LinkedIn completes $120 mn acquisition of Bright Media Corp

NEW YORK: Professional networking site LinkedIn has completed the USD 120-million acquisition of online job search firm Bright Media Corporation in both cash and stock.

US-based LinkedIn, which entered into an agreement to acquire Bright Media last month, had agreed to pay USD 53.8 million in cash and 308,763 shares of Class A common stock.

"On February 28, 2014, LinkedIn completed its previously announced acquisition of Bright Media Corporation, a company that leverages data insights and matching technology to connect prospects and employers," LinkedIn said in a filing with the US SEC late yesterday night.

The deal, considered LinkedIn's largest acquisition till date, was entered into on February 6 this year.

The agreement and plan of merger was signed between LinkedIn, Bright Media, Bok Choy Acquisition Merger Corp and Bok Choy Acquisition Merger -- both wholly-owned subsidiaries of LinkedIn.

Bright uses machine-learning algorithms to recommend jobs to those looking for work. It also uses data-driven matching technology to make sure that users find relevant openings.

Launched in February 2011, Bright Media has over 62 million unique visitors since its launch and has raised more than USD 20 million from Passport Capital, Toba Capital and angel investors.