LinkedIn, the social networking place for professionals to find work and connect with peers, has announced the acquisition of Oribi, an Israel based start-up that specializes in marketing attribution technology. LinkedIn previously handled marketing and advertising on its own platform and getting access to Oribi will expand its marketing niche. According to various reports, the deal has been agreed at $80- $90 million dollars.
Chief product officer of LinkedIn, Tomer Cohen said, “Through the integration of Oribi’s technology into our marketing solutions platform, our customers will benefit from enhanced campaign attribution to optimize the ROI of their advertising strategies.” The deal indicates that LinkedIn will continue to invest in advertising and marketing domains as these areas are growing at a fast pace for the company.
Over 57 million businesses are building their brands on LinkedIn pages and around 24,000 virtual events are being created on the platform. The company is planning to leverage the huge influx of business profiles to transform their marketing strategies with the inclusion of Oribi into its fold.
