Galleon-Backed Web-Ad Company ReachLocal to Have IPO
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ReachLocal Inc., the U.S. Internet- advertising company whose investors include Galleon Group, filed for a $100 million initial public offering to accelerate the move of local ads from Yellow Pages books to the Web.
The company plans to use the proceeds for working capital and general corporate purposes, according to a regulatory filing today. It may also buy technology, products or services that complement its business.