On July 22, LinkedIn announced that it had purchased Bizo, a large B2B marketing technology company. Bizo’s B2B solutions will be integrated with LinkedIn’s content marketing products, with the goal of offering a more effective B2B marketing platform for engagement
The social networking platform’s transaction was worth approximately $175 million, 90 percent of which was cash. About 10 percent of the value was stock. According to an article on Mashable, the transaction should be finalized in the third quarter of 2014.
“It’s exciting for us to bring Bizo’s expertise and technology into our ecosystem,” said Deep Nishar, LinkedIn’s SVP of Product and User Experience. “Our ability to integrate their B2B solutions with our content marketing products will enable us to become the most effective platform for B2B marketers to engage professionals.”
Bizo, which is based out of San Francisco, Calif., has technology and products that designed specifically for B2B professionals. Marketers use Bizo to nurture relationships with prospects and move them further down the sales funnel.
“We have been a LinkedIn partner for a while now and it became clear that our respective missions and cultures are really well aligned,” said Russell Glass, Bizo’s Co-Founder and CEO. “I couldn’t be more thrilled that we are coming together to accelerate our ability to reach professional audiences, nurture prospects, and acquire customers in truly powerful ways.”
In a recent post on the LinkedIn blog, writer David Thacker claimed that the site’s marketing solution products had already been helping LinkedIn members around the world. Bizo’s technology will now provide users with even more resources as they look to achieve their B2B marketing goals.
LinkedIn states that it will honor existing contracts that people have with Bizo. It will also integrate Bizo’s Media Solutions and Multi-Channel Nurturing products. However, its Data Solutions business will not carry over.
image via screenshot of Bizo.com taken July 28, 2014.
Kelsey Jones also contributed information for this article.