Triton Research Launches Coverage on Upcoming IPO Yodle (YO)

July 18, 2014 1:48 PM EDT
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Triton Research initiated coverage on the upcoming IPO for Yodle, Inc. (NYSE: YO) (NASDAQ: YO) with a 6.78 rating, which is slightly above the firm's average IPO rating of 6.54.

Yodle sells online marketing software to small, local businesses that helps them with search engine optimization, search engine marketing, and retention marketing.

"Yodle is a better-than-average software company operating in a difficult space," Triton stated. They added, "Management has been volatile and made some questionable decisions, but Yodle's financials are impressive given its SasS model – the Company has had positive free cash flow since 2011. Additionally, Yodle's client base is comprised of small businesses, which is an attractive client category with low penetration. "

It's best public comp is Marketo (NASDAQ: MKTO), which has traded well since its IPO.

Lead underwriters for Yodle include Credit Suisse and Deutsche Bank. Investors include Bessemer Venture Partners, Draper Fisher Jurvetson, and JAFCO Technology Partners. The roadshow is expected to start on July 30, 2014 and the IPO is expected to price on August 11, 2014, although this is subject to change.

Triton Research has a 52-page write-up on Yodle available to clients.

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