public offering, real estate website Trulia Inc bolstered its management team on Monday.
Trulia said it had hired former Yahoo Inc (YHOO.O) executive Paul Levine as chief operating officer and said that co-founder Sami Inkinen would assume the role of president, as the company steps up efforts to reach a broader set of local advertising customers and looks toward an eventual IPO.
Trulia would not say when it plans to float shares to the public, but Chief Executive Pete Flint told Reuters that an offering is part of the company's longer-term plans.
"There's a lot of S-1s flying around right now, but we're not going to give any time frame when we would release ours," Flint said, referring to the registration statements that companies like LinkedIn and Pandora have recently filed with regulators, signaling their intent to list their shares on the public markets.
"Building an IPO-ready management team is our focus, but we're certainly in no rush, and as we announced, we're profitable, so we're not in need of external capital," Flint said.
Trulia, which lets people find home sales and rental listings online and competes with Zillow.com, is backed by venture capital firms Accel Partners and Sequoia Capital.
The privately held company does not disclose financial results, but said revenue doubled in 2010. In January, Trulia told Reuters in that monthly revenue was regularly in the "multimillion-dollar" level.
Levine was the president of the digital group at Current TV. Prior to that he was vice president and general manager of Yahoo's local business.
(Reporting by Alexei Oreskovic, editing by Matthew Lewis)
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