Career social network LinkedIn buys SlideShare
Career-oriented social network LinkedIn on Thursday announced a $118.75 million deal to buy a SlideShare service for online hosting of PowerPoint, Keynote and other presentations.
Word of the deal was released as the Silicon Valley company reported net income of $5 million on revenue that doubled to $188.5 million in the first three months of this year.
That compared to a profit of $2.1 million on $93.9 million in revenue for the first quarter of 2011.
"SlideShare and LinkedIn have been working closely together to help professionals be more effective and productive through the content they create and share," said LinkedIn senior vice president Deep Nishar.
"We're excited to figure out the best ways our offerings will work together to help professionals around the world be more productive and successful."
SlideShare, which has offices in San Francisco and New Delhi, launched about five years ago and has 29 million monthly users. SlideShare co-founder Rashmi Sinha said in a blog post that the service would continue unabated.
"Over time you will see some integrations that take advantage of the great fit between SlideShare and LinkedIn," Sinha said.
"I firmly believe that SlideShare will grow faster with LinkedIn. We like the path they are on, and are excited to join them on this journey."
LinkedIn will pay 45 percent of the SlideShare purchase price in cash, with the balance in the form of stock. The deal was expected to close by the middle of this year.
"Presentations are one of the main ways in which professionals capture and share their experiences and knowledge, which in turn helps shape their professional identity," said LinkedIn chief executive Jeff Weiner.
"These presentations also enable professionals to discover new connections and gain the insights they need to become more productive and successful in their careers, aligning perfectly with LinkedIn's mission."
LinkedIn stock price rose more than seven percent to $117.50 a share in after-market trading on Wall Street.
(c) 2012 AFP