Business, Investments, News

LinkedIn buys for USD 120 million

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LinkedIn has acquired Bright Media Corp, a CA, USA based job matching portal for USD 120 million. The deal consists of approximately 73 percent stock and 27 percent cash. The stock being issued in the transaction will be done so in a private placement and the acquisition is expected to close during the first quarter of 2014. The acquisition was first reported during the company’s 4Q13 release a month.

Bright Media Corp was founded in 2011 by Eduardo Vivas. The company’s job matching platform works on the basis of machine-learning algorithm, the Bright Score. The algorithm examines thousands of data points to find the best fit between job seekers and job openings, thereby reducing time to hire.

With this deal, LinkedIn aims at strengthening its efforts to connect talent with opportunity at massive scale. Currently, the company has 277 million members worldwide. Also it claims to add more than 2 new members per second and have 187 million monthly unique visitors.

“By leveraging Bright’s data-driven matching technology, machine-learning algorithms and domain expertise, we can accelerate our efforts and build out the Economic Graph”, said Deep Nishar, SVP of Products and User Experience, LinkedIn.

Post acquisition, several members of Bright’s team, including those from Engineering and Product, will join LinkedIn. Bright’s users and Hiring Solutions customers will be able to access existing data on its website through February 28.

In 2013, Linkedin has acquired news reading app Pulse for USD 90 million to position itself as a business news source and make LinkedIn an everyday website for business people to visit. Also, a few months back, it has filed to raise USD 1.15 billion in order to improve upon its staff, product development, infrastructure as well as to focus on acquisitions.

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