Irvine, Calif. – Local search site and network Local.com
announced on Thursday that it has acquired Octane360, a provider of online ad
services for local small businesses, and also that it has closed a new $30
million credit facility with Silicon Valley Bank.
Terms of the acquisition call
for Local.com to pay $5 million in cash, plus an earnout of up to $5.9 million
if certain performance targets are met within two years.
Octane360 was founded in 2008.
Irvine, Calif.-based Local.com said it serves
search results to 20 million monthly unique visitors collectively on its own
and over 800 partner sites.