Last updated on August 22nd, 2016 at 03:56 pm
Biggest news in the history of acquisition in social networking services. Microsoft has announced the acquisition of LinkedIn, the social network for professionals with some 433 million users, for a whopping $26.2 billion, or $196 per share.
LinkedIn CEO will remain CEO of the professional social network, and will report to Microsoft CEO Satya Nadella. Under the terms of the acquisition, LinkedIn will maintain its independent brand name, and culture.
LinkedIn makes most of its $3 billion in annual revenue from job hunters and recruiters who pay a monthly fee to post resumes and connect with people on what’s often known as the social network for business.
CEO of Microsoft, Satya Nadella said, “The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals.” He added, “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.” Microsoft is planning to close its acquisition later this year, and the deal has been unanimously approved by the boards of directors of both companies.
Microsoft also sees opportunities in Lynda.com, a channel for training videos that LinkedIn bought for $1.5 billion last year. Microsoft will be able to offer Lynda’s videos inside its own software, such as Excel spreadsheets.
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