LinkedIn Files To Go Public, Acquires CardMunch
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
Professional social network LinkedIn.com has filed to go public. LinkedIn is currently hitting about $200 million in anunal revenues. This is up 200% from about a year ago. With a 10x valuation, LinkedIn is expected to have a $2 billion market cap. This means that founder Reid Hoffman’s 21.4% stake would be worth around $430 million. LinkedIn CEO Jeff Weiner would be worth $80 million. Sequoia Capital’s $4.7 million investment in the company would be worth $380 million. LinkedIn also recently acquired CardMunch, a business card reading application for the iPhone.
Now CardMunch will be available for free and there won’t be a limit for the number of business cards scanned on the app. CardMunch actually sends the scanned image over the Internet. The information is then saved to the contacts list. CardMunch integrated LinkedIn in to their service back in November so that you can send LinkedIn invitations to scanned cards.