Social Media/Management

LinkedIn looks to build new $1bn business in three years

Management

13:08, August 13 2014

Professional social-networking site eyes $50bn opportunity in B2B.

LinkedIn plans to build a $1bn business from its marketing solutions by 2017, leaked internal documents have revealed.

The move seems propelled by the planned acquisition of business-marketing startup Bizo, which makes tools to help marketers pitch their potential customers, for about $175m. The deal is still being finalised.

LinkedIn is looking to become "the most effective online platform for marketers to engage with professionals," apparently eyeing the $50bn opportunity to sell tools in this B2B space.

It hopes to expand beyond its current media and content marketing products to build a B2B marketing platform using its own tools.

It is also reportedly sprucing up offerings that help businesses find customers and build relationships through e-mails, advertising and sharing content.

The leaked documents detail the company's expansion plans.

"Our long-term ambition is to build an integrated marketing and sales platform that provides a simple and effective way to reach audiences, nurture prospects, and acquire customers," they stated.

The company also plans to discontinue Bizo's data solutions unit, which identifies and tracks sales prospects, once the transaction is materialised, the document said.

Last quarter, LinkedIn posted $106m in revenue from its marketing products, which was up 44% year-over-year.

The company declined to comment on the documents.

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