(Reuters) - Marketing software company Yodle Inc filed with U.S. regulators on Tuesday to raise about $75 million in an initial public offering of common stock.
New York-based Yodle, which runs software that helps local businesses with online advertising and marketing, is backed by investors including Draper Fisher Jurvetson, Bessemer Venture Partners and Jafco Technology Partners.
Yodle, which had more than 44,000 customers as of March 31, listed consumer review websites such as Yelp Inc (YELP.N) and Angie’s List Inc ANGI.O and web hosting companies like GoDaddy, Main Street Hu and Wix among its competitors.
Spending on local digital advertising is expected to almost double to $53 billion in 2018, according to research firm BIA/Kelsey.
Yodle reported a 30 percent jump in revenue to $45.7 million for the three months ended March 31. The company swung to a loss of $5.9 million, after earning $2.2 million a year earlier.
The company listed Credit Suisse, Deutsche Bank, Jefferies and Piper Jaffray among the underwriters to its IPO. (bit.ly/1qese5B)
Reuters reported in April Yodle has selected banks for an initial public offering.
Tuesday’s filing did not reveal how many shares the company planned to sell or their expected price. The exchange it plans to list its stock was also not named. Yodle, which plans to use the proceeds for debt repayment and general corporate purposes, intends to list its common stock under the symbol “YO”.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
Reporting By Neha Dimri in Bangalore; Editing by Don Sebastian