So says a report in Globes Online, the Israeli newspaper website: Quigo, the NYC and Israel based online contextual ad technology provider, is readying for a Nasdaq IPO for early 2008, the story says. The company has raised $30 million from Institutional Venture Partners, at a company value of $250 million, as part of the preparations for the offering, it says. It closed a $5 million first round in 2004.

Quigo recently signed a big ad deal with Time Inc, where the magazine giant launched a pay-per-click ad network across its stable of sites, using a custom-version of Quigo’s service. The two companies estimate that ad revenues through this system will being in about $100 million over the first three years of the partnership. For Quigo, this added a big name to its client roster of ESPN.com, Forbes.com, ABCNews.com and others.