The social network for professionals, LinkedIn, is set to acquire Bright, a job search site that connects employers with potential employees. This is a very meaningful acquisition for LinkedIn, the Facebook of the work world, helping to make it even easier for people to connect with businesses. While LinkedIn has about 11 years of experience under its belt, Bright is a new company, having launched just three years ago.
It seems like a perfect match. LinkedIn members have their resumes online as part of their profiles. Bright will use the resumes to connect people with relevant jobs. The site is set to be acquired by LinkedIn for “approximately $120 million, subject to adjustment,” it says. That total is 73% stock and 27% cash. The deal is expected to close by the end of the first quarter of 2014.
Bright says it uses “data science to help the job market function more efficiently,” and the decision to join LinkedIn came “due to a lack of capacity to apply this technology across the economy.” Bright founder Eduardo Vivas said, “We are excited to join LinkedInbecause the company shares a similar vision and is equally committed to using data and algorithms to connect prospects and employers.”
