LinkedIn, the professional online network, has agreed to acquire Bright. The transaction, which is expected to close during the first quarter of 2014, is valued at approximately $120 million. Based in San Francisco, Bright uses data and technology to connect job candidates with potential employers. It is backed by Toba Capital and Passport Capital.
MOUNTAIN VIEW, Calif., Feb. 6, 2014 (GLOBE NEWSWIRE) — LinkedIn, (NYSE:LNKD), the world’s largest professional network on the Internet with approximately 277 million members worldwide, today announced it agreed to acquire Bright, a company that leverages data insights and matching technology to connect prospects and employers.
The transaction is valued at approximately $120 million, subject to adjustment, and consists of approximately 73 percent stock and approximately 27 percent cash. The stock being issued in the transaction will be done so in a private placement. Subject to the completion of customary closing conditions, the acquisition is expected to close during the first quarter of 2014.
“What LinkedIn does best is connect talent with opportunity at massive scale,” said Deep Nishar, SVP of Products and User Experience. “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.”
“We’re excited to join LinkedIn because the company shares a similar vision and is equally obsessed about using data and algorithms to connect prospects and employers,” said Eduardo Vivas, who founded Bright in February 2011.
Following closing, 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.
Parker Barrile, vice president of product for LinkedIn Talent Solutions, blogged about the acquisition on the LinkedIn blog. A SlideShare presentation outlining the deal and showcasing several of Bright’s employment market analyses can be found on LinkedIn’s SlideShare page and on the investor relations section of the LinkedIn website. Vivas blogged about the acquisition on the Bright blog.
Founded in 2003, LinkedIn connects the world’s professionals to make them more productive and successful. With approximately 277 million members worldwide, including executives from every Fortune 500 company, LinkedIn is the world’s largest professional network on the Internet. The company has a diversified business model with revenue coming from Talent Solutions, Marketing Solutions and Premium Subscriptions. Headquartered in Silicon Valley, LinkedIn also has offices across the globe.