A Denver software firm headed by the founder of MapQuest wants to sell about $57 million of stock in an initial public offering.
Local Matters Inc. focuses on local Internet search, technology that enables consumers to use Internet directories to find restaurants, stores and other businesses in a particular area.
The 187-employee Local Matters, which also has offices in Florida, Louisiana and Utah, lost $18.6 million on revenues of $8.5 million in 2005.
As of Dec. 31, the company had an accumulated deficit of nearly $90 million, according to the filing.
But Local Matters also said it believes it's well positioned in the market and noted that its Area-Guides.net received more than 2.7 million unique visitors per month in 2005.
Hope Area-Guides.net is a typo in the article as it is for sale.
