It has been announced today that Microsoft will acquire popular business site LinkedIn for just over $26bn.
Microsoft has said LinkedIn will retain its brand, culture and independence, with Jeff Weiner staying on as CEO of LinkedIn and reporting to Microsoft CEO, Satya Nadella.
Speaking about the landmark acquisition, Nadella said: “The LinkedIn team has grown a fantastic business centered 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 organization on the planet.”
Over the past year, LinkedIn has seen a 19% year-over-year increase to over 433m members around the world, seeing 105m unique visitors every month.
The company also launched a new mobile app that has boosted membership, engagement & revenue.
Speaking about the acquisition, CEO Weiner said: “Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works.
“For the last 13 years, we’ve been uniquely positioned to connect professionals to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story.”
The deal was unanimously approved by the boards of both LinkedIn and Microsoft.
The biggest acquisition by Microsoft to date, the deal is expected to close by the end of this year.