The rumor mill was churning it out lately, and LinkedIn’s acquisition of Pulse has finally happened. Social networking site for professionals, LinkedIn has announced it has acquired popular news reading mobile app, Pulse, to expand its reach and offer more of relevant content to its users, even on mobile. Also Read - LinkedIn being used by hackers to dupe people with fake job offers
According to LinkedIn’s press note, the transaction has been valued at approximately $90 million with approximately 90 percent stock and approximately 10 percent cash. The acquisition is expected to close during the second quarter of 2013.
Pulse began in 2010 when Akshay Kothari and Ankit Gupta, two students at Stanford University, conceptualized the idea. It soon became a widely used platform for content consumption on the Internet, with content coming from more than 750 publishers worldwide. Pulse claims to currently have over 30 million users on iOS and Android-based in over 190 countries. It is available in nine languages, and has approximately 40 percent of users outside the United States. LinkedIn claims to have over 200 million members and 155 million unique visitors.
Following the closing of the deal, members of the Pulse team will join LinkedIn at the company’s headquarters in Mountain View, California. The company also says that they will continue to support the existing Pulse apps while the integrated Pulse and LinkedIn teams work on future content consumption products.