* Files for IPO of up to $100 mln
* Money for working and general use, deferred obligation
NEW YORK Dec 22 Internet marketing company
ReachLocal Inc on Tuesday filed for an initial public offering
of up to $100 million.
The Woodland Hills, California-based company, which
provides services to maximize the effectiveness of online
advertising by small and medium businesses, said it would use
proceeds from the offering for working capital and general
corporate purposes. The proceeds would also go to pay a
deferred obligation of $6.1 million in connection with its
ReachLocal Australia acquisition, the company said.
In September the company acquired the roughly 53 percent of
its Australia operations that it did not already own.
ReachLocal reported revenue of $143.3 million in the nine
months ended Sept 30, up 37.5 percent from the same period a
year ago. It reported net income of $11.7 million compared with
a net loss of $4.6 million a year ago.
ReachLocal recorded a one-time $16.2 million non-cash gain
in connection with its acquisition of ReachLocal Australia but
said in a regulatory filing it has accumulated a deficit of
roughly $3.3 million after the gain, and expects to report net
operating losses in the foreseeable future.
The company's shareholders include funds affiliated with
VantagePoint Venture Partners, Rho Ventures and Galleon Group
Underwriters are led by J.P. Morgan and Bank of America
(Reporting by Clare Baldwin; Editing by Steve Orlofsky)