LinkedIn, 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% stock and approximately 27% cash.
LinkedIn has made its biggest acquisition deal to date today. The professional social network has purchased the job matching service Bright for $120 million, made up of 73 percent stock and 27 percent cash.After the deal closes in the first quarter of 2014, several members of Bright’s team will join LinkedIn, including its engineering and product divisions. Existing users will be able to access their data on Bright’s website through February 28. Bright founder Eduardo Vivas said in a statement that the deal took place because “[LinkedIn] shares a similar vision and is equally obsessed about using data and algorithms to connect prospects and employers.” The one problem that Bright apparently lacked was the ability to scale.