- Impact
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In 2005, they bought the domain Local.com for $700,000
In 2010 they bought the business Octane360 for $11 million:
http://domainnamewire.com/2010/07/01/local-com-buys-octane360-for-up-to-11-million/
They were doing well, right about until that purchase, got plenty of debt and likely overstretched their finances. At that time, Local.com had a market cap over $100 million and touched 20-25 million users a month:
http://domainnamewire.com/2010/07/12/local-com-gives-octane360-more-octane/
Market cap right now: about $2 million.
In 2010 they bought the business Octane360 for $11 million:
http://domainnamewire.com/2010/07/01/local-com-buys-octane360-for-up-to-11-million/
They were doing well, right about until that purchase, got plenty of debt and likely overstretched their finances. At that time, Local.com had a market cap over $100 million and touched 20-25 million users a month:
http://domainnamewire.com/2010/07/12/local-com-gives-octane360-more-octane/
- Few days ago, filed bankruptcy after a steep drop in traffic left it shaky.
- Officials plan to sell the company, and may draw interest for its patent portfolio regarding searching in a geographic area.
- A drop in visitors last year meant it took in less in receipts than expected from Google and Yahoo, and the cash shortage caught the company off guard.
- Yahoo terminated its agreement with the company just last week.
- Debts include about $6.6M owed to Google and $8.7M to lenders, who'll collect any sale money before investors.
Market cap right now: about $2 million.
