ReachLocal, the fast growing search and display sales channel for small businesses with operations in the U.S., U.K., Canada and Australia, has filed with the SEC to raise $100 million in an IPO. The company recently reported that it has 500 + salespeople and 300 staffers.

Reach earned $146.7 million in revenues in 2008, up from $68.4 million in 2007. It had a net loss of $7 million in 2008. It has raised more than $60 million, including $55.2 million two years ago, when it was rumored to be valued at $305 million.

The IPO, assuming it goes out, will be closely watched by other SMB sales companies that may pursue a similar route, including WebVisible, Yodle, Clickable, Matchcraft, Orange Soda and others. Marchex has been public since 2004.