LocalMatters Pulls its IPO

LocalMatters, a Denver based company that offers technology to businesses in the local market, has pulled their IPO. They originally submitted IPO papers in 2006 and hoped to raise up to $46 million. From their prospectus, they generated $8.4M in revenue in 2005 but had a net loss of $18.5M.  According to filings, the firm is pulling the IPO because of “changed circumstances regarding the securities markets.”According to Borrell and Associates, the local online advertising market was around $8.5 billion in 2007 and is expected to reach $12.6 billion this year.