(Credit: Screenshot/Jennifer Van Grove/CNET)
Professional social network LinkedIn said Thursday that it will purchase Bright, a 3-year-old service that connects job seekers with employers, for approximately $120 million in cash and stock.
LinkedIn said it expects the deal to close in the fourth quarter of this year. The $120 million price is broken down as 73 percent stock and 27 percent stock.
“We decided to join LinkedIn because of what we lacked – the ability to apply this technology across the entire economy,” Bright founder Eduardo Vivas said wrote in a blog post.
The news coincides with the 10-year-old company’s fourth-quarter 2013 earnings report. LinkedIn made a net income of $3.8 million on $447.2 million in revenue for the quarter. Revenue was up 47 percent from the year ago quarter. The company posted adjusted earnings per share of 39 cents, and said that it now has 277 million registered users.
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