LinkedIn Buys Pulse News Reader
The social network for professionals, LinkedIn Corp has announced that it would be acquiring Pulse. Pulse is a news reader and content distribution website for the price of US$90 million in stocks and cash.
The app for Pulse has been quite popular, with nearly 30 million individuals activating the app in Apple's iOS and Android OS from Google. The payment to Pulse would be made through 90% shares of stock and 10% in cash.
The deal is expected to be completed by the end of the second quarter of 2013. Part of the deal would be the transfer of Pulse employees to the LinkedIn offices in Mountain View, California.
The goal of the acquisition is to beco me a major online media hub and expand itself from just a professional social network. The Pulse app is able to aggregate nearly 750 publications and other social networks. This has become a better option especially after the demise of the Google Reader.