The business-oriented networking platform has inked a deal with marketing start-up Bizo in an effort to enhance its business-to-business (B2B) marketing capacity.
LinkedIn is continuing to position itself as more than just a digital résumé service. In its latest move, the platform has agreed to purchase 6-year-old marketing firm Bizo for approximately $175 million.
Founded in 2008, Bizo has developed technology to help B2B marketers identify, reach, and target consumers with relevant content. The company had been LinkedIn's API partner for some time prior to the deal.
Under the agreement, LinkedIn will integrate Bizo's media solutions and multi-channel nurturing products into its platform.
"Adding Bizo's offerings into our portfolio of content and mobile products will allow us to offer a wider range of solutions to meet our customers' marketing objectives," David Thacker, vice president of product at LinkedIn, said in a statement.
However, LinkedIn will not incorporate Bizo's data solution business. And while Bizo can still honor its existing contracts, its business partners prior to the acquisition cannot gain access to LinkedIn's data.
For Bizo's part, this purchase will enable the start-up to help more B2B marketers target prospects and make purchase decisions. "The acquisition by LinkedIn is a clear validation of Bizo's marketing platform and its role in shaping the purchasing decisions of business audiences," says Christopher Lynch, general partner at Ascent Venture Partners, one of Bizo's original investors.
The acquisition of Bizo is LinkedIn's second deal in as many weeks. Last week, the platform purchased Newsle, an online service that sends its users blogs and articles that mention their Facebook or LinkedIn connections.
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Yuyu Chen is a reporter at ClickZ. Her work has appeared in Local East Village, New York Daily News and Brooklyn Chamber of Commerce website. Yuyu received her M.A. in Business and Economic Reporting from New York University in May, 2013.
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