LinkedIn Increases Investment
Professional networking site LinkedIn plans to enhance the service and make it more mobile friendly through some strategic acquisitions.
LinkedIn sales have been high enough for the past two years to cover operating expenses and capital spending needs, claims chief executive Jeff Weiner.
He now plans acquisitions to add services that will enable professionals to research companies and look for deals, according to US reports.
The acquisitions, to be funded in part by the $76m raised from investors in 2008, will also be aimed at making LinkedIn information more accessible on mobile devices, and at enabling third parties to add their own tools to make LinkedIn more useful.
LinkedIn plans to increase staff from 600 to 900 by 2011 to bolster sales, product development and overseas operations.
Weiner expects rapid growth in membership, revenue and profit in countries such as Brazil, India, China, Italy and Spain.
LinkedIn is also increasing investment in and focus on recruitment services in Europe.
The company recently appointed Ariel Eckstein as managing director of its Hiring Solutions service to expand LinkedIn's recruitment business in the region.
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