Media - Sunday, November 16, 2008
LocalMatters Circles The IPO Runway But Doesn't Land
Denver's Local Matters which operates online yellow pages, has withdrawn registration for an IPO, citing of all things "changed circumstances regarding the securities markets."
We like the company and understand that its funders have been waiting a long time to get their money back from this one but an IPO now is a joke. The company is essentially a roll-up, including most recently in October 2005 when Local Matters acquired Online Web Marketing, the makers of AreaGuides.net. So there are a lot of shareholders.
Local Matters has raised $43.5M in VC funding since 2002, from Spencer Trask Ventures, Sandler Capital Partners (38.2%), Kings Road Investments and Software Seed Capital Partners.
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