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LinkedIn, the social networking site is all set to acquire the marketing firm Bizo for about $175 million.
It would be the second acquisition in a span of a few minutes after, it bought Newsle, a startup that combs the web for relevant articles, for an undisclosed sum.
In Bizo, LinkedIn views a team and technology that lets business-to-business marketers’ source and track new leads.
Bizo has developed its own technology that lets marketers identify new prospects and target them with relevant content. It was founded in 2008 by a team that is still with the company.
Deep Nishar, LinkedIn’s senior vice president for product and user experience, said in a statement that the ability to integrate the B2B solutions with the content marketing products will enable Linkedln to become the most effective platform for B2B marketers to engage professionals.
According to CrunchBase, Bizo had raised $28.5 million in funding from investors including Venrock and Bessemer Venture Partners. LinkedIn is paying for the deal with 90 percent cash and 10 percent stock.
Russell Glass, Bizo’s co-founder and chief executive, said in a statement that the deal would help them to accelerate their ability to reach professional audiences, nurture prospects, and acquire customers in truly powerful ways.