Software giant, Microsoft, is making a foray into the world of social networking services. This happens as they have announced plans to acquire the giant social network platform for professionals, LinkedIn. With about 433 million users, it is being acquired for $26.6 billion, and both boards have agreed to this transaction.
LinkedIn is the world’s largest and most valuable professional network. It is active in over 200 countries and has a 105 million monthly active users with 433 million registered overall. Linkedin has some 60% of all traffic on mobile and 45 billion quarterly views. It is also one of the biggest repositories of job listings with about 7million active listings currently.
Speaking on this acquisition, Satya Nadella, current CEO of Microsoft said, “the LinkedIn team has grown a fantastic business centred 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 organisation on the planet.” Also, Jeff Weiner, CEO of LinkedIn added “today is a re-founding moment for LinkedIn. I see an incredible opportunity for our members and customers and look forward to supporting this new and combined business. I fully support this transaction and the Board’s decision to pursue it, and will vote my shares in accordance with their recommendation on it.”
LinkedIn will retain its own brand and independence, and its existing CEO Jeff Weiner will remain and report directly to Satya Nadella; the current CEO of Microsoft.