Local.com to acquire soUno
Local.com Corp. has submitted a letter of intent to acquire soUno Directional Media Solutions LLC for $2.25 million in cash plus $6.75 million in Local.com common stock.
In addition, some soUno employees may be eligible for $4.5 million in cash and common stock over the two-year period following the closing.
SoUno, Tulsa, OK, is a provider of online yellow pages advertising to small businesses and has approximately 20 employees.
Local.com powers soUno's ad serving platform for account management purposes.
As a result of the transaction:
- SoUno will be incorporated into Local.com
- Local.com will provide soUno advertisers with premium placement on www.local.com.
- SoUno will expand Local.com's direct marketing efforts in order to continue growing the number of proprietary local advertisers
- New ad products will be co-developed, engineered by Local.com, and sold by soUno to small and midsized businesses
- Local.com will develop new search engine marketing campaigns in order to complement soUno's marketing efforts
Neither company was available for comment at press time.