RealTime IT News

L90 Files for $69 Million IPO

L90 Inc., the online advertising and direct marketing company that recently changed its name from Latitude 90, filed for an IPO aimed at raising up to $69 million.

The company designs "beyond the banner" ad campaigns that feature sponsorships, co-branding and other marketing techniques. It has applied to trade the shares on Nasdaq under the symbol LNTY.

The underwriters are SG Cowen, Banc of America Securities LLC and Wit Capital.

L90 said represents a network of Web publishers featuring sites with online brand awareness like Alloy Online Inc. the Generation Y content provider, and music company Liquid Audio Inc.

The company, said in its SEC filing that it plans to use the net proceeds from the IPO for general corporate purposes, including working capital, information technology investments, sales and marketing and possible acquisitions.

L90, with about 94 employees at the end of August, is led by Chairman William Apfelbaum, the founder of CBS Plus, which oversees advertising sales across all seven of CBS Corp.'s media divisions, including its Internet properties.

CEO is John Bohan, a former advertising sales account executive at USA Networks Inc.