Woodland Hills-based ReachLocal has launched a new, online marketplace for local advertising, saying Monday that it has created a new "ReachLocal Xchange" platform which will allow websites to tap into local advertisers. According to ReachLocal, the new technology platform is targeted at both major and "long tail" Internet publishers, who want to tap into local online ads. The new program--similar to Google's AdSense program--links ReachLocal's ads into publisher web sites directly, rather than through Google or Yahoo's online ad networks. ReachLocal said that the program will allow publishers to create custom ad inventory offers, which will be displayed and promoted to local advertisers. ReachLocal is venture backed by VantagePoint Venture Partners, Rho Ventures and Galleon Special Opportunities Partners Fund LP.