Software giant Microsoft announced decision to acquire professional networking website LinkedIn for $26.2 billion in an all-cash deal.
LinkedIn will retain its distinct brand, culture and independence and Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, Indian-born Microsoft CEO.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals. Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet,” said Nadella.
“Today is a re-founding moment for LinkedIn. I see incredible opportunity for our members and customers and look forward to supporting this new and combined business,” added Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn.
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LinkedIn achievements
19 percent growth year over year to more than 433 million members
9 percent growth to more than 105 million unique visiting members per month
49 percent growth to 60 percent mobile usage
34 percent growth to more than 45 billion quarterly member page views
101 percent growth to more than 7 million active job listings
Over the past year, LinkedIn has launched a new version of its mobile app that has led to increased member engagement and enhanced the LinkedIn newsfeed to deliver better business insights.
It acquired a leading online learning platform called Lynda.com to enter a new market and rolled out a new version of its Recruiter product to its enterprise customers.
“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” Weiner said.
“For the last 13 years, we’ve been uniquely positioned to connect professionals to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story,” he added.
The transaction has been unanimously approved by the boards of directors of both LinkedIn and Microsoft. The deal is expected to close in this financial year.
