Professional social network LinkedIn has confirmed that they have acquired the popular news reading application called Pulse. LinkedIn acquired Pulse for $90 million in stock and 10% cash. We wrote about the rumor last month. So why did LinkedIn buy a media company?
?News?the people, the places, the stories?is part of our daily conversation. Over the past three years, Pulse has established itself as a key part of that conversation; it has grown from a small project, to a platform for millions of readers to access their favorite content,? stated Pulse co-founder Akshay Kothari. Gupta added, ?Now that our team is part of LinkedIn, we?ll work together to expand the possibilities for content discovery, helping readers engage in conversations with colleagues, mentors, industry leaders, and beyond.?
Many content websites receive bountiful traffic from the LinkedIn news feed and LinkedIn Today. Pulse grabs updates from 750 publications and social networks. The company has over 30 million users right now.
Kothari said that the Pulse app will not change post-acquisition. Before the acquisition, Pulse raised around $10 million in venture capital funding from Redpoint Ventures, Mayfield Fund, Greycroft Partners, Lightspeed Venture Partners, e.ventures, New Enterprise Associates, Lerer Ventures, and SV Angel.