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Tuesday, June 10, 2008
Three Days in the Valley: LinkedIn's Dan Nye on Going Public
FOXBusiness
Dan Nye, chief executive officer of the professional social network site LinkedIn, told Fox Business anchor Liz Claman the Internet startup is growing and profitable, but is not considering an initial public offering in the near future.
The interview came as part of Fox Business’s three-day series called “Three Days in the Valley.”
Nye said LinkedIn, which is often considered the corporate-equivalent of social networking sites Facebook or MySpace, now has 23 million members and is the “fastest growing social network” on the Internet.
“It’s all about productivity, not about photo sharing or music,” he said.
Unlike the more popular Facebook, which was recently valued at $15 billion but has yet to find a way to be profitable, Nye said that LinkedIn is profitable and growing revenue at a "considerable pace."
LinkedIn’s profitability has made the Silicon Valley startup a speculative takeover target.
Nye said he has been approached by the “usual cast of characters” about a partnership or merger, but declined to say who or the degree of talks LinkedIn was currently in.
He did say that Nye’s company was considering raising additional venture capital
“to strengthen the balance sheet” and would take it “under the right conditions.”
When asked if LinkedIn would consider going public, he said “It’s a ways off.”
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