Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Experiencing a banner year, the local search site tries to accommodate growth.
Local.com Corp. has moved to a 34,000-square-foot facility in Irvine, CA. The company says it made the move to accommodate its recent and planned growth.
The new facility is approximately 50% larger than Local.com’s previous facility, also in Irvine.
“We have grown the business significantly since we entered into our old lease, recording nearly 50% growth last year, so we needed larger facilities to accommodate our planned growth,” says Heath Clarke, chairman and chief executive officer of Local.com. Clarke also says the company grew from 70 employees a year ago to more than 100 today.
The office move follows a wave of positive news for the site, which provides search results of local businesses, products and services.
In July the company spent $5 million in cash and stock to buy Octane360, a firm that builds search-optimized web sites for local businesses. Local.com also in July secured $30 million in revolving credit from Silicon Valley Bank. In announcing the financing, the company said it would use the money for general working capital and strategic growth initiatives.
In June, the company increased its full-year revenue forecast, from $81 million to $84 million, to $87 million to $90 million.