Yodle Files For IPO
July 8, 2014
REUTERS (Excerpts) – Marketing software company Yodle filed with U.S. regulators on Tuesday to raise about $75 million in an initial public offering of common stock.
Yodle, which had more than 44,000 customers as of March 31, listed consumer review websites such as Yelp Inc (YELP) and Angie’s List Inc (ANGI) 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.
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”.
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