NEW YORK (TheStreet) - LinkedIn (LNKD), the 277 million user strong professional network, has agreed to buy job search site Bright in a stock and cash acquisition valued at approximately $120 million. The acquisition is expected to accelerate LinkedIn's so-called Economic Graph effort to digitally map the global economy.
While Bright appeared to be an emerging competitor of LinkedIn with a growing number of job searches and seeker on its site, the company's acquisition appears more about technology and algorithms that may be used to supplement LinkedIn's existing services. Specifically, Bright appears will become a part of LinkedIn's Economic Graph project, which seeks to create a digital map of the global economy, eliminating frictions in the labor force.
"We're excited to join LinkedIn because the company shares a similar vision and is equally obsessed about using data and algorithms to connect prospects and employers," Eduardo Vivas, founder of Bright said in a statement.
Bright was founded in February 2011, and with a team of 15 scientists and engineers, embarked on an 18-month resume to job description study that combed over 2.8 million resumes and 8.6 million job seekers. Using the study's results, the company created the Bright Score, an algorithm the company says examines data points to connect job seekers with openings, reducing hiring times and serving better hiring choices.
The Bright Score was launched in June of 2012 and around that time Bright attracted $6 million in series A financing from angel investors.
According to data from Compete.com, over 62 million jobs have been posted on Bright since its launch, and over 13.5 million job applications have been conducted on the site in that time. On its website, Bright advertises connections with firms as large as Nike (NKE), JPMorgan (JPM), Visa (V), Kohl's (KSS) and Amazon (AMZN).