Less than a month after it announced the acquisition of Screamin’ Media Group, Local.com says its closed on $12 million in debt financing to fund growth, including acquisitions. Square 1 Bank provided the revolving credit facility. Local.com has been on somewhat of a shopping spree lately: In May, the company paid $3.5 million for venture-backed Krillion Inc., a provider of location-based product search technology for online shoppers.
PRESS RELEASE
Local.com Corporation (NASDAQ: LOCM), a leading online local media company, today announced that the company has secured a $12 million revolving credit facility from Square 1 Bank.
The facility will primarily be used for expansion of the company via potential acquisitions, and to fund strategic growth initiatives.
The facility from Square 1 Bank is secured by the company’s assets.
In connection with the new Square 1 Bank facility, the company terminated its debt facility with Silicon Valley Bank.
About Local.com®
Local.com Corporation (NASDAQ:LOCM), a leading online local media company, enables brick-and-mortar businesses to connect with online customers using a variety of digital marketing products. The company reaches more than 20 million consumers each month on the flagship Local.com website, 1,400 regional media sites and more than 100,000 geo-category websites. The company distributes daily deals to hundreds of thousands of email subscribers in 14 markets via Spreebird, rich media ads via Rovion.com, and real-time product inventory information from more than 60,000 retailers nationwide via Krillion.com.
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