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LinkedIn to acquire Bright for $120 mn

MUMBAI: Online professional network LinkedIn, which claims to have around 277 million members worldwide, has 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 per cent stock and approximately 27 per cent cash. The stock being issued in the transaction will be done through a private placement. Subject to the completion of customary closing conditions, the acquisition is expected to close during the first quarter of 2014.

Linkedin senior VP products, user experience Deep Nishar said, “What LinkedIn does best is connect talent with opportunity at massive scale. 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.”

Eduardo Vivas, who founded Bright in February 2011 said, “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”.