Microsoft has announced an agreement to acquire professional social network LinkedIn, in a deal valued at $26.2bn in cash.
In a statement, Microsoft said that the social network LinkedIn will “retain its distinct brand” Jeff Weiner will remain as CEO of LinkedIn and will report to Microsoft CEO, Satya Nadella.
LinkedIn was founded in 2002 and has about 433 million users worldwide.
“The LinkedIn team has grown a fantastic business centred on connecting the world’s professionals,” said Nadella.
“Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organisation on the planet, ” he added.
LinkedIn, which facilitates the search for jobs to its users, has about 433 million members worldwide.
Mirosoft’s purchase of LinkedIn is as one of the biggest acquisitions ever in the technology sector. The acquisition takes place when Microsoft is moving away from being just a pure software company.
What sets LinkedIn apart from other social networks is its professional nature. However, LinkedIn reported a loss of $46 million in the last quarter and $ 166 million in 2015.