Business networking site LinkedIn has bought news aggregation app Pulse in a deal worth roughly $90m, in a bid to improve user engagement with stories on the site.
Pulse, which claims to have more than 30 million users of its iOS and Android-based app, was founded in 2010 by Stanford University students, Akshay Kothari and Ankit Gupta.
“Pulse’s core value proposition is to help foster informed discussions that spark the decisions shaping the world around us through news and information,” said Deep Nishar, senior vice president of products and user experience, at LinkedIn.
According to Kothari and Gupta, the acquisition will help pulse reach more users.
“For now, the Pulse apps will remain the same, and our two teams are excited to work together to create cool and useful new offerings,” the two wrote on company blog confirming the deal.
While the deal is worth $90m to the two Pulse entrepreneurs, it doesn't yet catapult them into the super rich list in Silicon Valley. Just 10 percent of deal is in cash, with the remaining 90 percent coming in stock.
Nonetheless, the acquisition helps LinkedIn grow is services, having last month posted quarterly profits up 66 percent to $40m.
It also boasted its user base had shot up to 200 million – up 39 percent on a year ago.
Dr Kuan Hon criticises GDPR consent emails that will only eviscerate marketing databases and 'media misinformation'
Apple squashes Steam Link app on 'business conflicts' grounds
Philip Hammond wants to forget rules that the UK agreed with the EU to ban non-European companies from the satellites
Instapaper to 'go dark' in Europe until it can work out GDPR compliance