NEW YORK ( TheStreet) -- The largest software provider in the world just became that much more social.
Yammer Inc. for $1.2 billion in cash -- its biggest acquisition since
Skype, which it bought for $8.5 billion last year. The transaction was
first reported in mid-June by various news outlets.
"The acquisition of Yammer underscores our commitment to deliver technology that businesses need and people love," Steve Ballmer, Microsoft's CEO, said in a press release announcing the deal. "Yammer adds a best-in-class enterprise social networking service to Microsoft's growing portfolio of complementary cloud services."
"When we started Yammer four years ago, we set out to do something big," said David Sacks, Yammer's current CEO, who will report to Microsoft Office Division President Kurt DelBene. "We had a vision for how social networking could change the way we work. Joining Microsoft will accelerate that vision and give us access to the technologies, expertise and resources we'll need to scale and innovate."Yammer, which has more than 5 million users, will complement some of the more traditional Microsoft Office offerings, such as SharePoint, Office 365, Microsoft Dynamics and Skype. Shares of Microsoft dropped 3.13% to $29.74 on Monday. --Written by Nathalie Pierrepont in New York. >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. >Contact by Email. Follow @nrpierrepont
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV