LinkedIn Corp (NYSE:LNKD), the largest professional network signed an agreement to acquire Bizo, a B2B marketing platform for $175 million in cash and stock.
The acquisition price is subject to adjustment, and it is composed of 10% stock and 90% cash, according to Linkedln Corp (NYSE:LNKD). The companies expect the transaction to close during the third quarter this year. Bizo’s team will join LinkedIn following the completion of the acquisition.
In a statement, Deep Nishar, SVP of product and user experience at LinkedIn Corp (NYSE:LNKD) said, “It’s exciting for us to bring Bizo’s expertise and technology into our ecosystem.Our ability to integrate their B2B solutions with our content marketing products will enable us to become the most effective platform for B2B marketers to engage professionals.”
Bizo provides technology and products that allow measurable display and social advertising programs that are primarily focused on professionals. The company was co-founded by Russel Glass, Bryan Burdick, Donnie Flood, Mark Dye, Lee Byrne and Yonatan Stern in 2008. Its office is located in San Francisco.
B2B marketers use Bizo
According to LinkedIn Corp (NYSE:LNKD), B2B marketers are using Bizo to target their audience within the professional segment. The company supports B2B marketers in every stage of their sales and marketing direction.
Bizo has been helping brands to meet their marketing targets by offering the right message to their audiences on the web since 2008. Its platform offers precise and measurable multi-channel marketing programs, and it is supported by proprietary data management and targeting technology.
Bizo co-founder Russell Glass emphasized that Linkedln Corp (NYSE:LNKD) has been their partner for a while, and they realized that their respective missions and cultures were similar. According to him,”I couldn’t be more thrilled that we are coming together to accelerate our ability to reach professional audiences, nurture prospects, and acquire customers in truly powerful ways.”
Acquisition allows LinkedIn to offer wider solutions
In a blog post, David Thacker, vice president of product at LinkedIn Corp (NYSE:LNKD) said acquiring Bizo allows the company to offer a wider range of solutions to meet the marketing objectives of its clients.
According to him, LinkedIn Corp (NYSE:LNKD) will integrate the media solutions and multi-channel nurturing products of Bizo to its portfolio, but it will carry over its data solutions business. Bizo will honor its existing contracts with customers. Linkedln will not make its data available to Bizo’s grandfathered customers.