Mergers and Acquistions News
Categories: Media & Information Services
October 23rd 2008, 18:43PM
LinkedIn Corporation has announced that it has received a total cash investment of $22.7 million (£14 million) from four backers.
Bessemer Venture Partners - one of LinkedIn's long term associates - Goldman Sachs Group, The McGraw-Hill Companies and SAP AG stumped up the money between them, Reuters reports.
Chief executive officer Dan Nye claimed the company will use the money for potential acquisitions and to provide greater financial security and flexibility in economically challenging times.
He did not reveal whether LinkedIn is currently contemplating making a takeover bid for another firm.
LinkedIn raised a further $53 million from a number of venture capitalists including Sequoia Capital and Greylock Partners back in June.
Both deals value the company at approximately $1 billion, according to the news provider.
LinkedIn is a social networking site geared towards businesses and has tens of millions of users around the world.
Its projected revenue figures for 2008 are between $75 and $100 million.
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