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LinkedIn Acquires Job Search Start-Up Bright for $120 Million
LinkedIn has made it first acquisition for the year 2014. The largest professional social network has bought job search company Bright for $120 million. The deal was a 70 percent stock and 30 percent cash the company said, will be completed during the first quarter of this year.
Launched in 2010, Bright is a data insight firm that connects employers with prospective hires. Bright created a scoring system that give applicants a score based on how good of a match they might be for a particular job. This helps people on both sides of the equation find the perfect match without wasting time and resources on dead-end leads. “We decided to join LinkedIn because of what we lacked – the ability to apply this technology across the entire economy. We share LinkedIn’s passion for connecting talent with opportunity at massive scale”, Founder Eduardo Vivas announced in a company blog post.
It is not clear if the entire Bright team will be shifting over to LinkedIn, as the announcement only specified ”several members of Bright’s team, including those from Engineering and Product” will join the new parent company. “Our vision is to create economic opportunity for every member of the global workforce — all three billion of them. Doing so will require increasing the volume of job opportunities available on LinkedIn. As we add more job listings over the next several years, Bright’s powerful matching technology will be integral to ensuring that the prospects we suggest to employers and opportunities we surface for prospects are increasingly relevant”, posted LinkedIn in a company blog.
It will be the professional social networking site’s biggest acquisitions so far. LinkedIn had earlier acquired SlideShare and Pulse for $119 million and $90 million respectively. LinkedIn also announced its Q4 earnings call and posted revenue of $447 million, up 47% from a year earlier, and net income of $3.8 million, down 67% from a year earlier.
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Source: http://www.watblog.com/2014/02/07/linkedin-acquires-job-search-start-up-bright-for-120-million/
