LinkedIn Corp. (LNKD) has agreed to buy business audience marketing provider Bizo for about $175 million, a deal the social networking company said will enhance its ability to offer a comprehensive business-to-business marketing platform for brands.
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LinkedIn will incorporate Bizo's media services and multi-channel nurturing products but doesn't plan to carry over its data solutions, according to a LinkedIn blog post.
San Francisco-based Bizo, formed in 2008, has been part of a LinkedIn partner program.
LinkedIn said the deal price will be about 90% in cash and 10% in stock, and it is expected to close in the third quarter.
In June 2013, when Bizo announced a $12.5 million financing, the company said its annual revenue run rate was approaching $40 million. As of that date, the company had raised almost $30 million in total equity and debt capital.
The deal follows LinkedIn's announcement in February that it was buying Bright, which matches employers and prospects, for about $120 million. LinkedIn also bought news aggregator Newsle earlier this month for an undisclosed amount.