All Posts Tagged Tag: ‘Local.com’
Local search is quickly turning into the first place that people go when they search for information online. In fact, it is impacting users so much that search veteran Bruce Clay actually predicted that Google would become a local search engine. He said this to us back in November, “Two years from now, Google will be, predominantly, a local search engine.”
Local.com is paying $5 million in cash and stock, with an earnout of up to $5.9 million if certain performance criteria are met in the two-year period following the closing.
Local.com is $13 million richer, but the money was not so much a gift as a payment – Local.com sold about 2.4 million shares of its stock to two investors. And those investors bought the shares at $5.50 apiece, even though the stock’s current price has only ranged between $5.70 and $7.60 over the past few days.
Yesterday, Hearst Corp. sold its stake in Local.com, but it looks like that didn’t hurt the website much – it has now acquired PremierGuide, “the largest and fastest-growing provider of private-label local search solutions to newspaper publishers, TV and radio stations, and city portal operators.”
One week ago, Local.com declared that it had secured a patent “For [An] Ad-Supported 411 Local Search Model,” and the company’s stock skyrocketed as a result. Today’s announcement, which involves “Enhanced Interactive Mapping Capabilities,” is less likely to produce that effect, but it’s still interesting.
The world was relatively quiet last week when Local.com announced it had been awarded a patent on local search. Not so today, as another patent is revealed for an ad-supported 411 local search model. As of right now, 2:30 EDT, shares of Local.com are up 62 percent.
Google and Yahoo issue press releases on a daily basis, but it’s been a busy month for Local.com, as well. The local search engine launched an advertising program, appointed a new Vice President of Product Management, and, earlier today, made a new mobile service available.