Business social networking website LinkedIn has confirmed that it has acquired Pulse, a news aggregator with apps for smartphones and tablets, for a cool $90 million.
The deal, which was announced at the start of last month, is expected to be completed in the second quarter and sees the $90 million comprise 90% in stock and 10% in stock.
LinkedIn’s SVP of products and user experience Deep Nishar blogged that the social network will be working “side by side” with the Pulse team, but comments in LinkedIn’s press release suggest that the company may shutter to a close sooner rather than later.
“Following closing, members of the Pulse team, including those from Engineering, Product and Design, will join LinkedIn at the company’s Mountain View, Calif., headquarters.
“The existing Pulse apps will continue to be supported as the integrated Pulse and LinkedIn teams work to build future generations of professional content consumption products.”
Pulse was founded by Stanford University students Akshay Kothari and Ankit Gupta in 2011 and has since become one of the leading news aggregators, alongside the likes of Flipboard and Zite.
The company now has 30 million registered users as well as apps for iPad and Android.