LinkedIn to buy Bizo in effort to beef up ad business
The acquisition, valued around $175 million, brings new advertising technology that focuses on business users.
LinkedIn said Tuesday it has agreed to purchase Bizo, a business marketing company, to bolster its advertising offerings.
In a statement, LinkedIn said it will pay about $175 million for Bizo, a company that makes technology for display and social advertising focused on business customers. The company boasts "proprietary" data management and targeting technology, Linkedin said.
LinkedIn said the company's technology will help to bolster its existing advertising division, which pulled in $101.8 million under its "marketing solutions" group last quarter. The deal will be 90 percent cash, LinkedIn said, and should close in the third quarter.
The move is the latest among social-media companies, which have been increasingly focusing their efforts on advertising. Twitter in June said it agreed to buy TapCommerce, a mobile-advertising technology firm, and has been expanding the ability for companies to sell products within tweets. Facebook as well has expanded advertising options for mobile app developers. And Pinterest has begun offering advertisers the ability to promote content on its site as well.