When it comes to social networking in the technical operations of a business, there are a couple of big time players and a couple of companies that basically exist to help the heavyweights get bigger. LinkedIn is rapidly becoming one of the giants, right along with Facebook and Twitter (News - Alert), thanks in large part to moves that have had them on the cutting edge lately.
Today the company announced a rather large purchase of the document uploading company SlideShare. Early reports have the purchase price listed at $119 million.
LinkedIn (News - Alert) is apparently feeling as if they can do no wrong these days, due to reports that the social networking site dedicated to professionals is catching on in a wide variety of business sectors. LinkedIn’s reaction to this new popularity has been to make sure the product they offer is as good as it can be, hence the purchase of SlideShare.
SlideShare makes it possible to upload documents to the web and makes it easier to embed them on Web sites.
While some wonder just how LinkedIn would use this new acquisition, LinkedIn CEO Jeff Weiner seems to have a clear understanding.
"Presentations are one of the main ways in which professionals capture and share their experiences and knowledge, which in turn helps shape their professional identity," he said. "These presentations also enable professionals to discover new connections and gain the insights they need to become more productive and successful in their careers, aligning perfectly with LinkedIn's mission and helping us deliver even more value for our members.”
“We're very excited to welcome the SlideShare team to LinkedIn."
According to numerous reports, LinkedIn will cover almost half (45 percent) with upfront cash, while the remaineder of the purchase will be handled through stock options. The purchase can only be described as a windfall for SlideShare creators Rashmi Sinha, Jonathan Boutelle and Amit Ranjan.
It will also serve as a nice reward for venture capitalist Venrock, who will be scoring 15 times their initial investment.
Edited by Braden Becker