Irvine-based local search firm Local.com said this morning it has acquired the assets of Los Angeles-based OCTANE360, a provider of local domain advertising products. The deal was worth $5M in cash and stock, and earnout of up to $5.9M based on performance. According to Local.com, OCTANE360 will become a wholly owned division of the firm. OCTANE360 CEO Adam Rioux becomes a Vice President at Local.com, and will continue to lead the OCTANE360 division. OCTANE360's advertising products are used by domain owners to monetize their domains. In a related move, Local.com said it has closed on a $30M, revolving credit facility from Silicon Valley Bank, which the firm said will be used for both working capital and to fund strategic growth initiatives.
Top NewsThursday, July 1, 2010
Local.com Buys OCTANE360, Gets Credit Line