By James Barrie I t is a new era for LinkedIn employees, as the business-ori- ented social network enters into the next phase of its life cycle as part of the Microsoft family. In a recent announce- ment, Microsoft revealed that it had acquired LinkedIn. It is not business as usual lately for the staff at LinkedIn. The business social media giant is now a member of the Microsoft Empire. The company will maintain its popular brand, culture and autonomy. The CEO Jeff Weiner will also remain in his current position. Microsoft paid $196 per share in an all cash transaction which totaled $26.2 billion to buy the growing company in hopes of synergiz- ing its efforts with Microsoft’s. Satya Nadella who is the Chief Executive Officer of Microsoft proclaimed “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.” This purchase was not hostile. The co- founder and chairman of LinkedIn’s board Reid Hoffman supported the move. CEO Weiner was also pleased with the purchase. Nadella told employees of LinkedIn “This deal is the next step forward for Office 365 and Dynamics as they connect to the world’s largest and most valuable professional network.” The social media business engine has over 400 million users globally and gets well over one million distinctive visiting members every month. As a recruit- ment service LinkedIn boasts over 7 million employment opportunities on their site. CEO Weiner praised the deal in saying “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.” Weiner sees this as a new era for LinkedIn adding “for the last 13 years, we’ve been uniquely positioned to connect profession- als to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story.” Hoffman praised the board for making the decision and called the deal a “re-founding” moment for his company and expressed optimism in saying “I see incredible opportunity for our members and customers and look forward to supporting this new and combined business,” Nadella assured staff that there will be not be any imme- diate changes to LinkedIn’s organization.
The $26.2 billion transaction is estimated to be complet- ed by the end of this year.
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JULY 2016 • SPOTLIGHT ON BUSINESS
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