FindWhat.com made the headlines with its news about finally signing a deal to acquire UK based Espotting Media. It's healthy earnings for Q4 2003 and 57% growth in revenue compared to Q4 2002 are also newsworthy. But, the bigger news may be the upcoming relaunch of Verizon's SuperPages with pay-per-click listings provided by FindWhat. If FindWhat can establish themselves as a leader in providing pay-per-performance advertising services to merchants that advertise in Interactive Yellow Page (IYP) directories, they will be able to ride the wave of growth in local search. Their simple key-word model works well with yellow page content, and they are packaging their PPC service with features that appeal to small businesses, such as automated bid management. According to a study released by the Kelsey Group in December, 2003, only 3% of the $22 billion spent on local advertising in 2003 was spent on online search advertising. With so much attention focused on growth in the local search sector, combined with the measurable effectiveness of pay-per-performance online advertising, FindWhat is in a good position to profit from the shift of advertising dollars from offline yellow pages to online IYP and other local search sites. [See also complementary Weblog on InterActiveCorp, Local Search, and Specialized Directory Search.]