Below is yesterday’s press release from Microsoft, announcing their planned acquisition of LinkedIn. Satya Nadella, Microsoft’s CEO, said today’s work is split between tools workers use to get their jobs done, such as Microsoft’s Office 365 programs, and professional networks that connect workers, such as LinkedIn. He believes this deal will weave those two pieces together, bringing the professional cloud and the professional network together, further unifying business communications on all platforms.
REDMOND, Wash., and MOUNTAIN VIEW, Calif. — June 13, 2016 — Microsoft Corp. (Nasdaq: MSFT) and LinkedIn Corporation (NYSE: LNKD) on Monday announced they have entered into a definitive agreement under which Microsoft will acquire LinkedIn for $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash. LinkedIn will retain its distinct brand, culture and independence. Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft. Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction. The transaction is expected to close this calendar year.
LinkedIn is the world’s largest and most valuable professional network and continues to build a strong and growing business. Over the past year, the company has launched a new version of its mobile app that has led to increased member engagement; enhanced the LinkedIn newsfeed to deliver better business insights; 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. These innovations have resulted in increased membership, engagement and financial results, specifically:
19 percent growth year over year (YOY) to more than 433 million members worldwide
9 percent growth YOY to more than 105 million unique visiting members per month
49 percent growth YOY to 60 percent mobile usage
34 percent growth YOY to more than 45 billion quarterly member page views
101 percent growth YOY to more than 7 million active job listings
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Nadella said. “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.”
Read the full press release HERE.
*AltiGen is a Microsoft Certified Cloud Solutions Provider.